This property is being sold as an investment with the tenant business unaffected.
A spacious commercial retail premises with a 3 bedroom flat above in a prominent location on New Romney High Street. The shop is currently let and benefits from a corner position with large display windows to 2 sides. There are also 3 store rooms, a kitchenette and a wc. To the rear of the property is a courtyard area providing off road parking.
The flat above the shop was refurbished in 2022 and is also currently let. The flat is access via an external staircase to the rear and the accommodation comprises an entrance hall, living room, kitchen, bathroom, en suite shower room and 3 bedrooms. The flat also benefits from double glazing, gas central heating and a roof terrace garden.
This property is located on the high street of the Cinque Port town of New Romney within a bustling retail High Street, including Sainsbury’s, Costa Coffee, Lloyds Pharmacy as well as a large selection of local retail shopping. Littlestone seafront is just a short distance away and the M20 motorway is accessible at Ashford.
Guide Price £465,000
Tenancies and Rental income:
Commercial: FRI 20 year lease with approx. 11 years remaining, Passing rent £19,000 per Annum with next rent review (every 3 yrs) December 2026.
Flat: Assured Shorthold Tenancy agreement rolled onto a Statutory Periodic Tenancy. Passing rent £9000 per Annum. Residential flat rental is understood to be below market rent levels.
Tenant lease terms: Retail shop on a 20 year lease with approx 11 yrs remaining. Flat on a AST held over on a Statutory Periodic Tenancy.
Present passing rent: Retail shop £19000/A. Flat £9000/A (market indications show the flat maybe under present market rent level).
Business Rates: £20,000 per annum
Flat Council Tax: Band B
Flood Risk: River & Sea - Very Low Risk / Surface Water - High Risk
Broadband: Standard/Superfast/Ultrafast
Mobile Phone Signal: Yes
Construction: Steel frame lower with brick elevations
EPC: Retail shop B 45 Flat D 57
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