A fantastic opportunity to acquire a prominent blue-chip investment with asset management potential.
The property is freehold, extends to 35,750sqft and produces £315,000 per annum. 52-56 Week Street fronts the high street and includes two separate retail units across ground and first floors, tenanted by retailers Deichmann & Poundland. The 5,920sqft second floor is vacant and accessible via the rear building and Poundland unit.
52-56 Week Street
Deichmann are entered into a lease until July 2020 at a passing rent of £135,000pax. There is a rent review in July 2025 and there are no breaks before the expiry. They occupy 9,375sqft across ground and first floors, this calculates to a rent of £14.50psqft. Poundland are entered into a lease until September 2025 at a passing rent of £150,000pax. They occupy over 15,000sqft of commercial space with 10,000sqft across the ground floor, this calculates to a low rent of just £9.40psqft.
Communal/Ancillary Areas
Part of the first floor and the entire second floor are not contained within either of the Deichmann or Poundland lease agreements. The vacant second floor (c.5,920sqft) is accessible via the rear building and the Poundland unit, and the vacant first floor area which overlooks the high street is accessed via the Deichmann unit. Purchasers might consider negotiating access to the vacant space with the tenants which occupy the rear building (holding over), and
Poundland (lease expires in July 2025).
48-49 Church Street
Let to Making a difference to Maidstone Ltd at a passing rent of £30,000pax. Their lease expired in October 2023, and they are holding over outside the Landlord & Tenant 1954act. They occupy 4,000sqft over ground and first floors which calculates to a low rent of £7.40psqft.
The property is not listed and not within a conservation area.
Guided at £3,750,000, this reflects a low capital value of just £105psqft
