Commercial Property for sale

2D South Street & 2 Victoria Road, Deal, Kent, CT14 7AW

988 sq. ft. | £320,000

Property Description

Commercial information

  • 988 sq ft (91 sq m)
  • Use class orders: A1 Shops

Key features

  • The property occupies a prominent position on the corner of South Street and Victoria Road
  • Two ground floor lock up shops
  • Two residential flats in the upper floors
  • Located in a popular coastal town in east Kent
  • The total income for the property is 26,050 per annum
  • BUSINESSES UNAFFECTED

Full description

Location

Having won The Telegraph High Street of the Year award in 2013 Deal is a popular coastal town in east Kent, situated on the English Channel approximately eight miles north-east of Dover and eight miles south of Ramsgate. The A258 leads out of town and connects with the A2 at Dover which then leads west towards the M25 and London. The A257 leads out of Deal directly to Canterbury situated approximately 18 miles inland.

It is formerly a fishing, mining and garrison town, and now benefits from a thriving independent retail centre with a Farmer's Market on Wednesday, which sells local produce, as well as a long-running market on Saturday.

Description

The property occupies a prominent position on the corner of South Street and Victoria Road, which forms part of the one way system circling the town centre, so maintains a good flow of both pedestrian and vehicular traffic. It is located just to the end of the High Street in a good secondary retail location.

The property comprises two ground floor lock up shops, with two residential flats in the upper floors. The flats are sold off on long leasehold interests.

Key Features

Attractive freehold property in town centre location
Whole building fully let - recent open market lettings
Attractive net initial yield of 7.77%
Small lot size

Accommodation

The property comprises the following, with approximate dimensions (areas are net internal):-
"
2D South Street
G/f sales
  403.65 SQ FT  37.5 SQ M
2D South Street
Ancillary - Kitchen
  87.19 SQ FT  8.1 SQ M
2 Victoria Road G/s sales  497.23 SQ FT  46.2 SQ M
"
Leases and Tenants

The shop units are both let on full repairing leases.

2 Victoria Road is let to a Richard Carson-Parker and Catherine Carson-Parker, for a term of 5 years from 1st October 2015, for a rent of 15,600, per annum, exclusive, payable quarterly in advance. There is an upwards only rent review on 1st October 2018. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant uses the shop for the sale of furniture, furniture paint, interior accessories and gifts.

2D South Street is let to a local business called Fonemate UK Limited, for a term of 5 years from 29th September 2015, for a rent of 10,400 per annum, exclusive, payable quarterly in advance. There is an upwards only rent review with effect from 29th September 2018. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant has an option to terminate the lease on 29th September 2017 (2nd anniversary) on 3 months written notice. The tenant uses the premises for the sale of mobile phones and mobile phone accessories.

The flats in the upper parts are sold off on long leasehold interests which are subject to an annual ground rent of 25 per annum each.

The total income for the property is therefore 26,050 per annum.

Tenure

The property is marketed for sale freehold subject to the occupational tenancies of the shops and the long leasehold tenancies of the flats.

Proposal

320,000 is sought for the freehold interest, subject to contract. A purchase at this level would represent a net initial yield of 7.77% after allowing for acquisition costs of 4.8%.

Legal Costs

Each party is to be responsible for their own legal costs associated with the transaction.

We understand the property is not elected to tax therefore VAT will not be payable on the the purchase price.

EPC

The property has an Energy Performance Certificate rating of D. A copy of the certificate is available upon request.

More information from this agent

Nearest stations

  • Deal (0.2 mi)
  • Walmer (1.6 mi)
  • Sandwich (4.2 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Caxtons Chartered Surveyors, Gravesend

49/50 Windmill Street, Gravesend, Kent, DA12 1AH

01474 631002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Deal (0.2 mi)
  • Walmer (1.6 mi)
  • Sandwich (4.2 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Caxtons Chartered Surveyors, Gravesend

49/50 Windmill Street, Gravesend, Kent, DA12 1AH

01474 631002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 2DSouthStreet_2VictoriaRoad_CT147AW. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Caxtons Chartered Surveyors, Gravesend. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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