Canterbury - 20/21 St Margaret's Street

Location:

Canterbury is an attractive and historic Cathedral City in the north east of Kent. It is situated on the River Great Stour, the city lies cira 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 located on the eastern side of the fully pedestrianised St Margaret’s Street, near to its junction with The Parade. Nearby occupiers include Superdry, L’Occitaine, Hotel Chocolat and Lloyds Bank.

  • Description

    The premises are arranged over basement, ground, first and second floors. The tenant trades from ground, first and second floors. There is a café situated on the second floor. The basement is utilised as a workshop and staff
    and ancillary space. The first and second floors are accessed via a customer staircase and lift at the front of the shop and an ancillary staircase to the rear. The property is not listed although it is located within a conservation area.

  • Tenure

    Freehold.

  • Accommodation:

    Ground Floor Sales 2,584 sq. ft. 240.1 sq. m
    ITZA 1,015 sq. ft. 94.3 sq. m
    Ground Floor Ancillary 172 sq. ft. 15.9 sq. m
    First Floor Sales 2,827 sq. ft. 262.6 sq. m
    Second Floor Sales 1,448 sq. ft. 134.5 sq. m
    Basement Office/Workshop 1,240 sq. ft. 115.3 sq. m
  • Tenancy (ies)

    The entire property is let to C&H Fabrics Limited on a Fully Repairing & Insuring lease from 2nd March 2017, expiring on 1st March 2027 at a passing rental of £160,000 per annum exclusive. There is a rent review on 2nd March 2022 set to the higher of, passing rent or Open Market Value, capped at £204,205 per annum exclusive.

    The property benefits from 8.3 years unexpired.

  • Current Rent PAX

    160000

  • VAT

    The property is elected for VAT therefore it is anticipated the transaction will be treated as a TOGC.

  • Price

    £2,350,000 (Subject to Contract and exclusive of VAT )

  • Yield

    6.5%.

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:

Ed Smith
Patrick Over
David Freeman
Simona Malinova