£645,000

Retail premises for sale

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Under offer

Fixed price

£645,000

(£199.81/sq. ft)

Retail premises for sale

Quarry Hill Road, Tonbridge TN9

3,228 sq. ft

Local area information

Property location

Nearby amenities

  • Tonbridge 0.1 miles
  • The Judd School 0.3 miles
  • Sussex Road Community Primary School 0.3 miles
  • Hildenborough 2.5 miles

These distances are calculated in a straight line. The actual route and distance may vary.

Features and description

Investment Consideration:
Gross Initial Yield: 7.95%
Rental Income: £51,250 p.a.
VAT is not applicable to this property
Comprises three ground floor shops with ancillary at basement.
No.13 has new 20-year lease expiring 2043 with two personal guarantors, trading as Post Office.
No.15 has new 10-year lease expiring 2033 with personal guarantor. Tenant has been in occupation since 2013.
No.17 has new 10-year lease expiring 2033 with personal guarantor. Tenant has been in occupation since 2017.
Located within 100 meters of Tonbridge Station with occupiers nearby including Lidl, McColl`s and more.

Property Description:
The property comprises three ground floor retail shops with ancillary accommodation at basement, providing the following accommodation and dimensions:
No. 13 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
144 sq m (1,550 sq ft)
No. 15 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
93 sq m (1,000 sq ft)
No. 17 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
63 sq m (678 sq ft)
Total gross internal area of 300 sq m (3,228 sq ft)

Tenure:
Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.

Tenancy:
Shop No.13 is let to swasam Ltd with two personal guarantors t/a Post Office for a term of 20 Years from 14th November 2023 at a current rent of £22,250 p.a. And the lease contains full repairing and insuring covenants. Rent reviews every fifth year. Tenant option to determine on 14.11.38 with min 6 months notice. Deposit held of £5,562.
Shop No.15 is at present let to Forever Zen tcm Limited with personal guarantor for a term of 10 Years from 16th July 2023 at a current rent of £14,500 p.a. And the lease contains full repairing and insuring covenants. Tenant has option to determine the lease on fifth anniversary with minimum 6 month`s notice. Deposit held of £3,625.
Shop No.17 is at present let to Limitless Aesthetics & Training Limited with personal guarantor for a term of 10 Years from
29th September 2023 at a current rent of £14,500 p.a. And the lease contains full repairing and insuring covenants. Tenant option to determine on 29.09.2028 with minimum 6 month`s notice. Deposit held of £3,000.

Location:
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. The property is situated on the Western side of Quarry Hill Road at the southern end of the town within 100m of Tonbridge Station. Nearby commercial occupiers Lidl, McColls and a range of local occupiers and retailers.

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