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Property FEATURES

• Victory Pier is a vibrant waterside community of 1,947 residential and student dwellings complemented by a comprehensive provision of ground floor commercial premises.
• The commercial offering extends to 17,555 sq ft split between 7 units within 3 separate blocks,
• Let to 2 tenants, with the remaining vacant units offering significant asset management potential.
• Estimated total rental income of £166,405 per annum.
• Offering on a 999 year long leasehold basis.
• Proposal - we are instructed to seek offers in excess of £1,800,000 for the whole portfolio
• Victory Pier is situated on the banks of the River Medway in Kent. The retail premises form part of this award winning waterside development that consists of approximately 841 residential units. Gillingham Train Station is in close proximity, just under 1 mile from the development. The development is situated beside ASD supermarket and Premier Inn Hotel. Other notable retailers within the development include Tesco, Subway, Dominos and CARGO bar and bistro.
• The proposed commercial units are in three buildings around Gillingham Pier. The Units provide the following approximate gross internal areas:
• The Boathouse
• Unit 1 1,819 sq ft (169 sq m)
• Unit 2b 1,881 sq ft (174.75 sq m)
• Unit 3 3,154 sq ft (293 sq m)
• Peninsula Quay
• Unit 4 1,640 sq ft (152 sq m)
• Unit 5 2,712 sq ft (252 sq m)
• Unit 6 2,426 sq ft (225 sq m)
• Unit 7 634 sq ft (58.95 sq m)
• Unit 8 3,104 sq ft (288.40 sq m)
• Flexible use classes: A1 (shops), A2 (financial and professional services), A3 (restaurants and cafes), B1 (business), D1 (non-residential institutions) and D2 (assembly and leisure)
• All units apart from the Boathouse Unit 3 will be handed over in a shell and core condition. Once fitted out all units are to achieve BREEAM 'Very Good' standard.
• It may be possible to amalgamate or subdivide some of the units in The Peninsula and Peninsula Quays.
• The premises are available on new FRI leases for terms to be agreed subject to upward only rent reviews every 5 years.
• The leases will be contracted outside the security of tenure and compensation provisions of the Landlord & Tenant Act 1954 Part II.
• The Boathouse
• Unit 1 - £18,190 pa
• Unit 2b - £18,810 pa
• Unit 3 - £26,809 pa
• Peninsula Quay
• Unit 4 - £16,400 pa
• Unit 5 - £27,120 pa
• Unit 6 - £24,260 pa
• Unit 7 - £9,510 pa
• Unit 8 - £26,384 pa
• Strictly by appointment with the Surveyor. Please contact
• Matt Sadler - matt.sadler@sibleypares.co.uk
• Tom Broadhead - tom.broadhead@sibleypares.co.uk
• All figures are exclusive of VAT which will be charged at the prevailing rate

Property DESCRIPTION

An opportunity to acquire a waterside commercial investment within the award winning development of Victory Pier, Gillingham.

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