Mixed Use Development
Town Centre
Full Building
Commercial and Residential
Anchored By Ladbrokes (New Fitout)
Income Producing: £37,700p.a.
Price: o/o £415,000
Location
The property is prominently situated on the south side of Marygate, a prime retailing pitch, in the heart of the town centre. Nearby occupiers include B&M, Boots the Chemist, Caffè Nero, Costa, Greggs, WHSmith and Sports Direct.
Property
The property comprises a full building of traditional construction forming a ground floor commercial premises with 3 no. residential dwellings at upper floors forming 2 x 2 bedroom and 1 x 1 bedroom apartments.
The ground floor benefits from a large aluminium framed and glazed frontage and recently completed fitout by the tenant which we have been verbally advised spent in the region of £250,000.
The upper floors are held on AST agreements on personal names, accessible via a pend from Margate leading to rear access via a single staircase.
Area
We have calculated the ground floor to extend to the following floor area;
117.8sqm (1,268sq ft)
Commercial Lease Summary
The ground floor is held on a full respiring and insuring head lease on the following terms;
Tenant: ladbrokes Betting & Gaming Ltd
Expiry: 1st September 2032
Review & Break: 5th Year (subject to a £10,000 penalty if break exercised)
Passing Rent: £20,000p.a.
Further Information: For the year ended 31.12.2022, Ladbrokes Betting & Gaming Limited reported a turnover of £1.033bn, a pre-tax profit of £54.369m, shareholders funds of £1.196bn and a net worth of £1.154bn (Source: Experian 09.04.2024)
Residential Summary
The residential apartments are held on AST agreements on the following terms;
First Floor Front
AST: Personal Name
Expiry: 26th March 2025
Passing Rent: £6,300p.a
Type: 2 Bedroom
Area: 872sq ft
First & Second (Duplex)
AST: Personal Name
Expiry: 9th May 2025
Passing Rent: £6,000p.a
Type: 2 Bedroom
Area: 1,098sq ft
Second Floor Rear
AST: Personal Name
Expiry: 8th September 2024
Passing Rent: £5,400p.a
Type: 1 Bedroom
Area: 581sq ft
Price
Our client will dispose of their freehold interest for o/o £415,000
V.A.T
The property has been elected for V.A.T. as such the transaction may be treated as a T.O.G.C (transfer of a going concern)
E.P.C.
Available on request
Legal
Each party shall bear their own legal costs incurred in the transaction
Anti-Money Laundering
In order to comply with anti-money laundering legislation, the successful purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested at the relevant time.
