Kingston-upon-Thames - 83/83A Clarence Street
Kingston Upon Thames is one of only six Royal Boroughs in England and Wales. It is a leading commercial and retailing destination in Greater London. The town is located approximately 5 miles (8km) south of Richmond, 11 miles (18km) west of Croydon and 12 miles (20km) south west of Central London. The town benefits from excellent communications, with it being in close proximity to the M25, M3 and A3. The town benefits from a regular commuter rail service to London Waterloo, with a fastest journey time of approximately 20 minutes.
London Heathrow Airport is located approximately 22 miles (35km) west of the town and London Gatwick Airport is located 30 miles (48km) to the south east, enabling easy access to a diverse range of domestic and international flights.
The property is located on the prime section of Clarence Street, the primary thoroughfare in Kingston upon Thames. National multiple retailers in the vicinity include Pret a Manger, Flying Tiger, M&S, HSBC Bank, Metro Bank, Halifax and Superdrug.
The property forms part of a wider terrace of shop units in the prime section of Kingston upon Thames. The front section of the building is arranged on part basement, ground, first and second floors, whilst the rear section is arranged over ground and first floors. A car park at the rear, which is shared with other retailers, provides approximately 33 car parking spaces. The tenant sub-lets a small portion of the ground floor fronting Clarence Street.
83 Clarence Street Ground Floor Sales 4,512 sq. ft. 419 sq. m Ground Floor ITZA 929 units First Floor Ancillary 1,146 sq. ft. 107 sq. m Second Floor Ancillary 1,704 sq. ft. 158 sq. m Basement Ancillary 2,023 sq. ft. 188 sq. m 83A Clarence Street (Sub-Let) Ground Floor Sales 858 sq. ft. 80 sq. m Ground Floor ITZA 562 units Total 10,243 sq. ft. 952 sq. m
Let to Lloyds Bank Plc on a full repairing and insuring lease (FRI) from 24th June 2011 and expiring 23rd June 2026 (6.7 years unexpired). The lease is subject to 5 yearly rent reviews with the next being 25th December 2020.
The ‘lock-up’ unit shop is currently under offer to Korea Foods Co Ltd (t/a Seoul Plaza) by way of an underlease expiring on 16th June 2026 with a tenant break option on 23rd June 2022. The agreed rent is £85,000 pax.
Current Rent PAX
The property has not been elected for VAT.
£6,560,000 (Subject to Contract and exclusive of VAT )
A net initial yield of 6%.
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.