Retail premises for sale in Victoria Road, Tunbridge Wells TN1

Investment Consideration:
Gross Initial Yield: 5.60%
Rental Income: £36,380 p.a.
VAT is not applicable to this property
Comprises ground floor shop with ancillary at basement (No.82) and a Japanese (sushi) restaurant with 2-bedroom flat at first floor (No.82A)
No.82A let until April 2036. No breaks. Rent review every 3 years.
Located within walking distance from Royal Victoria Palace Mall is within walking distance which hosts occupiers such as Boots, PureGym, O2, Ted Baker, Three, jd Sports, WHSmith and more.

Property Description:
Comprises corner retail shop with basement t/a gift shop and a restaurant at ground floor with self-contained 2-bedroom flat at first floor, providing the following accommodation and dimensions:
No.82 Shop: 60 sq m (645 sq ft)
Ground Floor: Open plan retail, Kitchenette
Basement: Ancillary, WC
No.82A Restaurant: 53 sq m (570 sq ft)
Ground Floor: Seating Area, Kitchen, Storage, WC
No.82A Flat: 70 sq m (753 sq ft)
First Floor: 3 Rooms, Kitchen/Dining Room, Bathroom

Tenancy:
No.82A Restaurant and Flat are at present let to an Individual for a term of 21 years from 2nd April 2015 at a current rent of £29,380 p.a. And the lease contains full repairing and insuring covenants. Open market rent review on 2nd April 2024,2027,2030 and 2033. No breaks. Tenant paid premium of £42,999 upon commencement of the lease.
No.82 is at present let to an Individual for a term of 10 years from 17th February 2023 at a current rent of £7,000 p.a. And the lease contains full repairing and insuring covenants. Rent review on 17.02.28 linked to rpi. Tenant option to determine on 17.02.28 with min. 6 months notice. Deposit held of £1,750

Location:
Royal Tunbridge Wells, previously just Tunbridge Wells, is a town in western Kent, England, 30 miles south-east of central London. Tunbridge Wells is at the hub of a series of roads, the primary ones being A26, A264 and A267. The A21 passes to the east of the town. The property is located on a prominent retail street amongst many independent traders including takeaway restaurants, café shops, tattoo studio and bicycle shop. Royal Victoria Palace Mall is within walking distance which hosts occupiers such as Boots, PureGym, O2, Ted Baker, Three, jd Sports, WHSmith and many more.