A Grade II Listed freehold property arranged over basement, ground, first and second floor levels, with brick and tile hung elevations under a pitched, tiled roof. The building has been in use as a bookshop since being leased to Ottakars in 2000. In 2006 Ottakars was bought by Waterstones.
( Agency Pilot Software ref: 34485 )
Location
The historic and picturesque town of Tenterden is an important retailing centre. The town is located on the A28 providing excellent connections to Ashford, Canterbury and the M20 motorway
Accommodation
Second Floor Stores 24.8 sq m (266sq ft )
First Floor 152.2 sq m (1,638sq ft )
Ground Floor 114.3 sq m (1,230 sq ft )
Basement (not inspected)
Terms
LETTING The entire property is let on a single lease to Waterstones Booksellers Ltd from 25/3/2025 to 24/3/2030 at £30,000 pa, paid monthly, inside the Landlord & Tenant Act 1954.
COVENANT Waterstones was founded in 1982 and Waterstones Booksellers Ltd has an Experian rating of 100 Very Low Risk. In the published accounts from 27/04/2024, Turnover was £528,000,000, Post Tax Profit was £43,000,000 and Net Assets/Shareholders funds stood at £104,000,000.
EPC The property has a C rating (63) valid until 2035. See data room. DATA ROOM Plans and leases available by Click here
PROPOSAL Offers in excess of £410,000 are invited. A purchase at this level will show a net initial yield, after normal purchasers costs, of 7.02%.
VAT The property has not been elected for VAT, and VAT will not be chargeable on the sale.
Specification
- Tenterden is an historic and affluent market town situated in the Ashford district of Kent.
- The town boasts an attractive and exciting range of both multiple and local retailers.
- The property is located in a 100% prime location with High Street frontage.
- Waterstones (net assets £104m) in occupation since 2006.
- Offers invited in excess of £410,000.
- A purchase at this level shows a net initial yield of 7.02%.