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12-14 Week Street, Maidstone, South East

For sale: POA|9,796 Sq Ft|General Retail, Hotels, Other, Residential, General Retail, Retail, Licensed & Leisure, Other Property Types & Opportunities

Property details

FOR SALEPOA
SIZE9,796 Sq Ft
ADDRESS12-14 Week Street, Maidstone, South East
TYPEGeneral Retail, Hotels, Other, Residential, General Retail, Retail, Licensed & Leisure, Other Property Types & Opportunities
TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON25th July 2022

Description

- Located in Maidstone, the county town and administrative centre of Kent.
- Prominently situated on the town's prime retail pitch.
- Two storey retail unit totalling 9,796 sq ft (910.35 sq m).
- Fully let at a temporary rent of £30,000 per annum. Vacant possession can be obtained by the vendor upon request.
- Previously let to a national covenant at a rent of £241,750 per annum.
- Positive pre application for the development of 45 apartments with potential for greater density.
- Planning consent for a 132-room hotel.
- Site area approximately 0.257 acres (0.104 hectares).
- Freehold.
- Offers are invited for the freehold interest, subject to contract.

Location Highlights

Maidstone is the county town and administrative centre of Kent with a population of approximately 173,000. The town is strategically located approximately 41 miles (65.6 km) southeast of London, 21 miles (33.6 km) northwest of Ashford, 18 miles (28.8 km) northeast of Royal Tunbridge Wells and 29 miles (46.4 km) west of Canterbury.

Maidstone benefits from excellent communications by both road and rail being situated within 2 miles (3.2 km) of Junctions 6 and 7 of the M20, providing access to the M26 at Junction 2a and M25 at Junction 3 within 19 miles (30.4km). The town has 3 mainline rail stations providing regular rail services across the southeast and to Central London, with direct trains to both London St. Pancras and Victoria, with a journey time of approximately an hour.

London City Airport and London Gatwick Airport are located approximately 40 miles (64.0 km) northwest and 38 miles (60.8 km) west of the town respectively.

The property is prominently situated on Week Street, one of Maidstone's premier retail pitches. The street benefits from being pedestrianised and forms the thoroughfare between Maidstone's two shopping centres Fremlin Walk and the Mall.

The subject property is situated towards the south of Week Street in close proximity to the junction of High Street and King Street. Surrounding occupiers include national multiples such as Metro Bank, Sharps Furniture, M and S, Specsavers, Lloyds and Superdrug.

Specification

The property provides a large double fronted retail unit arranged over ground and first floors totalling 9,796 sq ft NIA.

The property is of masonry construction and provides retail accommodation on the ground floor, with ancillary accommodation to the rear and at first floor level. To the rear of the site is a gated service yard, accessed via Wyke Manor Road.

The total site area is approximately 0.257 acres (0.104 hectares).

PLANNING/REDEVELOPMENT
The site is located within the administrative boundary of Maidstone Borough Council. The property is not listed and although it adjoins the boundary of the Maidstone Centre Conservation Area it is not situated within it.

The property provides the purchaser with a number of exciting redevelopment opportunities as outlined in the attached brochure.

PROPOSAL
The property is being marketed for sale by way of an open informal tender process. Offers are invited for the freehold interest, subject to contract.

DATA ROOM
A data room has been created with relevant information to assist with purchaser due diligence. This can be accessed via the following link: https://www.avisonyoung.co.uk/weekstreet

SPV
The property is held in a single asset SPV which is available to purchase, providing a saving on SDLT.

EPC

Available on request. Key Features ( Agency Pilot Software ref: 111218 )

Location

marker
Location: 12-14 Week Street, Maidstone, South East

Maidstone East (0.3 miles)

Maidstone West (0.4 miles)

Maidstone Barracks (0.4 miles)

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