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Property FEATURES

• LET IN PART TO NATIONAL COVENANT
• 7.96% ARY
• 7.50% NIY
• TWO SEPARATE LEASES PRODUCING £107,500 PER ANNUM
• OIRO £1,350,000
• POTENTIAL FOR RESIDENTIAL CONVERSION OF UPPER FLOORS IN FUTURE
• The property is located at the top of Gabriels Hill at the cross road with Week Street, High Street and King Street, the prime retail area directly between Fremlin Walk and The Mall in the heart of Maidstone Town Centre, the County Town of Kent.
• Maidstone is conveniently located in the centre of the County just 1.5 miles to junctions 6 and 7 of the M20 motorway giving excellent access to the M25 and the wider motorway network. Train services to London are less than 1 hour.
• The property has been split to provide two separate tenancies.
• 9 Gabriels Hill - Let to Paddy Power.
• This comprises ground floor retail with frontage onto Gabriels Hill:
• Retail Area - 169.55 sq m = 1,825 sq ft
• Basement - 68.84 sq m = 741 sq ft
• 14 King Street - Let to Bliss Cafe.
• Accessed via King Street at ground level, this element of the property has a covered and heated outside seating area with coffee shop plus access into the main restaurant / bar area. In addition the second floor has staff living accommodation, comprised as follows;
• Coffee Bar - 48.00 sq m = 517 sq ft
• FF Restaurant / Bar - 221.29 sq m = 2,382 sq ft
• SF Staff Accommodation - 211.01 sq m = 2,271 sq ft
• Outside Seating Area - 188.00 sq m = 2,024 sq ft
• Total NIA - 718.69 sq m = 7,736 sq ft (plus outside covered seating area)
• The property is currently let under two separate Lease agreements, principle terms as follows:
• 9 Gabriels Hill - Let to Power Leisure Bookmakers Limited & Paddy Power PLC on a 15 year Lease expiring 8th August 2027 at a rent of £50,000 per annum, exclusive.
• 14 King Street - Let to Ahmed Ahmed t/a Bliss Cafe on a 15 year Lease expiring 28th July 2036 at a rent of £50,000 per annum, exclusive and subject to 5 yearly rent reviews linked to RPI indexation. The lease is subject to a photographic schedule of condition.
• In addition to the passing rent, there is a fixed service charge of £7,500 per annum to cover the upkeep and maintenance of the exterior of the property. The Service Charge is subject to 5 yearly RPI increases.
• Full Lease details can be provided upon request.
• Offers Invited in the Region of £1,350,000
• The purchase price reflects an All Risk Yield of 7.96% or a Net Initial Yield of 7.50% assuming standard purchasers costs of 6.0%
• Strictly by prior appointment through the Surveyors. Please contact Phil Hubbard e: phil.hubbard@sibleypares.co.uk or Thomas Langston e: thomas.langston@sibleypares.co.uk
• 9 Gabriels Hill
• RV with effect from 1st April 2023 is £40,500
• Coffee Shop at 14 King Street
• RV with effect from 1st April 2023 is £5,100
• Restaurant / Bar at 14 King Street
• RV with effect from 1st April 2023 is £25,000
• Unless otherwise stated, all rents/prices are quoted exclusive of Value Added Tax (VAT). We are advised the property is elected for VAT. Prospective occupiers should satisfy themselves as to any VAT payable in respect of any transaction.

Property DESCRIPTION

Retail & Bar / Restaurant Investment FOR SALE. Let to Paddy Power & Bliss Cafe.
Currently producing a gross income of £107,500 per annum
Located at the top of Gabriels Hill and wrapping around to the entrance to The Mall on King Street in Maidstone, this mixed use investment is well located just off the prime retail pitch and has potential for residential conversion when the existing lease expires on the substantial upper floors.

The property, a Grade II Listed building, is separated into two tenancies with Paddy Power occupying 9 Gabriels Hill, a ground floor retail unit, and 14 King Street occupied by Bliss Cafe a restaurant and bar with covered and heated outside seating plus separate Coffee Shop and additional staff living accommodation on the second floor.

9 Gabriels Hill - Let to Paddy Power until 8th August 2027.
This comprises ground floor retail with frontage onto Gabriels Hill:
Retail Area - 169.55 sq m = 1,825 sq ft
Basement - 68.84 sq m = 741 sq ft

14 King Street - Let to Bliss Cafe until 28th July 2036.
Accessed via King Street at ground level, this element of the property has a covered and heated outside seating area with pizza bar plus access into the main restaurant / bar area. In addition the second floor has staff living accommodation, comprised as follows;
Coffee Shop - 48.00 sq m = 517 sq ft
FF Restaurant / Bar - 221.29 sq m = 2,382 sq ft
SF Staff Accommodation - 211.01 sq m = 2,271 sq ft
Outside Seating Area - 188.00 sq m = 2,024 sq ft

LET IN PART TO NATIONAL COVENANT

7.96% ARY

7.50% NIY

TWO SEPARATE LEASES PRODUCING £107,500 PER ANNUM

OIRO £1,350,000

POTENTIAL FOR RESIDENTIAL CONVERSION OF UPPER FLOORS IN FUTURE

Property LOCATION

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