Investment for Sale
High Street, Ashford, TN24Under offer
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.
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
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.
LocationThe 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.
AmenitiesPrime Retail Investment
Let to an Undoubted Covenant
Longstanding occupation since 1989 and thus well established
4.52 years unexpired term
£1,500,000 for the Freehold subject to the occupational head & sub-leases
6.74% Net Initial Yield