Class E Commercial Premises For Sale, 15-17 King Street , Maidstone, ME14 1BA

Freehold E Class commercial property in Maidstone comprising a vacant basement, tenanted ground-floor retail unit, vacant upper floors, and three parking spaces. Offering substantial development potential and accommodates a wide variety of commercial uses.

The ground floor is leased to Creams Property Ltd under an FRI lease from 24 May 2024 for 15 years until 2039, with a tenant break clause on 23 May 2034. The lease falls inside the 1954 Landlord and Tenant Act and generates a rent of £50,000 per annum, with the next rent review scheduled for 2029, followed by reviews every five years.

Location

This prime property in Maidstone offers excellent amenities and investment potential. Retail hubs like Fremlin Walk and The Mall are a 10-minute walk away, with major brands, boutique shops, and dining options. Nearby supermarkets include Tesco and Sainsbury’s. Maidstone East (0.6 miles), West (0.4 miles), and Barracks (0.7 miles) stations provide regular trains to London (around 60 minutes) and Kent destinations. Green spaces like Mote Park and the River Medway offer scenic leisure opportunities.

Accommodation

Total size (VOA): 640 sqm / 6,899 sqft

Ground (Creams unit): 2,422 sqft

Vacant first and second floors: 4,477 sqft

Terms

Planning: Recent planning permission for a proposed conversion to a 20-bedroom co-living HMO (Sui Generis), including the erection of a mansard roof and insertion of 11 dormers, was refused and under appeal.  

However, there is an opportunity for the new owner to let the vacant parts or to revise and resubmit the scheme or explore other development options (Ref: 24/501639/FULL).

Tenure: Freehold

Proposal: £1,150,000

Tenancies: The ground floor is leased to Creams Property Ltd under an FRI lease from 24 May 2024 for 15 years until 2039, with a tenant break clause on 23 May 2034. The lease falls inside the 1954 Landlord and Tenant Act and generates a rent of £50,000 per annum, with the next rent review scheduled for 2029, followed by reviews every five years. 

Specification