39 High Street

Tenterden, Kent, TN30 6AR

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Freehold Investment
Property Type Office, Retail
Availability For Sale
Size 2,824 sq ft
Price Seeking offers in excess of £635,000
Energy Performance Rating This property has been graded between C-E (Ground Floor & basement C71, 1st & 2nd Floor E108)

Prime retail investment in historic and affluent market town

Location

Tenterden is an attractive historic market town located on the A28 between Ashford and Hastings, approximately 18 miles south of Maidstone and 22 miles east of Tunbridge Wells. The town provides an excellent range of high quality shops where numerous multiples and independent retailers are represented including Fat Face, Boots, WH Smith, Mint Velet, Space NK and Hoof.

The property is situated in a prime location close to Sayers Lane, the pedestrianised approach from the High Street to Waitrose and its substantial car park.

Key Points

  • Ideal SIPP purchase
  • Majority let to established independent multiple
  • Unbroken upper parts leased to regional law firm
  • Current net income £46,500 pax (recently agreed)
  • Offers sought in excess of £635,000 6.96 net initial yield
  • On-site parking 3 spaces

Description

The property is a substantial period building, Grade II Listed comprising ground floor retail and extensive basement (newly tanked) with two upper floors having separate High Street access. There is rear access and parking for 3 cars.

Tenancies

The property is fully let to 2 tenants on effective full repairing and insuring leases via a service charge.

Demise Tenant Term yrs Term start Term End (Break) Unexpired term Current rent
Ground & Basement Mostyns    (Footwear) Ltd 10 01/12/2019

31/11/2029 (24/03/2025)

8 yrs 9 mths (4yrs 1 mth) £31,000 pax
1st & 2nd Hatten Wyatt Solicitors 10 24/06/2020 26/06/2030 (23/06/2025) 9 yrs 4 mths    (4 yrs 4 mths) £15,500 pax
          Total Net Income £46,500 pax

 

Accomodation

Gross Frontage 13'2 4.00m
Internal Width 12'6-17'2 3.81-5.23m
Shop Depth 63'9 64.10m
Sales Area 690 sq ft 64.10 sq m
Ground storage 158 sq ft 14.67 sq m
Basement storage 501 sq ft 46.54 sq m
First floor offices 787 sq ft 73.11 sq m
Second floor offices 688 sq ft 63.92 sq m
TOTAL 2,824 sq ft 262.34 sq m

 

Covenant

The brand of Mostyn McKenizie was established in 1966 and incorporated into Mostyn Footwear Ltd in 1977. This successful independent retailer took over the existing shoe shop based at 39 High Street in 2004 and has 5 stores as well as a strong online presence. Mostynmckenzie.co.uk Dun & Bradstreet give the company a financial strength of 1A with a Current Tangible Net Worth of £744,412 and a Risk Indicator of 2 representing lower than average risk. Hatten Wyatt solicitors is an established and expanding regional partnership having purchased the Tenterden firm Pengelly and Rylands in 2017.

Proposal

We have been instructed to seek offers in excess of £635,000 (six hundred and thirty five thousand pounds), subject to contract for our clients freehold interest. A purchase at this level would reflect a net yield of 6.96% after deduction of standard purchasing costs of 5.15% VAT The property is not elected so VAT will not be charged on the sale.