£500,000
Retail premises for saleThe Mall, The Mall, 116 High Street, Herne Bay, Kent CT6
About this property
Freehold
Offers in the region of £500,000
Seven commercial kiosk/arcade units
Current rental income of £35,765 per annum
Approx. 7.15% gross initial yield
Highly visible from the public car park to the rear The Mall provides pedestrian access through to High Street
Vacant first-floor accommodation
Potential for first-floor development, subject to planning
The property comprises seven individual commercial kiosk/arcade units, all currently occupied and producing a combined rental income of £35,765 per annum.
All seven units are held on rolling 12-month licences, with rents due for review, providing an incoming purchaser with the opportunity to increase the current rental income.
The property also benefits from vacant first-floor accommodation, offering potential for future development or alternative use, subject to the necessary planning and statutory consents.
At the asking price of £500,000, the current rental income represents an approximate 7.15% gross initial yield, before allowing for any rental growth arising from the forthcoming rent reviews or potential development of the vacant space.
The property therefore offers a combination of established rental income, multiple income streams, rental growth potential and future development opportunity.
Location
116 The Mall occupies a prominent position within the heart of Herne Bay town centre, with The Mall providing pedestrian access through to the High Street from a public car park to the rear, providing convenient access and high visibility to users of the car park.
Herne Bay is an established coastal town in Kent, with the town centre offering a diverse mix of national and independent retailers, cafés, restaurants, professional services and leisure operators.
The town benefits from good road and rail connections. The A299 provides access towards Whitstable, Canterbury and the M2, whilst Herne Bay railway station provides services towards Canterbury and London
EPC
Full details available upon request
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