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1,1A, 1B & 1C High Street, Tonbridge, Kent TN9 1SG

For sale: £2,650,000.00|0.4 Acres|Retail, Offices, Leisure, Residential, Office, Residential Land, General Retail, Retail - High Street, Land, Mixed use, Commercial Land, Other Property Types & Opportunities

Property details

FOR SALE£2,650,000.00
SIZE0.4 Acres
ADDRESS1 High Street Estate, Tonbridge, Kent, TN9 1SG
TYPERetail, Offices, Leisure, Residential, Office, Residential Land, General Retail, Retail - High Street, Land, Mixed use, Commercial Land, Other Property Types & Opportunities
TENUREDevelopment Opportunity, Under Offer
POSTED ON12th October 2020

Description

LANDMARK HIGH STREET MIXED USE DEVELOPMENT/ INVESTMENT OPPORTUNITY
FREEHOLD FOR SALE
PLANNING CONSENT GRANTED FOR:
THE CONVERSION OF THE UPPER FLOORS OF 1 HIGH STREET TO 12 APARTMENTS WITH NO SOCIAL/ AFFORDABLE UNITS
&
CONVERSION OF POUNDSTRETCHER TO 10 INDIVIDUAL RETAIL UNITS

1,1A, 1B & 1C High Street, Tonbridge, Kent TN9 1SG

SALIENT DETAILS

• Landmark corner site in Tonbridge opposite train station and public car park.
• Site area of 0.4 acres. Rear Car Park circa 20 spaces.

1 HIGH STREET
• Planning consent granted for the conversion of vacant First Floor offices to 12 apartments (9 x 1 bed, 3 x 2 bed). No social / affordable units.
• Planning approval for the breakup of the Poundstretcher unit to provide 10 shops (2 High Street facing, 8 Vale Road facing)
• New short term lease to Poundstretcher expiring 24th March 2022

1A, 1B & 1C HIGH STREET
• 3 retail units (2 let to Co-op Funeral Care, 1 let to a Barber Shop).
• 2 apartments let on ASTs
• Total passing income of circa £72,980 per annum ex
• Instructed to guide £2,650,000 (Two Million Six Hundred and Fifty Thousand Pounds) plus VAT (or TOGC) subject to contract and the existing tenancies.
• The vendor would consider selling the property in 2 different lots.

LOCATION
Tonbridge is a thriving market town with a resident population of approximately 40,000. The town offers an excellent range of retail and leisure facilities with many High Street stores, banks and building societies, together with a selection of coffee shops, restaurants and local pubs. It boasts a fine example of a 'Motte and Bailey' castle built in the 13th century, set on the banks of the river Medway.

Tonbridge mainline station provides fast commuter links into London (Cannon Street/London Bridge/Charing Cross in approximately 35 – 50 minutes) with road links to the M20 & M25 motorways via the nearby A26 and A21 dual carriageways.
Tonbridge also offers first-rate primary and secondary schools (including Grammars and Public Schools) many of which consistently do well in the league tables.

SITUATION
The property is situated on the eastern side of the High Street, within a two-minute walk of Tonbridge Station. Nearby commercial occupiers include Poundstretcher, Robert Dyas, Boots, Greggs and Dominos, together with a variety of other independent shops and eateries. There are two large public car parks in the immediate vicinity of the property on nearby Angel Lane.

DESCRIPTION

I HIGH STREET
Occupying a large substantial site fronting both the High Street and Vale Road. The entirety of the ground floor is let to Poundstretcher. The rear yard provides car parking and loading/unloading for the principal tenant Poundstretcher and around 20 car parking spaces. The yard is gated.

The first floor office accommodation is currently vacant in order to facilitate the residential development.

1A, 1B – 1C HIGH STREET
The building comprises three retail units and two residential apartments that are situated above 1B – 1C High Street (above the Co–Op Funeralcare who are in occupation of 1B – 1C). 1a High Street has recently been let to a barber and comprises ground and first floor accommodation. The two residential flats were converted from retail storage areas in 2015/ 2016. There is a self contained entrance to the flats at the rear of the building, accessed via Angel Lane.

Flat 1B
The unit benefits from a large living area and fitted kitchen as well as two double bedrooms, one with an en-suite and a further shower room.

Flat 1C
1-bedroom apartment with an open plan kitchen / living room and separate bathroom
Parking

The Co-Op Funeralcare has 4 car parking spaces allocated to the unit. Each flat has one space allocated.

PLANNING
Planning consent has been granted for the conversion of the upper parts to 12 new apartments (all private units with no affordable) under the following two applications:

TM/20/00296/PDVOR
Prior Notification: change of use from Offices (Class B1a) to 12 dwellinghouses (Class C3): Schedule 2, Part 3, Class O to the Town and Country Planning (General Permitted Development) (England) Order 2015 (as amended). Each flat could benefit from its own car parking space.

TM/20/00583/FL
External alterations to existing facades and roof to accommodate permitted development application, reference no. TM/20/00296/PDVOR

TM/20/02968/FL
Sub-division of existing retail unit, demolition of loading bay and stock room area, external amendments to elevations and landscaping amendments.

NEW PLANNING APPLICATION

A new planning application is to be submitted to create the following:
• Two new ground floor retail units along Vale Road
• A one bed first floor flat to the rear of I High Street in an area currently occupied by Poundstretcher.

Full planning information available on request or can be viewed here:

https://www.dropbox.com/sh/3ierb4wr7q94bgq/AABlx9VT-_ejG8A1uZlL1h2ja?dl=0

Each flat could benefit from its own car parking space.

LOCAL AUTHORITY

Tonbridge & Malling Borough Council
Gibson Building
Gibson Drive
Kings Hill
West Malling
Kent, ME19 4LZ

BUSINESS RATES & COUNCIL TAX

Rateable Values 1 (GF Retail) = £79,000 1 (FF Offices) = £77,000

1A = £19,750 1B & 1C = £39,000

Council Tax 1B = Band B 1C = Band C

ENERGY PERFORMANCE CERTIFICATES (EPCS)

Retail 1 (Retail) = D79 1 (Offices) = D93

1A = F130 1B = F134 1C = D100

Residential 1B = D68 IC = D66

FOR SALE

We are instructed to offer the estate for £2,650,000 (Two Million Six Hundred and Fifty Thousand Pounds) plus VAT, subject to contract and the existing tenancies.

Consideration will also be given for the sale of 1 High Street and 1a, 1b – 1c High Street as two separate lots. Further information on request.

VAT
The buildings are elected for VAT and VAT will be payable on the purchase price. We understand it is possible for the sale to be treated as a Transfer of a Going Concern (TOGC).

VIEWING AND FURTHER INFORMATION

Bracketts – 01732 350503
Jeffrey Moys
Email: jeff@bracketts.co.uk

Location

marker
Location: 1 High Street Estate, Tonbridge, Kent, TN9 1SG

Tonbridge (0.1 miles)

Hildenborough (2.4 miles)

Leigh (Kent) (2.7 miles)

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