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Tonbridge - Freehold Residential Block Investment with Additional Development Potential

For sale: £825,000.00|1,625 Sq Ft|Land, Retail, Leisure, Commercial Land

Property details

FOR SALE£825,000.00
SIZE1,625 Sq Ft
ADDRESS23 Quarry Hill Road, Tonbridge, Kent, TN9 2RN
TYPELand, Retail, Leisure, Commercial Land
TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON3rd March 2024

Description

Investment Consideration:
OIEO: £825,000
Gross Initial Yield: 5.94%
Rental Income: £49,020 p.a.
VAT is NOT applicable to this property
Comprises mid-terrace building recently converted into 4 x 1-Bedroom Flats
Planning approved for development of additional 2 x 1-Bedroom Flats at rear land
Located within short walk to Tonbridge Train Station, with occupiers nearby include Lidl and McColl`s, amongst other local retailers

Property Description:
Comprises mid-terrace 4 storey building recently converted into 4 x 1-Bed Flats, accessed via newly built stair tower at rear, providing the following accommodation and dimensions:
Lower Ground Floor: Flat 23 37.94 sq m (408 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Ground Floor: Flat 23A 37.67 sq m (405 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
First Floor: Flat 1 37.94 sq m (408 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Second Floor: Flat 2 37.54 sq m (404 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
Total area size: 151.09 sq m (1,625 sq ft)

Tenancy:
Flat 23A is at present let on AST to an Individual for a term of 12 Months from 21st April 2023 at a current rent of £11,940 p.a. Deposit held of £1,148.07.
Flat 1 is at present let on AST to an Individual for a term of 12 Months from 27th February 2024 at a current rent of £11,940 p.a. Deposit held of £1,148.05.
Flat 2 is at present let on AST to an Individual for a term of 12 Months from 9th June 2023 at a current rent of £11,940 p.a. Deposit held of £1,148.07.
Flat 23 is at present let on AST to an Individual for a term of 12 Months from 19th February 2024 at a current rent of £13,200 p.a. Deposit held of £1,269.23.

Development Opportunity:
Planning approved in December 2021 for demolition of existing workshop at rear of the property and construction of apartment building containing 2 x 1-Bedroom Flats, providing the following accommodation and dimensions:
Ground Floor: Flat 1 36.72 sq m (395 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC
First Floor: Flat 2 36.72 sq m (395 sq ft)
Kitchen/Living Room, Bedroom, Bathroom/WC

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. The property is situated on the Western side of Quarry Hill Road at the southern end of the town within 100m of Tonbridge Station. Occupiers nearby including Lidl and McColl`s, amongst other retailers.

Location

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Location: 23 Quarry Hill Road, Tonbridge, Kent, TN9 2RN

Tonbridge (0.1 miles)

Hildenborough (2.5 miles)

Leigh (Kent) (2.6 miles)

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