Discretion required - please do not visit the premises under any circumstances without a prior appointment through us.
A rare opportunity to acquire a substantial mid-terrace period freehold property in a highly desirable location, offering significant potential for refurbishment, redevelopment, or long-term investment. Situated in a prominent position, the building benefits from excellent visibility and access. Please note that the building is listed.
Planning permission was previously granted (lapsed) for the creation of a three-bedroom flat in the additional first floor area towards the rear of the showroom. This space, which measures approximately 840 sq ft, is currently inaccessible except by ladder. It presents a valuable opportunity for redevelopment, subject to reinstating or renewing the planning approval. In addition, the property may offer scope for a full-height extension, including the potential to add windows to the side elevation, subject to the necessary planning consents.
The first and second floors, currently let to Knights Solicitors, generate a rental income of £18,500 per annum. The lease expired two years ago and we believe the original lease was drafted outside of the Landlord and Tenant Act 1954. The first floor comprises around 1,650 sq ft, and the second floor adds a further 1,010 sq ft.
This is an exciting prospect for investors or developers seeking to acquire a well-located freehold with flexible short-term income and strong long-term income/development potential in a thriving and well connected location.
Location
Situated in the heart of Royal Tunbridge Wells, this property enjoys a prime location close to a variety of both national retailers and independent shops. Businesses close by include Gails, The Ivy, Pizza Express, Sea Salt, Sweaty Betty, Anthropologie, The White Company and many more. Tunbridge Wells Station is just a short walk away, offering excellent transport links and enhancing accessibility for both customers and staff.
Accommodation
The building comprises approximately 5,036 sq ft across four levels. The ground floor and lower ground floor, measuring approximately 2,105 sq ft and lower level of 271 sq ft respectively, will be sold with vacant possession. These floors present a prime opportunity for retail, restaurant, office, showroom and many other users under ‘E’ use class.
Terms
Tenure: Freehold
Price/premium: £1,300,000
Legal fees: Each party to bear their own
Rateable value: The VOA website states a rateable value of £55,000 payable at the prevailing rate.
Specification
- 'E' Use class
- Close to many multiples
- Development potential
- Freehold