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AGENT'S DETAILS


HIGH YIELDING CATEGORY A OFFICE INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

For sale: POA|Residential, Offices, Flat, Office

PROPERTY DETAILS

FOR SALEPOA
ADDRESSSunley House, 14-19 Middle Row, Maidstone, Kent ME14 1TG
TYPEResidential, Offices, Flat, Office
TENUREDevelopment Opportunity, Investment Opportunity, For Sale Leasehold
POSTED ON27th July 2020

DESCRIPTION

• A high yielding (12.7%) category A B1 commercial investment opportunity with a guaranteed top up rent and the potential for conversion to residential.

• The property is situated in the centre of Maidstone, in Middle Row which has frontage to Bank Street and High Street. The location is within the centre of Maidstone, close to the main retail amenities of the town and within walking distance of the two mainline railway stations, Maidstone East and Maidstone West, both providing services to the capital and coastal ports.

• The opportunity for sale forms the upper three floors of a substantial four storey building, (ground floor currently trading as a bar and under separate ownership). The offices were substantially refurbished in 2019.

• The property is currently part let generating a combined income of £122,244.

• The vendor will provide a rental guarantee to top up the rent to £140,000 for 1 year which reflects a gross initial yield of 12.7% at a purchase price of £1,100,000.

• We have been advised that the property is Grade II listed however is suitable for residential conversion subject to the necessary planning consents and approvals.

• The property is available leasehold with 998 years un expired.
• An indicative massing scheme has been drafted to create 18 studio apartments across first, second and third floor. The proposed scheme would extend to approximately 4,622sqft NSA. Details of the proposed plans can be found in the link below.

LOCATION

Location: Sunley House, 14-19 Middle Row, Maidstone, Kent ME14 1TG

Maidstone West (0.3 miles)

Maidstone East (0.3 miles)

Maidstone Barracks (0.4 miles)

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