Calverley Road and Camden Road, Tunbridge Wells TN1 2TU
Offers in excess of £5,800,000
The property comprises 10 retail units situated across the ground floor and basement of a five-storey building known as Calverley House.
Each retail unit is self-contained and configured with retail sales at ground floor level and ancillary storage accommodation at basement level.
The property is of concrete frame construction and was originally built in the 1960s, and extensively refurbished in the late 1980s. The upper four floors are due to be converted to 112 residential units in 2018. For the avoidance of doubt, the upper floors do not form part of this sale.
Calverley House is located in the centre of Tunbridge Wells, Kent, approximately 31 miles south east of London, 19 miles east of Crawley and 16 miles south west of Maidstone.
The property occupies a prominent island site with the retail facing the prime pedestrianised section of Calverley Road at the busy intersection of Camden Road. Both Calverley Road and
Camden road benefit from high footfall throughout the day.
Tunbridge Wells Station is located 0.4 miles from the property offering frequent journeys into Central London. Journey times include:
London Cannon Street – 55 Minutes | Charing Cross – 57 Minutes
The property is multi-let to nine tenants including CEX, Coral and Argos with the total income currently £430,510 per annum.
One of the units is vacant (53b Calverley Road) and will be sold with a one year rent, rates and service charge guarantee provided by the vendor.
The property offers significant potential for future rental growth by way of asset management; the current income reflects an average of approximately £18.68 per sq.ft. and it is expected that circa £21 per sq.ft. would reflect open market value.
Zone A rents within prime Royal Tunbridge Wells have improved to £160 per sq.ft. recently with Calverley House reflecting a discounted current Zone A rent of £50-65 per sq.ft.
The property will be sold on a new 999-year lease, subject to a peppercorn ground rent.
The property is elected for VAT.
Offers are invited in excess of £5,800,000 for the entire portfolio which reflects approximately 7.0% NIY, rising to 8.1% based on the ERV.
Further information including approved planning documents can be downloaded from our dataroom using the password ‘Calverley’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- Prominent island site in the centre of Royal Tunbridge Wells with the retail facing the prime pedestrianised section of Calverley Road at the busy intersection of Camden Road
- 10 well configured units with retail sales at ground floor level and ancillary storage accommodation at lower ground floor level, extending to 23,039sq.ft. NIA in total
- Currently producing £430,510p.a. with potential to increase to circa £500,000p.a. based on ERV
- Offers invited in excess of £5,800,000 for the new 999- year virtual freehold interest, which reflects 7.0% NIY rising to 8.1% off the ERV
To discuss this opportunity further, please contact Jordan Oldfield or Joe Goldsmith on 020 7183 2529.