Retail premises for sale

61 Northgate, Canterbury CT1

Description

The freehold comprises a traditional three-storey terraced building providing a ground-floor retail unit of approximately 33.2sq m (357sq ft) currently trading as Northgate Mini Market, a vacant self-contained one-bedroom flat at first floor of approximately 40.5sq m (436sq ft), and a second-floor flat of approximately 80sq m (861sq ft) sold off on a long lease. Total accommodation extends to approximately 153.7 sq m (1,654sq ft), inclusive of the sold-off upper flat.

Access to the residential accommodation is via a private rear entrance from Kings Mews. The first-floor flat is presented in a condition that offers clear scope for refurbishment and reletting or sale. There is a noted flying freehold element where the second-floor accommodation overlaps the floors below.

Investment Summary

The ground-floor shop is let to an individual trading as Northgate Mini Market (Northgate Mini Market Canterbury Ltd) on a new 10-year full repairing and insuring lease from 29 May 2026. The lease is contracted out of the Landlord and Tenant Act 1954 and contains five-yearly upward-only rent reviews, the first falling due on 29 May 2031. The tenant operates a single local convenience store from the premises. Combined with the £200 p.a. Ground rent receivable from the long-leasehold second-floor flat (125 years from June 2016), the property currently produces £12,200 per annum, with the additional benefit of a vacant one-bedroom flat ready for asset management.

Location

Canterbury is one of England’s most attractive and economically resilient historic cities, lying approximately 60 miles south-east of London. It functions as a major commercial, tourist, administrative and educational centre within Kent. The city benefits from dual carriageway access via the A2 (linking Dover to the south-east and the M2/M25 to the north-west) and excellent rail connectivity from Canterbury East and West stations, with frequent high-speed and conventional services to London Victoria, Charing Cross and St Pancras International.

The property occupies a prominent position on the north side of Northgate, close to its junction with Broad Street, in an established mixed commercial and residential thoroughfare. Surrounding occupiers comprise a range of local independent retailers and service operators, supported by the city’s strong tourist footfall (centred on the unesco World Heritage Cathedral) and a substantial student population drawn from the University of Kent and Canterbury Christ Church University.