£25m Tunbridge Wells Spree!
Our investment and development deals take us all over the South-East, although last month saw us spending more time than usual in Royal Tunbridge Wells, as we successfully carried out a string of transactions within the affluent Kent spa town on behalf of various clients.
Calverley House, occupies a prominent island site in the heart of the town centre, and comprises 10 retail units let to tenants including Argos and Coral producing £430,510 per annum plus 60,000sq.ft. of offices which benefit from Permitted Development Rights to convert the offices to 112 apartments. Following an open marketing process, contracts have been exchanged on the sale in excess of the £18,000,000 guide price, which represents one of the largest single asset transactions in the town in recent years.
Our second sale was on a smaller scale, but proved to be just as highly sought-after with 15 competing offers chasing the freehold of 36 Mount Pleasant. The block, which comprised 6 apartments in need of refurbishment was sold with vacant possession to a private investor, who was able to exchange contracts in excess of the £800,000 guide price in less than 6 hours from having their offer accepted!
Whilst in the town carrying out these sales, we identified several other assets as offering potential to add value, and after initiating contact with their owners, completed the acquisition of 2 buildings on behalf of retained clients.
Vale House, which is let to the Job Centre for another 18 months, offers potential to either increase the current £240,000p.a. rent or to convert to residential use. We exchanged contracts on behalf of private clients at £4,200,000 reflecting just under £150/sq.ft.
Our £2.75m acquisition of 20,000sq.ft. Hargreaves House let to Iceland for regular clients Evolve Estates completed this spate of deals in the town.
We plan to visit again soon!
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