High Street, Margate

Kent CT9 1DT


£675,000 PRICE GUIDE

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Property Features

  • Investments
  • Status: Under Offer

Located in the lower section of Margate High Street with other multiples.


Margate is a coastal town approximately 82 miles (132km) east of London and 18miles (29km) from Canterbury.


The ground floor is let to Bank of Scotland PLC (company number SC 327000) at a rent of £22500 pa. The three flats are let on annual shorthold tenancies at £17,700pa.


Net initial yield of 5.63% after purchase costs of 5.80%.

LOCATION

The property is situated in the lower section of the High Street with other multiples including, Burger King, KFC, Barclays, Specsavers, Carphone Warehouse, Betfred, Store Twenty-One and Brighthouse.

The harbour at Margate is approximately 400 m. distant and the sea front and beach is approximately 400 m. distant.

There is a main line rail service from Margate Station to St Pancras, Victoria and Charing Cross Stations.  In the lower section of the High Street there is payable on street parking.

 

DESCRIPTION

The property comprises a 3 storey mid terraced building providing accommodation on basement, ground and 2 upper floors.  The building has brick built elevations under a pitched tile roof.  The fenestration comprises single glazed metal shop front to the ground floor and timber sash cord windows on the upper floors. 

The ground floor currently comprises a Building Society with ancillary offices with basement storage and staff facilities. 

The upper parts comprise a maisonette and 2 flats with access at the side of the building to an open staircase at the rear. 

 

ACCOMMODATION

NB All measurements shown are believed to be accurate but must be regarded as approximate only. 

No appliances or services tested.

 

BASEMENT……………………………………………………………106.83 sq.m. (1,150 sq.ft.)

Comprising a main storage area, computer store, office, staffroom, boiler room, inner hall and ladies and gentlemen’s cloakrooms. 

 

GROUND FLOOR                 

Gross Frontage                     12.19 m.

Internal Width                      12.19 m.

Maximum Depth                  15.34 m.

Total Floor Area                   153.56 sq.m. (1,653 sq.ft.)

Comprising main entrance, customer service area, ancillary offices and interview rooms.

 

UPPER FLOORS

56A High Street

Entrance hall, sitting room, kitchen, 3 bedrooms and bathroom

 

56B High Street

Entrance, sitting room, kitchen, bathroom and 3 bedrooms

 

58 High Street (Maisonette)

First Floor

Entrance hall with cloakroom, sitting room and kitchen

 

Second Floor

Landing, 3 bedrooms and bathroom

 

PLANNING                            

All enquiries should be directed to the Local Planning Authority at Thanet District Council on 01843 577000.

 

TENANCIES                            

The property is let to Bank of Scotland Plc on an 8 year full repairing and insuring lease from 29th September 2015 at a rent of £22,500 per annum.

The residential upper parts are let on assured shorthold tenancies rent of £17,700 per annum.

 

TENURE                                 

Freehold subject to existing tenancies. 

 

LEGAL COSTS       

Each party are to bear their own legal costs in this transaction.

 

VIEWING                               

Strictly by appointment through agents Pearson Gore. For viewing arrangements please contact : Stuart

Jerden on stuart.jerden@pearsongore.co.uk or Kylie Boers on kylie.boers@pearsongore.co.uk

 

COPYRIGHT:

All statements contained in these particulars as to this property are made without responsibility on the part of Pearson Gore or the vendors/lessors.  These particulars are the copyright of Pearson Gore and can only be reproduced with written consent from the above office.  We have not tested the equipment, appliances and services in this property.  Interested applicants are advised to commission the appropriate investigations before proceeding. Applicants should satisfy themselves that any necessary permission’s are in place for the use stated. Unless otherwise stated all prices/rents are quoted exclusive of VAT and SDLT.  Any intending purchaser/lessee should satisfy themselves independently as to the incidences of VAT prior to any transaction.   SUBJECT TO CONTRACT    RC0861/SJ/21/03/12

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