91-93 KING STREET, MAIDSTONE, KENT, ME14 1BG - Estate ...
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James Pilcher House, 49-50 Windmill
Street, Gravesend, Kent, DA12 1BG
Tel: 01474 537733
Email: claherty@caxtons.com
91-93 KING STREET, MAIDSTONE, KENT, ME14 1BG
MIXED USE
INVESTMENT
OPPORTUNITY WITH
REDEVELOPMENT /
CONVERSION
POTENTIAL (STPP)
Location
Maidstone is the county town of Kent, situated stations; Maidstone West, Maidstone Barracks on
approximately 32 miles south east of London and the Medway Valley Line, and Maidstone East on the
with a population of 113,137 (2011 census). The Ashford line. The high speed train now stops at
town is ranked in the top five shopping centers in Maidstone West and goes direct to London St
the south east of England for shopping yields and, Pancras in 47 minutes.
with more than one million square feet of retail
floor space, is in the top 50 in the UK. Much of The subject property is located in King Street, a
this space is located in the two main shopping main road leading west off the A249, toward the
centers in the town, The Mall Maidstone and town, with the property being situated less than half
Fremlin Walk which opened in 2006. Other recent a mile outside of the centre of Maidstone. It is has a
developments include the riverside Lockmeadow good mix of both commercial and residential
Centre, with a multiplex cinema, restaurants, properties with predominately commercial on the
nightclubs, and the town's market square. ground floor, including both offices and retail.
Maidstone is a hub for major roads; the A20, M20 Nearby occupiers include Wards and Haart Estate
motorway, the A229, A249, A20 and A26. The M2 Agents, The Townhouse Boutique Hotel, Swinton
motorway is a short distance to the north and the Insurance and further toward the town a gymnasium
A21 also runs close to the town. There are three and a Boots.
91-93 King Street
Maidstone
Kent
Key Features Tenancies
Please see a copy of the tenancy schedule
Mixed use commercial investment – attached.
producing £38,200 per annum
Tenant Covenant
Potential income of £57,200 per Evans and Langford is a Limited Liability
annum when fully let Partnership and was incorporated at Companies
Attractive net initial yield of 6.6% and House in November 2003, some 17 years ago now.
potential net yield of 10% when fully Their accounts, made up to March 2018, are
let abbreviated as they are exempt from filing full
Potential to convert / redevelop into accounts, but their balance sheet shows net assets
of £319,665.
residential use
Ideal SIPP purchase Gorillas Kung Fu LLP operates as limited liability
partnership and has been in occupation since 2007,
albeit previously traded under a different name.
Description
91-93 King Street comprises a period property on Rental Commentary
the corner of King Street and Queen Anne Road The lease for 91 King Street was renewed to Evans
and the main (front) part of the building is of and Langford at a revised rent of £25,000 per
traditional brick construction with a pitched roof, set annum which reflects £5.72/ft2 overall, on both the
behind a low parapet wall. ground, first floors and second floors. Given this
was reviewed and negotiated fairly recently, and
91 King Street is listed and possibly an early to mid- both parties were represented by local surveyors,
19th century building. It is two storey and both floors we feel this is a fair reflection of the current market
are used as offices. 93 King Street is attached to rent for the premises.
no. 91 and is presumed to be mid to late 19th
century. The ground floor was recently used as an 93b King Street, was let to the predecessor
undertakers, although is currently vacant. The first company of Gorillas Kung Fu LLP in 2007 at £9,500
floor is used as offices, currently used by the tenant pa. They renewed their lease in April 2020, at an
of 91 via a door opening cut through the party wall. increased rent of £13,200 pa which annum reflects
The rear (north) end of no. 93 is attached to a large £7/ft2.
two storey building which has a frontage onto
Queen Anne Road. This building may date from the There have been some other lettings of D2
late 19th or early 20th centuries. The ground floor is premises in Maidstone, to gym operators, and
used as a martial arts studio and the first floor is although some of the deals are quite historic, they
used as offices, currently also used by the tenant of do present a pattern of rents in the region of £7.50-
91 via a door opening cut through the party wall to 10/ft2 and on this basis we feel the rent is
no. 93. The gap between the rear (north) of no. 91 reversionary.
and the side (south) of the rear building forms a
small open courtyard with a large metal fire escape The vacant premises at 93 King Street, is currently
staircase. being marketed at a quoting rent of £19,000 pa,
which reflects a rent of £25/ft2 in terms of Zone A.
