Property Information
Address:
87 High Street , & 1-5 Central Avenue, Sittingbourne
, ME10 4AU
Price: Property no longer available.
Size: 15761 sq ft1464 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH355477
Property Ref/Agent: 87 High Street & 1-5 Central Avenue, Sittingbourne, ME10 4AU
*Please use the agent ref when calling the agent directly.
Property description
Investment Highlights
Sittingbourne is a popular south east town, with an expanding commuter population
located on the HS1 railway line, with direct rail links to central London in less than an hour
Prime corner position on High Street
let to the undoubted covenant of The Royal Bank of Scotland Plc until 2025
Net income: £162,722 per annum, rising to a minimum of £168,847 per annum
Price: £1,540,000 (One Million, Five Hundred and Forty Thousand Pounds (subject to contract and exclusive to VAT)
Net initial yield: 10.00%, rising to a minimum of 10.36% in 2020
LOCATION
Sittingbourne is located close to the north coast of kent, approximately 12 miles north west of Maidstone, 16 miles north west of Canterbury, and 46 miles south east of London.
The town is well connected with the a 2 trunk road running through the town and the a 2 motor way approximately 3 miles to the south. The M20 provides access towards London via the M26 and M25. Sittingbourne town station provides direct rail services to London victoria, St Pancras International, and Cannon Street, in approximately one hour, via the HS1 high speed rail link.
London gatwick airport is 41 miles away, almost equidistant to Stanstead. Heathrow is 52 miles away. The Channel Tunnel is 24 miles away.
SITUATION
The property is located in the heart of Sittingbourne's central shopping area, occupying a 100% prime corner position, central to the High Street, with frontage on both the High Street and Central
A venue. Nearby occupiers include Barclays, Halifax, Nationwide, Superdrug, and WH Smith. The Forum shopping centre is a short distance to the north, providing further foot flow to and from
the high street. There are 180 car parking spaces behind the subject property, with a further 270 spaces adjoining the Forum Centre.
TENURE
The property is held long leasehold by way of a new 125 year lease from the 23rd February 2014. The head rent is 10.25% of the rents received.
TENANCY
Tenant - Natwest Property -Unit 1 Lease Start -10.06.05 Lease Expiry-23.06.25 Rent -£91,000 Next Rent Review-10.06.15
Tenant- Countrywide Estate agents Property-Unit 2 Lease Start -20.05.14 Lease Expiry-19.05.19 Rent- £16,000 Next Rent Review n/a
Tenant- Cartridge World Property - Unit 3 Lease Start 21.04.14 Lease Expiry-20.04.24 Rent -£15,500 Next Rent Review - 21.04.19 Next Option Date- 21.04.19
Tenant-New appointments group Property- First Floor Office Lease Start-30.01.14 Lease Expiry - 29.01.19 Rent - £25,556 Next Rent Review - n/a
Tenant- MFW Chartered accountants Property - Second Floor Office Lease Start- 29.09.13 Lease Expiry- 28.09.23 Rent - £33,250 Next Rent Review - 29.09.18 Next Option Date- 28.09.18
The head rent is 10.25% of the rents received; the net rent is therefore £162,722 per annum
There is a fixed uplift on the Natwest Income in 2020 of 7.50% to result in a total net rent £168,847 per annum
ACCOMMODATION
The property comprises the following net internal floor areas:
Tenant - Natwest Property
Unit 1
Ground Floor 3,708 sq ft
Basement 1,244 sq ft
First Floor 1,254 sq ft
Second Floor n/a sq ft
Total 6,206 sq ft
Tenant - Countrywide Estate agents
Unit 2
Ground Floor 692 sq ft
Basement n/a sq ft
First Floor n/a sq ft
Second Floor n/a sq ft
Total 692 sq ft
Tenant - Cartridge World
Unit 3
Ground Floor 668 sq ft
Basement n/a sq ft
First Floor n/a sq ft
Second Floor n/a sq ft
Total 668 sq ft
Tenant - New appointments group
1st Floor
Ground Floor n/a sq ft
Basement n/a sq ft
First Floor 3,525 sq ft
Second Floor n/a sq ft
Total 3,525 sq ft
Tenant - MFW Chartered accountants
2nd Floor
Ground Floor n/a sq ft
Basement n/a sq ft
First Floor 3,525 sq ft
Second Floor 5,272 sq ft
Total 5,272 sq ft
TOTAL 15,761 SQ FT
DESCRIPTION
The subject property is arranged over three storeys. The majority of the ground floor retail accommodation provides a banking hall, with ancillary basement accommodation. The bank also occupies an office on the first floor. On the return frontage on Central a venue are two further retail units. The first and second floor provides self-contained office accommodation, accessed from Central avenue. The office accommodation is accessed via a central stair core with a single passenger lift. There is a parking area behind the property with 14 allocated spaces to the demise. The site area is approximately 0.23 acres.
