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Lot 8

Commercial Investment
Gross Yield 10.5%
6 Week Completion

Situation

Located close to the junction with Bordyke in the town centre amongst a variety of independent retailers and approx. 300 yards from the prime retail pitch of the town which hosts various multiple retailers.
Tonbridge is an affluent Kent town approximately 28 miles south-east of central London, 12 miles from Maidstone and 5 miles north of Royal Tunbridge Wells. In addition, the M25 (Junction 5) is easily accessible.

Property

Forming part of a mid terraced building comprising a Ground Floor Shop with internal access to Basement Storage. In addition, the property includes a rear parking space.

Accommodation

Ground Floor Shop
Gross Frontage 18'0”
Internal Width 13'6”
Shop Depth 25'9”
Built Depth 36'2”
WC
Basement
Area Approx. 235 sq ft
VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from 18th December 2019 at a peppercorn ground rent.

Tenancy

The property is let on a repairing and insuring lease (refer to lease and schedule of condition) to Jack Charles Property Services Limited as Estate Agents (see Note 1) for a term of 6 years from 3rd June 2020 at a current rent of £10,000 per annum exclusive.

Rent Review and Tenant's Break June 2023

Note 1: The tenant is in occupation of the newly fully fitted premises and officially launches the Estate Agency this month. Visit: www.jackcharles.co.uk

Note 2: There is a 3 month Rent Deposit held.

*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 Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 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.

191 High Street, Tonbridge, Kent TN9 1BX