Acquired
Margate – Vacant Retail Premises with Planning for 9 Flats
74/76 High Street, Margate, Kent CT9 1DTPlanning Approved for Conversion and Extension of Existing Retail to 9 Residential Flats
Investment Consideration
- Comprises four-storey mid-terrace building arranged as a large retail premises at ground floor with ancillary accommodation at lower ground, first and second floor
- Two prior approvals granted and one full planning approved for conversion and extension of existing retail (Class E) to form 5 x 1-Bed, 1 x 2-Bed and 3 x Studio Flats (Class C3)
- Residential approved GIA: 471 sq m (5,070 sq ft)
- Retail GIA once developed: 288 sq m (3,095 sq ft)
- Additional residential development potential to extend at rear and above to add another storey (or more) over the large existing rear flat roof which Flats 1-6 will be under, STTP
- Further retail development potential to split the existing retail shop to create 2 smaller units, STTP
- Town centre location within short walk from Margate Beach and occupiers nearby including Costa Coffee, Halifax, KFC, Betfred, NatWest and many more
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Property Description:
The property comprises four-storey mid-terrace building arranged as a large retail premises at ground floor with ancillary accommodation at lower ground, first and second floor, providing the following accommodation and dimensions:
Lower Ground Floor: Retail Ancillary
Ground Floor: Double Fronted Retail Shop
First Floor: Ancillary
Second Floor: Ancillary
Development Opportunity:
Planning reference: PAE/TH/22/0152
Prior approval granted for Change of use from Retail at Lower Ground, Ground and First Floor (Use Class E) to create 3 x 1-Bed and 3 x Studio Flats (Use Class C3).
Planning reference: PAE/TH/22/0153
Prior approval granted for Change of use from Retail at First and Second Floor (Use Class E) to 2 x 1-Bed Flats (Use Class C3)
Planning reference: F/TH/22/0828
Full planning approved for Erection of Third Floor Extension to accommodate 1 x 2-Bed Flat (Use Class C3)
Key Features:
1. Planning Conditions: There are only a few planning conditions and nothing material to be discharged before works can commence on site, so works can commence upon completion of the purchase.
2. Lower Build Costs: Apart from the new third floor extension for Flat C, all other work is conversion within the existing envelope so build costs will be lower than new build.
3. Vacant Retail Space Advantage: The empty retail unit provides a developer with an area that can be used for volume storage and facilitating the development of the flats so they can be more efficient on construction duration.
4. Roof Garden: There is the opportunity to further enhance the end GDV by creating a roof garden/terrace on the flat roof over Flats 1 – 6; there are areas of this roof where you have sea views.
The property comprises four-storey mid-terrace building arranged as a large retail premises at ground floor with ancillary accommodation at lower ground, first and second floor, providing the following accommodation and dimensions:
Lower Ground Floor: Retail Ancillary
Ground Floor: Double Fronted Retail Shop
First Floor: Ancillary
Second Floor: Ancillary
Development Opportunity:
Planning reference: PAE/TH/22/0152
Prior approval granted for Change of use from Retail at Lower Ground, Ground and First Floor (Use Class E) to create 3 x 1-Bed and 3 x Studio Flats (Use Class C3).
Planning reference: PAE/TH/22/0153
Prior approval granted for Change of use from Retail at First and Second Floor (Use Class E) to 2 x 1-Bed Flats (Use Class C3)
Planning reference: F/TH/22/0828
Full planning approved for Erection of Third Floor Extension to accommodate 1 x 2-Bed Flat (Use Class C3)
Key Features:
1. Planning Conditions: There are only a few planning conditions and nothing material to be discharged before works can commence on site, so works can commence upon completion of the purchase.
2. Lower Build Costs: Apart from the new third floor extension for Flat C, all other work is conversion within the existing envelope so build costs will be lower than new build.
3. Vacant Retail Space Advantage: The empty retail unit provides a developer with an area that can be used for volume storage and facilitating the development of the flats so they can be more efficient on construction duration.
4. Roof Garden: There is the opportunity to further enhance the end GDV by creating a roof garden/terrace on the flat roof over Flats 1 – 6; there are areas of this roof where you have sea views.
Tenancy Description
The retail shop with ancillary accommodation at lower ground, first and second floor is at present vacant. The residential flat above No.76 (First, Second and Third Floor) has been sold-off on long leasehold to an Individual for a term of 125 Years from 1st January 2014 at a ground rent of £100 p.a. Fixed rental increase to £300 p.a. in December 2063 until the remainder of the term.
Location Description
Margate is a leading seaside resort in the UK, drawing Londoners to its sandy beaches, Margate Sands. This part of the High Street benefits from on street parking for customers directly outside the unit. In addition there is pay and display car parking in Cecil Square, College Square Shopping Centre and Mill Lane multi-storey. The property is located within short walk from Margate Beach with occupiers nearby including Costa Coffee, Halifax, KFC, Betfred, NatWest and many more.