COVENANT
50% of the income is secured to The Royal Bank of Scotland until 2025.
The Royal Bank of Scotland Plc
The Royal Bank of Scotland group Plc is ranked among the top 10 largest banks in the world by assets and since 2000, NatWest has been part of the RBS Group.
NatWest was established in 1968 and is traditionally considered one of the Big Four clearing banks, it has a large network of 1,600 branches and 3,400 cash machines across Great Britain. Today it has more than 7.5 million personal customers and 850,000 small business accounts. In Ireland it operates through its Ulster Bank subsidiary. RBS was founded in 1727 and has in excess of 105,000 employees. Further information is available on request.
31/12/2013
Turnover £26,495,000,000
Pre-Tax Profit £(6,761,000,000)
Shareholder Funds £48,865,000,000
Net Worth £36,513,000,000
31/12/2012
Turnover £26.375.000.000
Pre-Tax Profit £(3.412.000.000)
Shareholder Funds £59,288,000,000
Net Worth £46.885.000.000
31/12/2011
Turnover £30,665,000,000
Pre-Tax Profit £(864,000,000)
Shareholder Funds £61,726,000,000
Net Worth £49,361,000,000
Countrywide Estate Agents
Countrywide group are the largest estate agency network in the UK, currently employing 11,300 people nationwide. Operating under 50 local high street brands, with approximately 1,400 estate
agency and lettings offices.
31/12/2013
Turnover £332,419,000
Pre-Tax Profit £42,149,000
Net Worth £89,155,000
31/12/2012
Turnover £300,106,000
Pre-Tax Profit £24,397,000
Net Worth £63,813,000
31/12/2011
Turnover £286,680,000
Pre-Tax Profit £17,797,000
Net Worth £112,441,000
Cartridge World Ltd
Cartridge World are a global organisation with over 1,400 stores worldwide and are the UK's largest specialist provider of ink and toner cartridges
31/12/2013
Turnover -
Pre-Tax Profit -
Net Worth £1,588,962
31/12/2012
Turnover £4,621,152
Pre-Tax Profit £159,021
Net Worth £1,549,008
31/12/2011
Turnover £6,008,450
Pre-Tax Profit £373,366
Net Worth £1,379,691
New Appointments Group Ltd
Established in 1975, New appointments group is a major independent HR and recruitment consultancy offering a comprehensive range of HR support services.
31/12/2013
Turnover £5,725,124
Pre-Tax Profit £188,530
Net Worth £685,238
31/12/2012
Turnover £5,630,838
Pre-Tax Profit £339,098
Net Worth £785,826
31/12/2011
Turnover £6,430,594
Pre-Tax Profit £435,803
Net Worth £680,159
VAT
The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of going Concern (TOGC).
PROPOSAL
We are instructed to seek offers in the region of £1,540,000 (One Million, Five Hundred and Forty Thousand Pounds), which reflects a net initial yield of 10.00%, rising to a minimum of 10.36% in 2020, after purchaser's costs at 5.80%.
EPC
7 High Street E113
87 High Street (Part FF Office) F130
1 Central Avenue, Bank Chambers (Part FF Office) C72
1 Central Avenue (Part FF Office) C72
1 Central Avenue (Part FF Office) C70
1 Central Avenue (SF Office) E104
3 Central AvenueD85
5 Central Avenue D100
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