Restaurant
£1,350,000
Maidstone, Kent
Description
Retail & Bar / Restaurant Investment FOR SALE. Let to Paddy Power & Bliss Cafe.
Currently producing a gross income of £107,500 per annum
Located at the top of Gabriels Hill and wrapping around to the entrance to The Mall on King Street in Maidstone, this mixed use investment is well located just off the prime retail pitch and has potential for residential conversion when the existing lease expires on the substantial upper floors.
The property, a Grade II Listed building, is separated into two tenancies with Paddy Power occupying 9 Gabriels Hill, a ground floor retail unit, and 14 King Street occupied by Bliss Cafe a restaurant and bar with covered and heated outside seating plus separate Coffee Shop and additional staff living accommodation on the second floor.
9 Gabriels Hill - Let to Paddy Power until 8th August 2027.
This comprises ground floor retail with frontage onto Gabriels Hill:
Retail Area - 169.55 sq m = 1,825 sq ft
Basement - 68.84 sq m = 741 sq ft
14 King Street - Let to Bliss Cafe until 28th July 2036.
Accessed via King Street at ground level, this element of the property has a covered and heated outside seating area with pizza bar plus access into the main restaurant / bar area. In addition the second floor has staff living accommodation, comprised as follows;
Coffee Shop - 48.00 sq m = 517 sq ft
FF Restaurant / Bar - 221.29 sq m = 2,382 sq ft
SF Staff Accommodation - 211.01 sq m = 2,271 sq ft
Outside Seating Area - 188.00 sq m = 2,024 sq ft
LET IN PART TO NATIONAL COVENANT
7.96% ARY
7.50% NIY
TWO SEPARATE LEASES PRODUCING £107,500 PER ANNUM
OIRO £1,350,000
POTENTIAL FOR RESIDENTIAL CONVERSION OF UPPER FLOORS IN FUTURE
Sibley Pares (Commercial)
1 Ashford Road
Maidstone
Kent
ME14 5BJ
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