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Kings Hill Business Park, West Malling, Kent, ME19

For sale: £68,250,000.00|492,041 Sq Ft|Business Park, Office, Offices

Property details

FOR SALE£68,250,000.00
SIZE492,041 Sq Ft
ADDRESSKings Hill Business Park, West Malling, Kent, ME19
TYPEBusiness Park, Office, Offices
TENUREInvestment Opportunity, Under Offer
POSTED ON30th June 2023

Description

Rare opportunity to invest in 63 acres of the most integrated Business Park in the UK set within the thriving community of Kings Hill - • Opportunity to purchase 14 freehold and 5 long leasehold buildings on the most integrated business park in the UK
• The buildings total 492,041 sq ft of Grade A office accommodation with a total contracted rent of £6,427,027 pa reflecting a low average passing rent of £22.34 psf
• WAULT of 4.5 years to break and 5.8 years to lease expiry with a total contracted income to break of £29.18m
• Opportunity to drive rents with 10 outstanding rent reviews and 5 further rent reviews within 1 year, representing a low average passing rent of £21.26 psf on 54% of the contracted rent
• The vacancy is not being topped up, providing the opportunity to grow the income to £11,519,841 (assuming a rent of £25.00psf on the vacancy) and reflects an up and let yield of 16.62%
• A large site area of 63.2 acres equating to a low value of £1.08m per acre providing the opportunity and quantum for significant redevelopment potential into a number of higher value uses including residential and industrial
• Precedent of converting commercial plots to residential with 350 new homes currently under construction on 26 acres of previously allocated commercial land
• The best provision of on-site amenities of any Business Park in the UK with over 200,000 sq ft of retail and leisure facilities including a Waitrose, Aldi, Asda, David Lloyd, The Spitfire Pub, several schools and nurseries, The Control Tower Art Gallery, Kings Hill Golf Course, a sports park and more
• The park offers 2,616 car parking spaces which equates to an exceptional ratio of 1:188 sq ft

Location

marker
Location: Kings Hill Business Park, West Malling, Kent, ME19

West Malling (1.3 miles)

East Malling (1.9 miles)

Wateringbury (2.2 miles)

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