|Floor Area||Approx. 4,039 sq. ft. / 375.3 sq m|
|Description||We are instructed to invite offers in excess £1,000,000 (One Million Pounds) subject to contract and subject to the existing tenancies outlined.
The price reflects an attractive gross initial yield of 7.30% and a net initial yield of 6.90% based on purchasersí costs of 5.70%.
FREEHOLD FOR SALE
1A, 1B & 1C High Street Tonbridge TN9 1SG
COMPRISING THREE RETAIL UNITS & TWO APARTMENTS
PASSING INCOME OF £72,980 PA EX
45.90% OF INCOME (£33,500 PA) PROVIDED BY CO-OP FUNERALCARE ANCHOR TENANT
Tonbridge is a thriving market town with a resident population of approximately 40,000. The town offers an excellent range of retail and leisure facilities with many High Street stores, banks and building societies, together with a selection of coffee shops, restaurants and local pubs. It boasts a fine example of a 'Motte and Bailey' castle built in the 13th century, set on the banks of the river Medway.
Tonbridge mainline station provides fast commuter links into London (Cannon Street/London Bridge/Charing Cross in approximately 35 – 50 minutes) with road links to the M20 & M25 motorways via the nearby A26 and A21 dual carriageways.
Tonbridge also offers first-rate primary and secondary schools (including Grammars and Public Schools) many of which consistently do well in the league tables.
The property is situated on the eastern side of the High Street, within a two-minute walk of Tonbridge Station. Nearby commercial occupiers include Poundstretcher, Robert Dyas, Boots, Greggs and Dominos, together with a variety of other independent shops and eateries. There are two large public car parks in the immediate vicinity of the property on nearby Angel Lane.
The building comprises three retail units and two residential apartments that are situated above 1B – 1C High Street (above the Co–Op Funeralcare who are in occupation of 1B – 1C). 1a High Street has recently been let to a barber and comprises ground and first floor accommodation. The premises are currently undergoing tenant fitout works.
The two residential flats were converted from retail storage areas in 2015/ 2016. There is a self contained entrance to the flats at the rear of the building, accessed via Angel Lane.
The unit benefits from a large living area and fitted kitchen as well as two double bedrooms, one with an en-suite and a further shower room.
1-bedroom apartment with an open plan kitchen / living room and separate bathroom
The Co-Op Funeralcare has 4 car parking spaces. A further 2 spaces (total of 6) will be included in the sale.
Freehold – the land and buildings known as 1a, 1b – 1c High Street, Tonbridge form part of title no. K262782. A new title will be created for the sale.
BUSINESS RATES & COUNCIL TAX
Rateable Values 1A = £19,750 1B & 1C = £39,000
Council Tax 1B = Band B 1C = Band C
ENERGY PERFORMANCE CERTIFICATES (EPCS)
Retail 1A = F130 1B = F134 1C = D100
Residential 1B = D68 IC = D66
We are instructed to invite offers in excess £1,000,000 (One Million Pounds) subject to contract and subject to the existing tenancies outlined.
The price reflects an attractive gross initial yield of 7.30% and a net initial yield of 6.90% based on purchasers’ costs of 5.70%.
The buildings are elected for VAT and VAT will be payable on the purchase price. We understand it is possible for the sale to be treated as a Transfer of a Going Concern (TOGC).
VIEWING AND FURTHER INFORMATION
Bracketts – 01732 350503
Bracketts Tonbridge office
Phone (01732) 350503