Lot 31

FREEHOLD HIGH VALUE COMMERCIAL INVESTMENT WITH FURTHER FUTURE POTENTIAL IN PRIME CITY CENTRE LOCATION

8-9 The Parade, Canterbury, Kent, CT1 2SG
8-9 The Parade, Canterbury, Kent, CT1 2SG
Sold £2,100,000

Currently let at £235,000 per annum

A substantial premises, being Grade II Listed, occupying a prime location on the corner of The Parade and St Margaret's Street at the centre of the City of Canterbury, with busy footfalls passing on both frontages. Located within a short walking distance, via Mercery Lane, to both Burgate and Christchurch Gate entrance to the Cathedral and grounds.

A substantial proportion of the property on the ground and first floor is occupied under three commercial leases by three national retail outlets.

There are surplus areas of the upper floors which falls outside of the leases and may offer future possibility to re-organise the accommodation to enable conversion of the upper parts to residential units, subject to all necessary consents being obtainable.

Interested applicants are advised to make their own enquiries with the Local Planning Authority, Canterbury City Council. Tel: 01227 862178. Website: canterbury.gov.uk.

Auctioneer’s Note 1

There is extensive surplus accommodation situated on the second floor with further accommodation on the third floor, which is not included within the commercial leases. However, access to these upper parts is not available other than through the areas of the building currently let, such as Unit 2.

Auctioneer’s Note 2

All the accommodation measurements have been taken from the Business Rates Valuation assessments.

Further information is available from the VOA website, www.gov.uk/check-your-business-rates.

Unit 1

Ground Floor

Retail area extending to 47.1 sq.m. (507 sq.ft.). Office extending to 3.3 sq.m. (35 sq.ft.) and kitchen.

First Floor

Two rooms extending to 119.4 sq.m. (1,285 sq.ft.).

Tenancy

Currently trading as The Flight Centre and let under the terms of a five year commercial lease from 14th August 2018 at a current rental of £60,000 per annum.

Unit 2

Ground Floor

Retail Zone A measuring 37.7 sq.m. (405 sq.ft.). Retail Zone B extending to 36.5 sq.m. (393 sq.ft.). Retail Zone C measuring 7.1 sq.m. (76.4 sq.ft.).

First Floor

Storage area extending to 34.9 sq.m. (375 sq.ft) and staff room.

Tenancy

Currently trading as Hotel Chocolat and let on a 15 year commercial lease from 9th October 2006 at a current rental of £135,000 per annum.

Unit 3

Ground Floor

Retail Zone A measuring 28.6 sq.m. (308 sq.ft.). Retail Zone B extending to 28.7 sq.m. (309 sq.ft.). Retail Zone C measuring 22.8 sq.m. (245 sq.ft.). Internal storage.

First Floor

Staff room and W.C.

Second Floor

Storage.

Tenancy

Currently trading as Between the Lines and let on ten year commercial lease from 19th October 2010 at a current rental of £40,000 per annum.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/