53-55 Calverley Road & 2-6 Camden Road, Royal Tunbridge Wells TN1 2TU - Retail Investment Opportunity For Sale - Kingsbury
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
ENTER 53-55 Calverley Road & 2-6 Camden Road, Royal Tunbridge Wells TN1 2TU Retail Investment Opportunity For Sale
www.kingsbury-consultants.co.uk 53-55 Calverley Road & 2-6 Camden Road, Royal Tunbridge Wells TN1 2TU
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
SUMMARY
• Prominent island site in the centre of Royal Tunbridge
Wells with the retail facing the prime pedestrianised
section of Calverley Road at the busy intersection of
Camden Road
• 10 well configured units with retail sales at ground
floor level and ancillary storage accommodation at
lower ground floor level, extending to 23,039ft2 NIA
in total
• Currently producing £430,510p.a. with potential to
increase to circa £500,000p.a. based on ERV
• Offers invited in excess of £5,800,000 for the new 999-
year virtual freehold interest, which reflects 7.0% NIY
rising to 8.1% off the ERV
www.kingsbury-consultants.co.uk 53-55 Calverley Road & 2-6 Camden Road, Royal Tunbridge Wells TN1 2TU
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
DESCRIPTION
The property comprises 10 retail units situated across the ground floor and basement of a
five-storey building known as Calverley House.
Each retail unit is self-contained and configured with retail sales at ground floor level and
ancillary storage accommodation at basement level.
The property is of concrete frame construction and was originally built in the 1960s, and
extensively refurbished in the late 1980s. The upper four floors are due to be converted to 112
residential units in 2018. For the avoidance of doubt, the upper floors do not form part of this
sale.
LOCATION
Calverley House is located in the centre of Tunbridge Wells, Kent, approximately 31 miles
south east of London, 19 miles east of Crawley and 16 miles south west of Maidstone.
The property occupies a prominent island site with the retail facing the prime pedestrianised
section of Calverley Road at the busy intersection of Camden Road. Both Calverley Road and
Camden road benefit from high footfall throughout the day.
Tunbridge Wells Station is located 0.4 miles from the property offering frequent journeys into
Central London. Journey times include:
London Cannon Street – 55 Minutes | Charing Cross – 57 Minutes
www.kingsbury-consultants.co.uk 53-55 Calverley Road & 2-6 Camden Road, Royal Tunbridge Wells TN1 2TU
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
TENANCIES
THE CHILDREN’S TRUST CHARITY
HEART OF KENT CHARITY SHOP
GRAHAM WEBB HAIRDRESSING
STAMPEDE
DESIGN A HEAD
CORAL BETTING OFFICE
CEX COMPUTER GANES
HAIRDRESSING
SHOES
SHOON SHOES
SHOP
The property is multi-let to nine tenants including CEX, Coral and Argos with the total income currently
£430,510 per annum.
VACANT
One of the units is vacant (53b Calverley Road) and will be sold with a one year rent, rates and service
charge guarantee provided by the vendor. ENTRANCE LOADING
The property offers significant potential for future rental growth by way of asset management; the current
income reflects an average of approximately £18.68 per ft2 and it is expected that circa £21 per ft2 would
reflect open market value. ARGOS
Zone A rents within prime Royal Tunbridge Wells have improved to £160 per ft2 recently with Calverley
House reflecting a discounted current Zone A rent of £50-65 per ft2. CATALOGUE SHOWROOM
Current Ground Floor Layout
Current
GroundFloor Basement ITZA Lease Next Rent
Unit Tenant Break Clause Date Rent Zone A ERV
Size (ft2) Size (ft2) (ft2) Expiry Review
Rent £PSF
53A Calverley Road Indigo Furniture Ltd 1,428 1,401 1,026 9 June 2026 9 June 2021 9 June 2021 £70,000 £65 £70,193
53B Calverley Road Vacant 971 904 700 £47,760 £65 £47,760
55A Calverley Road Argos 5,539 4,710 2,150 2 September 2022 25 March 2011 £110,000 £46 £125,000
2 Camden Road CEX Franchising Ltd 516 456 516 15 October 2025 15 October 2025 15 October 2020 £32,500 £61 £35,000
2A Camden Road Coral 470 765 481 17 January 2024 17 January 2019 17 January 2019 £26,500 £51 £35,000
4 Camden Road Childrens Trust 617 672 518 25 April 2020 26 April 2015 9 May 2019 £32,000 £59 £35,000
4A Camden Road Heart of Kent Hospice 734 518 513 9 May 2024 9 May 2019 9 May 2019 £28,500 £53 £35,000
6 Camden road Graham Webb 518 733 529 24 February 2024 23 February 2019 £25,000 £44 £36,218
6A Camden Road Design a Head (Tunbridge Wells) Ltd 407 380 462 30 June 2025 30 June 2020 30 June 2020 £23,250 £48 £30,000
6B Camden Road Heavenly Soles 221 1,079 612 3 May 2027 3 May 2022 £35,000 £53 £42,000
Total 11,421 11,618 £430,510 £500,760www.kingsbury-consultants.co.uk 53-55 Calverley Road & 2-6 Camden Road, Royal Tunbridge Wells TN1 2TU
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
TENURE
The property will be sold on a new 999-year lease, subject to a peppercorn ground rent.
VAT
The property is elected for VAT.
TERMS
Offers are invited in excess of £5,800,000 for the entire portfolio which reflects approximately
7.0% NIY, rising to 8.1% based on the ERV.
ADDITIONAL INFORMATION
Further information including approved planning documents can be downloaded from our
dataroom using the password ‘Calverley’.
CONTACT
To discuss any aspect of the property of disposal process, please contact the sole
selling agents:
Jordan Oldfield
020 7183 2529
jordan.oldfield@kingsbury-consultants.co.uk
Joe Goldsmith
020 7183 2529
joe.goldsmith@kingsbury-consultants.co.uk
Kingsbury
1st Floor, 81 Alie Street, London E1 8NH
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or
lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury
Investment & Development Consultants Ltd registered in England No: 06869268.You can also read
