Office
£450,000
West Malling, Tonbridge and Malling, Kent
Description
FOR SALE - FREEHOLD COMMERCIAL INVESTMENT IN WEST MALLING
Current rental income of £32,000 per annum.
Two separate retail units with upper floors currently occupied on commercial leases.
In the event that the properties become vacant in the future, there is potential to add value by the possibility of conversion of the commercial upper floors to residential accommodation, subject to obtaining the necessary consents at the appropriate time.
14-16 Swan Street - 12 year lease expiring 2027, Break at year 6, rent £14,000 per Annum
18-22 Swan Street - 10 year lease expiring 2030, Break at years 5 & 10, rent £18,000 per Annum
Offers in the region of £450,000
Reflects an All Risks Yield (ARY) of 7.11% or a Net Initial Yield (NIY) of 6.81% allowing for purchasers costs of 4.47%
Also available by separate negotiation attached 1-bed cottage (24 Swan Street). Currently let at £850 per month.
West Malling is an affluent market town situated approximately 37 miles South East of Central London, just off J4 of the M20 motorway within 2 miles of Kings Hill and 7 miles of Maidstone. West Malling station has direct access into London Victoria and Charing Cross both in under 1 hour.
The property fronts Swan Street, a popular location within West Malling, close to the High Street. It is adjacent to the Post Office, opposite the popular 'Swan' restaurant. Benefitting from frontage to Swan Street and return frontage to Mill Yard, giving pedestrian access to the main car park in the centre of West Malling behind Tesco.
What3Words Location - https://w3w.co/sound.social.words
The property is a Grade II Listed building and comprises a retail investment across ground, first and second floors. The frontage includes two separate retail units, both with upper floor ancillary accommodation, which both have future potential for conversion to residential accommodation, subject to the necessary consents, if/when the properties become vacant.
Accommodation is as follows:-
14-16 Swan Street
Ground Floor 264 sq ft / 24.54 sq m
First Floor 523 sq ft / 48.63 sq m
Second Floor 271 sq ft / 25.15 sq m
18-22 Swan Street
Ground Floor 593 sq ft / 41.29 sq m
First Floor 229 sq ft / 21.30 sq m
Total 1,880 sq ft / 174.71 sq m
COMMERCIAL INVESTMENT OPPORTUNITY IN POPULAR WEST MALLING VILLAGE
Passing Rent £32,000 per annum
Offers in the region of £450,000
All Risks Yield (ARY) of 7.11%
Net Initial Yield (NIY) of 6.81% allowing for purchasers costs of 4.47%
Commercial leases expiring 2027 & 2030 respectively
Potential for re-development on upper floors (once vacant)
24 Swan Street (1-bed attached cottage) also available by separate negotiation
Sibley Pares (Commercial)
1 Ashford Road
Maidstone
Kent
ME14 5BJ
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