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AGENT'S DETAILS


12-14 High Street

For sale: £650,000.00|3533 Sq Ft|Other, General Retail, Other Property Types & Opportunities, Retail

PROPERTY DETAILS

FOR SALE£650,000.00
SIZE3533 Sq Ft
ADDRESS12-14 High Street, Sheerness, ME12 1NJ
TYPEOther, General Retail, Other Property Types & Opportunities, Retail
TENUREFor Sale Freehold
POSTED ON26th April 2021

DESCRIPTION

Key Points

  • Prominent corner building
  • Located between the station & the beach
  • Lease expires 2038
  • Rental income: £51,400 pa
  • Recent major fit out by tenant
  • Summary

    Prominent retail investment let to established restaurant

    Location

    The property is prominently located at the northern end of the High Street on the corner of Beach Street. Sheerness-on-Sea mainline railway station, providing frequent services to Sittingbourne, is approximately 100m away. Sheerness beach, Tesco's Supermarket, McDonalds, the Sheppey Leisure Complex and various public car parks, are all within walking distance of the property. Sheerness is some 10 miles north of Sittingbourne on the Isle of Sheppey in the Thames Estuary. The town is accessed via the A249, which links with the A2, M2 and M20 Motorways.

    Investment Highlights

    - Recent significant capital investment into fit out by tenant - Lease expiry 2038 & 7 years until tenant's break option - Rent: £51,400 per annum - Extensive ground floor restaurant with residential upper parts

    Accommodation

    The property comprises a large ground floor restaurant which has been extended into the adjoining No 10 High Street (under separate ownership) together with first and second floors which are being used for residential purposes. The current tenant has made a signifcant investment into the fit out of the restaurant which now provides an extensive buffet servery, open kitchen area and seating for over 200. A detailed inspection of the accommodation has not yet been possible. However, from information provided (including the VOA)

    Tenancy

    The entire property is let for a term of 21 years from 31/10/17 on FRI terms to Mr Lu on an assignment in August 2019. The tenant has an option to break on 31/10/27. The lease is outside the LTA '54 and contains a provision for the tenant to reinstate the former party wall with No 10 High Street.

    Trading through the Covid-19 Pandemic

    We are informed by our clients that the tenant has continued to trade through the lockdowns providing a popular take-away and delivery service. We understand that the tenant has continued to pay full rent and that there are no current rent arrears.

    LOCATION

    Location: 12-14 High Street, Sheerness, ME12 1NJ

    Sheerness-on-Sea (0.1 miles)

    Queenborough (1.8 miles)

    Swale (3.6 miles)

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