LET TO MAIDSTONE borough COUNCIL oN fri lease UNTIL 2032 (MUTUAL BREAK 2027)
(GROSS YIELD 7%)
Located just a short walk away from the town centre whereby a large variety of amenities can be found on the High Street and Week Street, with a Marks & Spencer Food Hall (under 200 yards away) as well as the Fremlin Walk Shopping Centre, The Mall Maidstone and Maidstone East Railway Station all within close proximity.
Maidstone is a popular town located approx. 30 miles south-east of London with good road links via the M20 (Junctions 6 & 7) which links to the M25.
A Grade II Listed property planned as follows:
• Main Building - Lower ground, ground and two upper floors comprising 6 Rooms with a communal Kitchen and Living Room.
• Single Storey Building - Comprising 2 Self-Contained Flats each with their own street entrance.
(Floor plans available from Auctioneers)
Total GIA Approx. 2,758 sq ft¹
• Room 1 - 1 Room plus separate Shower Room/WC
• Room 2 - 1 Room plus separate Shower Room/WC
• Room 3 - 1 Room plus separate Shower Room/WC
• Room 4 - 1 Room plus separate Shower Room/WC
• Room 5 - 1 Room plus separate Shower Room/WC
• Room 6 - 1 Room plus separate Shower Room/WC
Lower Ground Floor
• Communal Kitchen
• Communal Living Room
Single Storey Building:
• Flat 1a - 1 Room, separate Kitchen & separate Shower Room/WC
• Flat 1b - 1 Room including Kitchenette and separate Shower Room/WC
¹Area supplied by Vendor
VAT is NOT applicable to this Lot
The entire property is let on a full repairing and insuring lease to Maidstone Borough Council for a term of 15 years from 10th February 2017 at a current rent of £50,400 per annum exclusive.
Rent Reviews 2022 and 2027 (upwards only and linked to RPI - uncapped)
Mutual Break 2027
Note 1: The Lease is held outside sections 24-28 of the L & T Act 1954.