Calverley Road, Tunbridge Wells TN1 2UN
Offers in the region of £3,500,000
The property comprises a 3-storey (plus basement) mixed-use building containing two retail units across the ground floor extending to approximately 8,135sq.ft. NIA, B1 office space across the 1st and 2nd floors extending to approximately 7,653sq.ft. NIA. The remainder of the space is made up of communal space for the office’s including staff toilets and vacant storage space and a plant room within the basement.
Constructed in the 1960’s, the building occupies a site area of circa 0.5 acres and benefits from parking for up to 45 vehicles to the rear, 9 of which are allocated to the retail element and 36 for the remainder of the building.
Access to the first and second floors which are self-contained are currently taken via an entrance fronting Calverley Road with the rear car park accessed via Crescent Road.
The property is prominently located on Calverley Road in Tunbridge Wells, an affluent commuter town in North West Kent approximately 35 miles south-east of Central London.
The immediate area comprises mainly commercial uses with the main shopping area of Mount Pleasant Road and the High Street located within a short walking distance of the property, offering a wide range of shops and amenities.
Tunbridge Wells Station is located approximately 0.6 miles from the property with direct trains running to Charing Cross, London Bridge, Waterloo and Cannon Street in circa 50 minutes.
Planning & Development Potential
Planning permission was granted at appeal (ref: 17/03172/FUL) on 9th October 2018 for erection of 2 x 2 bedroom houses in the rear car park, extending to 990sq.ft. each.
Planning permission was granted (ref: 20/01016/FULL) on 9th June 2020 to create an additional storey to provide 4 apartments (2 x 1 bed and 2 x 2 bed) totalling 2,605sq.ft. NSA.
Prior Approval has been submitted and is pending (ref: 20/03773/PNOCLA) for the change of use from B1a Offices to 14 residential apartments (10 x 1 bed and 4 x 2 bed units) totalling 7,311sq.ft. NSA.
The combined consents will provide 18 apartments (12 x 1 bed, 6 x 2 bed and 2 x 2 bed houses) totalling 11,862sq.ft. and 2 x 2 bedroom houses, extending to 1,981sq.ft. all of which are for private sale.
The property is subject to various tenancies and currently produces a total rental income of £183,200 per annum exclusive.
The commercial unit is let to Iceland Foods Ltd on a 2 year lease from 25th October 2020, expiring on 24th October 2022. The current rent is £20,000 per annum (£6.35 per sq.ft). There is a break option in October 2021. The supermarket have been in occupation for 10 years, paying a rent of £75,000 per annum.
The property offers potential for future rental growth by way of asset management of the commercial units and the basement area (not measured) which does not form part of the demise of the commercial units, offering potential for future rental as storage.
The property will be sold freehold with the existing tenants remaining in-situ.
The property is not elected for VAT.
Offers invited in the region of £3,500,000 the freehold interest. Offers will also be considered for the areas benefitting from the residential planning consent in isolation.
Further information including planning and legal documents are available within our dataroom using the access code ‘Hargreaves’.
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 3-storey mixed-use building (plus basement) extending to approximately 16,831sq.ft. NIA comprising 2 retail units, 6 office suites and a rear car park positioned on a site of circa 0.5 acres
- Let to various tenants and currently producing a total rental income of £183,200 per annum
- Approved planning consent for an extra storey to create 4 apartments (2 x 1 bed & 2 x 2 bed units) and 2 x 2 bedroom semi-detached houses in the rear car park
- Prior approval pending for change of use from Office (B1a) to 14 residential apartments (10 x 1 bed & 4 x 2 bed units)
- Located in close proximity to Tunbridge Wells town centre and Tunbridge Wells Station
- Offers invited in the region of £3,500,000 the freehold interest, subject to the existing tenants remaining in-situ. Offers will also be considered for the areas benefitting from the residential planning consent in isolation
To discuss this opportunity further, please contact Paul Heale or Chris Incledon on 020 7183 2529