Gross Initial Yield: 5.57%
Rental Income: £31,200 p.a.
VAT is NOT applicable to this property
Comprises a double fronted ground floor retail unit trading as a bakery and a self contained two-bed flat on the first floor
Commercial tenant in occupation since 2016
Newly refurbished flat
Nearby occupiers include Boots, PureGym, O2, Ted Baker, Three, JD Sports, WHSmith and many more.
The property comprises a ground floor retail unit, trading as a bakery, situated on the corner which sits on Camden Road. It has a large double corner frontage, offering large display windows and a bright interior. The front retail area is open, with a smaller separate area to the rear as well as an additional stock room and WC facilities at the rear of the building. The first floor comprises newly refurbished self-contained two-bed flat, accessed from the side of the building via separate entrance.
The property provides the following accommodation and dimensions:
Ground Floor: Shop - 100.00 sq m (1,076 sq ft)
First Floor: 2-bed Flat - 63.00 sq m (638 sq ft)
The property is at present let to The Bicycle Boutique Bakery Ltd for a term of 15 years from 1st October 2021 at a current rent of £18,000 per annum and the lease contains full repairing and insuring covenants. The tenant has right to determine lease in the 5th and 10th year with 6 months notice. Rent review every 5th year linked to RPI. Deposit held of £4,500. The first floor two-bed flat is at present let on an AST to an Individual for a term of 12 months from 9th July 2021 at a current rent of £13,200 per annum. Deposit held of £1,296.
Royal Tunbridge Wells, previously just Tunbridge Wells, is a town in western Kent, England, 30 miles south-east of central London. Tunbridge Wells is at the hub of a series of roads, the primary ones being A26, A264 and A267. The A21 passes to the east of the town. The property is located on a prominent retail street amongst many independent traders including takeaway restaurants, café shops, tattoo studio and bicycle shop. Royal Victoria Palace Mall is within walking distance which hosts occupiers such as Boots, PureGym, O2, Ted Baker, Three, JD Sports, WHSmith and many more.