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Lot 27 Click here for addendum

Freehold Town Centre Investment let to WH Smith Retail Holdings Limited prod. £52,500 p.a. with potential Residential Development – Gross Yield 10.7%
3 Week Completion

Situation

Located in the main pedestrianised retail shopping area in the town centre, adjacent to The Works and NatWest, opposite the Folca Community Centre and amongst such other multiple retailers as Superdrug, Costa Coffee, Boots, Claire’s Accessories and Waterstone’s with the indoor Bouverie Place Shopping Centre in close proximity. There is also a street market in Sandgate Road on Thursdays and Saturdays.
Folkestone is a well known Town and Port benefitting from the Eurostar Link from the UK to France, being approx. 8 miles south-west of Dover, 69 miles south-east of London and conveniently located for the M20 (Junctions 12 and 13).

Property

Comprising a Large Ground Floor Retail Unit which includes a Post Office Counter together with Ancillary Accommodation on the first and second floors.
The property also includes a rear parking/loading area which can be accessed from Pound Way.

ACCOMMODATION¹

Ground Floor Retail Unit
Gross Frontage 52'8"
Built Depth 100'0"
Area Approx. 4,005 sq ft
First Floor Ancillary
Area Approx. 2,867 sq ft
Second Floor Ancillary
Area Approx. 1,095 sq ft

________________

Total Area Approx. 7,967 sq ft

¹Not internally inspected by Barnett Ross. Areas taken from VOA.

VAT is applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to WH Smith Retail Holdings Limited (having over 530 High Street branches) (T/O for Y/E 31/08/22 £191.7m, Pre-Tax Loss £40.8m and Shareholders’ Funds £848.6m) for a term of 5 years from 24th June 2023 (in occupation since 2005) at a current rent of £52,500 per annum exclusive (see Note 1).

Tenant’s Break June 2026

Note 1: There is currently a rent free period which expires on 3rd October 2024 in lieu of an interim rent that was due to the tenant prior to the renewal of the current lease. Therefore, the Vendor will make up this rent shortfall on completion.

Note 2: The current rent of £52,500 p.a. was rebased from £100,000 p.a. in 2023 at the lease renewal.

Note 3: The upper floors of the property may lend itself to conversion to Residential Use, subject to obtaining possession and the necessary consents.

Click here to view the floor plans provided by the Vendor to illustrate this use.
Click here to view the existing 3D Model view of the building.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

57–59 Sandgate Road, Folkestone, Kent CT20 1TU