There is also a basement accessed via a staircase
in the main offices of no. 91 but it not currently used
for anything other than utility meters.
Tenure
The property is marketed for sale freehold subject to
the occupational tenancies.
91-93 King Street
Maidstone
Kent
No. 91 (main offices):- Development / conversion potential
Description Area ft2 Area m2 Our client has investigated the possible conversion
Basement 426.27 39.60 of the property into nine residential flats. The plans
Ground floor 799.81 74.30 did not originally include the vacant unit at 93 as this
offices was let up until recently, so development of this part
First floor offices 3574.42 332.07 was not thought possible initially, whereas the
Second floor 145 13.49 leases to the other two tenants had been allowed to
storage hold over for a sustained period (albeit both have
Total ground 4374 406.38 subsequently been renewed).
and first floor
only (NIA) Positive pre-application advice from the local
planning authority has been received, albeit
No. 93 (retail premises now vacant):- indicating our client would need to reduce the
Description Area ft2 Area m2 number of units from nine to seven, for planning
Zone A 493 45.81 permission to be forthcoming. Our client has
Zone B 542 50.37 reconfigured the plans to comply with this advice.
Zone C 20 1.89 Plans can be downloaded from the data room for
Total floor area 1055 98.1 the property (link below).
(NIA)
Total area ITZA 769 71.47 Whilst we are aware 91 King Street is listed, we
believe 93 and the Rear of 93 is not, therefore
Rear of 93 (martial arts / gym premises):- permitted development rights for conversion to other
Description Area ft2 Area m2 uses, including residential use, should apply.
Ground floor area 1869 173.6
(incl. hall, toilets,
Proposal
office and internal
Our client is seeking offers in the region of £550,000
storage)
reflecting a net initial yield of 6.6% on the current
passing rent, and 10% on the potential rent when
Please note that as we have not measured the
the vacant unit is let, and after acquisition costs of
premises we cannot confirm the accuracy of these
4.89% of the purchase price.
areas and interested parties should therefore satisfy
themselves that they are accurate.
Legal costs and VAT
Each party is to bear their own legal costs
Income Profile
associated with the transaction. We understand that
91-93 King Street
the property is not elected to tax and therefore VAT
Current passing rent £25,000 pa
is not payable on the purchase price.
93b King Street
Current passing rent £13,200 pa
Data Room
Legal documents and plans for the property can be
93 King Street downloaded from the data room by clicking on the
Market rent £19,000 pa link below:-
https://caxtons-
Current passing rent £38,200 pa my.sharepoint.com/:f:/p/cbland/EoaWlQEPY
Market rent when fully let £57,200 pa ttJlZcaOQPK18cBPwdgMeu_Zl63dBtzTNf0Y
w?e=mQKDOU
EPC
The property has an Energy Performance Viewing
Certificate rating of E105. A copy of the certificate is Strictly by appointment with sole agents Caxtons -
available upon request. via Charlotte Laherty Neil Chatterton on 01474
537733 or claherty@caxtons.com /
nchatterton@caxtons.com91-93 King Street
Maidstone 91-93 King Street
Kent Maidstone
Kent
TENANCY SCHEDULE
Description Tenant Name Lease Breaks Rent (per Repair basis L&T Act
annum)
91-93 King Street Evans and Langford 5 years expiring on 17 Aug Tenant break on £25,000 Internal repairing with Yes
LLP 2023 17th Aug 2021 tenant responsible for
internal and external redecs
93 King Street Vacant N/A N/A £19,000 quoting N/A N/A
rent
Part ground floor Gorillas Kung Fu LLP 3.5 years expiring 17th August Tenant break on £13,200 FRI Yes
93b King Street 2023 28th Oct 2010
(co-terminus with Evans and Langford
lease)
TOTAL INCOME £38,200 plus possible £19,000 pa from vacant unit =
£57,200You can also read
