44/46 High Street, Ashford, Kent, TN24 8TE...2020/03/18  · 44/46 High Street, Ashford, Kent, TN24 8TE Accommodation Net Internal Area (NIA) Mcdonald's sq m sq ft Sales Area 136.38

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www.taylorriley.co.uk 01233 629281 [email protected]

44/46 High Street, Ashford, Kent, TN24 8TE

Prime Retail Investment Opportunity – For Sale

Description

The property is a three storey mid terrace premises with glazed frontage at ground floor level,

with solid brick elevations beneath a pitched, tiled roof.

Fitted out to a high standard, the premises comprise a large ground floor retail/restaurant

unit providing customer seating with the sales counter and kitchen in the middle and stores,

staff and ancillary areas located to the rear. There is additional seating and customer toilets

at first floor level, with the rear of the first floor providing storage, ancillary and overflow

seating areas.

There is a rear service yard for deliveries, loading and parking at the rear of the property,

accessed via Park Street.

We understand 46 High Street is Grade II Listed.

Location

The property is located on the lower end of Ashford High Street, with nearby occupiers

including NatWest, HSBC and Sport Direct amongst others. Ashford is located 53 miles (85

km) south-east of Central London, 20 miles (32 km) south-east of Maidstone and 21 miles

(34 km) west of the Port of Dover. It is regarded as a key business location in Kent attracting

a vast amount of inward investment in both commercial and residential development.

Ashford International Station provides regular high-speed services into London, as well as

international services to Paris, Brussels and Lille. This area is undergoing major regeneration

with residential, hotel, cinema, supermarket and office developments either proposed or

under construction.

44/46 High Street, Ashford, Kent, TN24 8TE

Accommodation

Net Internal Area (NIA)

Mcdonald's sq m sq ft

Sales Area 136.38 1,468

1st Floor 275.09 2,961

Total 411.47 4,429

Upper Floor Offices sq m sq ft

Reception 4.65 50

First Floor Offices 66.70 718

Second Floor Offices 57.32 617

Total 128.67 1,385

Beauty Salon - No 44 sq m sq ft

Basement Stores 41.90 451

Ground Floor Sales Area 38.18 411

1st Floor 54.81 590

Second Floor Offices 25.08 270

Total 159.97 1,722

TOTAL NIA 700 7,536

- Prime Retail Investment Opportunity - Let to an Undoubted Covenant - Longstanding occupation since 1989 and thus well established - 4.52 years unexpired term - Substantial building - £1,500,000 for the Freehold subject to the occupational head & sub-leases - 6.74% Net Initial Yield

Investment Information

44-46 High Street is let to McDonalds Property Company Limited, with the salient terms of the head lease as follows:

Term: 35 years from 29th September 1989 thus expiring 28th September 2024 (unexpired term of 4.52 years)

Rent: £107,270 p.a

Repair: FRI

There are two sub-leases in place, with the details as follows:

44 High Street: Let to Adam Gokgos t/a Celly’s Hair at £20,500 pa, who is holding over on a 5-year sub-lease which

expired in March 2018.

Upper Floor Offices - 46 High Street. Let to Newcross Healthcare Solutions at £11,000 p.a on a 5-year sub-lease which

expires in June 2020.

The head lessor has reserved the right to 9 parking spaces in the rear service yard (plans available upon request)

Guide Price We are instructed to seek offers in the region of

£1,500,000 (One Million and Five Hundred Thousand

Pounds) for the freehold interest, subject to the

occupational head & sub-leases. A purchase at this price

would equate to a net initial yield of 6.74%, with purchaser

costs at 6.1%.

VAT We understand the property is not elected for VAT.

Legal Costs Each side to bear its own legal and professional costs.

EPC

46 High Street is rated a ‘C’, whilst 44 is rated an ‘E’.

Rateable Value The premises are assessed at a total rateable value of

£101,600. Applicants are advised to make their own

enquiries via Ashford Borough Council.

Viewing/Enquiries

All enquiries should be made through the sole agents,

Sibley Pares (Taylor Riley):

Josh Olney – 01233 629281

[email protected]

N.B. In accordance with Money Laundering Regulations, we are

now required to obtain proof of identification for purchasers.

44/46 High Street, Ashford, Kent, TN24 8TE

NOTE: Rental, prices or any other charges are inclusive of VAT unless otherwise stated.

MISREPRESENTATION ACT 1967. These particulars are believed to correct, their accuracy cannot be guaranteed and are expressly excluded from any other contract. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in

these particulars. No fittings, appliances or services mentioned have been tested by Sibley Pares