Canterbury - 6-10A High Street, 3-9 Guildhall Street, 11-14 Guildhall Street, 15-16 Guildhall Street, 5-6 Sun Street, Sun Yard and 1-6 Mercery Lane

Location:

Canterbury is an attractive and historic cathedral city in the north-east of Kent. It is situated on the River Great Stour about 62 miles (100km) south east of London, 17 miles (27km) north west of Dover and 29 miles (47km) east of Maidstone. Faversham, the major travel hub of Ashford, the historic town of Sandwich and the popular coastal towns of Herne Bay and Whitstable are all located nearby.

  • Situation

    The property is prominently situated at the core of the city’s main retailing pitch (High Street, Parade and Whitefriars Shopping Centre) and opposite the main entrance to Canterbury Cathedral. As a result, the location benefits from a significant volume of footfall.

  • Description

    The property comprises three distinct buildings, which themselves are made up of an amalgamation of properties from several periods, the oldest of which dates back to the 1700’s with more modern extensions being added subsequently. Parts of the property are listed (more information available on request).

    The asset is let in its entirety to Debenhams Retail Plc who occupy two of the buildings and have underlet the smallest unit, 15/16 Guildhall Street & 5/6 Sun Street, to Cotswold Outdoor. The property is currently used for A1 retail purposes as well as ancillary storage.

  • Tenure

    Freehold.

  • Tenancy (ies)

    Debenhams Retail Plc
    The property is let in its entirety on a 30 year FR&I lease commencing 25th March 2004 and expiring on 24th
    March 2034 providing an unexpired term of circa 16.5 years.

    Debenhams has an option to renew by giving not more than 2 months and not less than 12 months’ written notice prior to the term end. The new lease will be for 25 years at an open market rent agreed at the commencement of the new term. Rent reviews will be 5 yearly to OMRV.

    15-16 Guildhall Street, 5-6 Sun Street and Sun Yard has been sublet by Debenhams to Outdoor & Cycle Concepts Ltd (t/a Cotswolds Outdoor) for 15 years from 13th October 2014 at a rental of £120,000 pax. Cotswold Outdoor benefit from a tenant option to break in year 10. They received 10 months’ rent free.

  • Current Rent PAX

    £1,433,718

  • Price

    £24,400,000 (Subject to Contract and exclusive of VAT )

  • Yield

    5.50%

MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.

All viewings are strictly by prior appointment.
Please contact:

David Freeman
Ed Smith
Patrick Over
Simona Malinova