Calibre Acquire is instructed to sell the freehold of 10 and 12 High Street, Brompton, ME7 5AE, together with 2 Westcourt Street, ME7 5RD.
The property is two adjoining terraced buildings with shops on the ground floor and residential accommodation above. A separate self-contained flat sits to the rear on Westcourt Street, with its own access. The total floor area is 3,829 sq ft (355.75 m²) across five units.
The property is fully let across ten lettings and produces £90,320 per annum. Residential income is £70,320 per annum (78% of the total) and commercial income is £20,000 per annum (22%).
ACCOMMODATION
No. 10: ground floor shop with basement, let as a hair studio. 697 sq ft (64.7 m²).
No. 10a: HMO on the first and second floors, three lettable rooms. 551 sq ft (51.2 m²).
No. 12: ground floor shop with basement and outbuilding, let as a nails and spa business. 1,344 sq ft (124.9 m²).
No. 12a: HMO on the first and second floors, four lettable rooms. 796 sq ft (74.0 m²).
2 Westcourt Street: self-contained ground floor flat with its own access. 441 sq ft (41.0 m²).
TENANCIES
No. 10 is let on a 10-year lease from 31 July 2023 at £10,000 per annum. There is a tenant break on 31 July 2028, and the lease expires on 30 July 2033. Rent reviews fall on 25 December 2025, 2028 and 2031.
No. 12 is let on a 10-year lease from 12 January 2022 at £10,000 per annum. There is a tenant break on 12 January 2027, and the lease expires on 11 January 2032. Rent reviews fall on 25 December 2024, 2027 and 2030.
The seven HMO rooms are let individually with bills included, at rents from £530 to £800 per calendar month. They produce £57,120 per annum, an average of £680 per room per month.
2 Westcourt Street is let at £13,200 per annum (£1,100 per calendar month).
INCOME
Total passing rent is £90,320 per annum. The landlord currently pays the bills for the HMO rooms: council tax, utilities, wifi, TV licence and water. These total £995 per calendar month (£11,940 per annum), leaving income of £78,380 per annum after bills. At the asking price, that is a gross yield of 10.04% and 8.71% after bills.
LOCATION
Brompton sits between Chatham and Gillingham in Medway, Kent. The High Street is close to Brompton Barracks (around 0.3 miles), Chatham Historic Dockyard (around 0.5 miles), and the University of Greenwich Medway campus and Medway Maritime Hospital (both around 1 mile).
Gillingham station is around 1 mile away, with services to London St Pancras International in around 44 minutes and direct services to London Victoria. Chatham station is around 1.5 miles away. The A2 and M2 provide road access.
TERMS
Offers in the region of £900,000 for the freehold, subject to the existing tenancies. Leases, tenancy agreements and title are available on request. Each party is to bear its own legal costs. Buyer identification and proof of funds are required under anti-money laundering regulations.
VIEWINGS
Strictly by appointment through Calibre Acquire.
These particulars do not form part of any offer or contract. Rental figures are as advised by the vendor. All figures are subject to contract.
