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Lot 14
1 & 1a Marsham Street, Maidstone, Kent ME14 1EW

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Sold: £880,000

LET TO MAIDSTONE borough COUNCIL oN fri lease UNTIL 2032 (MUTUAL BREAK 2027)
(GROSS YIELD 7%)

SITUATION

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.

PROPERTY

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.

ACCOMMODATION

(Floor plans available from Auctioneers)

Total GIA Approx. 2,758 sq ft¹

Main Building:

Ground Floor
• Room 1 - 1 Room plus separate Shower Room/WC
• Room 2 - 1 Room plus separate Shower Room/WC

First Floor
• Room 3 - 1 Room plus separate Shower Room/WC
• Room 4 - 1 Room plus separate Shower Room/WC

Second Floor
• 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:

Ground Floor
• 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

FREEHOLD

TENANCY

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.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Buyer or Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.