Acquired
Tonbridge – 3 Retail Shops
13,15,17 Quarry Hill Road, Tonbridge, Kent TN9 2SPVirtual Freehold Retail Investment
Tenure
Leasehold
Lease Term
20 Years
Years Left on Lease
18y 9m
Area
3,228 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises three ground floor shops with ancillary at basement.
- No.13 has new 20-year lease expiring 2043 with two personal guarantors, trading as Post Office.
- No.15 has new 10-year lease expiring 2033 with personal guarantor. Tenant has been in occupation since 2013.
- No.17 has new 10-year lease expiring 2033 with personal guarantor. Tenant has been in occupation since 2017.
- Located within 100 meters of Tonbridge Station with occupiers nearby including Lidl, McColl`s and more.
Key Features
Tenure
Leasehold
VAT
VAT is not applicable.
Property Description
The property comprises three ground floor retail shops with ancillary accommodation at basement, providing the following accommodation and dimensions:
No. 13 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
144 sq m (1,550 sq ft)
No. 15 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
93 sq m (1,000 sq ft)
No. 17 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
63 sq m (678 sq ft)
Total gross internal area of 300 sq m (3,228 sq ft)
No. 13 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
144 sq m (1,550 sq ft)
No. 15 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
93 sq m (1,000 sq ft)
No. 17 Quarry Hill Road
Ground Floor: Retail Shop
Basement: Ancillary
63 sq m (678 sq ft)
Total gross internal area of 300 sq m (3,228 sq ft)
Tenancy Description
Shop No.13 is let to SWASAM Ltd with two personal guarantors t/a Post Office for a term of 20 Years from 14th November 2023 at a current rent of £22,250 p.a. and the lease contains full repairing and insuring covenants. Rent reviews every fifth year. Tenant option to determine on 14.11.38 with min 6 months notice. Deposit held of £5,562.
Shop No.15 is at present let to Forever Zen TCM Limited with personal guarantor for a term of 10 Years from 16th July 2023 at a current rent of £14,500 p.a. and the lease contains full repairing and insuring covenants. Tenant has option to determine the lease on fifth anniversary with minimum 6 month`s notice. Deposit held of £3,625.
Shop No.17 is at present let to Limitless Aesthetics & Training Limited with personal guarantor for a term of 10 Years from 29th September 2023 at a current rent of £14,500 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine on 29.09.2028 with minimum 6 month`s notice. Deposit held of £3,000.
Tenure:
Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.
Shop No.15 is at present let to Forever Zen TCM Limited with personal guarantor for a term of 10 Years from 16th July 2023 at a current rent of £14,500 p.a. and the lease contains full repairing and insuring covenants. Tenant has option to determine the lease on fifth anniversary with minimum 6 month`s notice. Deposit held of £3,625.
Shop No.17 is at present let to Limitless Aesthetics & Training Limited with personal guarantor for a term of 10 Years from 29th September 2023 at a current rent of £14,500 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine on 29.09.2028 with minimum 6 month`s notice. Deposit held of £3,000.
Tenure:
Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
Tonbridge is a thriving market town with a resident population of approximately 40,000. The town offers an excellent range of retail and leisure facilities with many High Street stores, banks and building societies, together with a selection of coffee shops, restaurants and local pubs. It boasts a fine example of a 'Motte and Bailey' castle built in the 13th century, set on the banks of the river Medway. The property is situated on the Western side of Quarry Hill Road at the southern end of the town within 100m of Tonbridge Station. Nearby commercial occupiers Lidl, McColls and a range of local occupiers and retailers.
