Retail premises for sale in Camden Road, Tunbridge Wells TN1

Investment Consideration:
Gross Initial Yield: 7.82%
Rental Income: £52,800 p.a.
VAT is not applicable to this property
Comprises restaurant & bakery at ground floor and 2 x 1-bedroom flats at first floor
The residential flats and retail units have been newly converted in 2024 to a high standard
Nearby occupiers include Royal Victoria Palace, Sports Direct, wh Smith, Next and more.

Property Description:
The property comprises 2 retail units at ground floor t/a Pizza Restaurant (No.22) and a Bakery (No.24). First floor provides 2 self-contained 1-Bedroom Flats. Both retail and residential units have been newly converted in 2024 to a high standard, providing the following accommodation and dimensions:

Ground Floor:
Shop No.22 - 45.40 sq m (488 sq ft)
Open plan retail, kitchen, wc
Shop No.24 - 35.90 sq m (386 sq ft)
Open plan retail, kitchen, wc

First Floor:
Flat No.22A - 37 sq m (398 sq ft)
1 bedroom, kitchen, living/dining room, bathroom
Flat No.24A - 37 sq m (398 sq ft)
1 bedroom, kitchen, living/dining room, bathroom

Total Retail gia: 81.30 sq m (874 sq ft)
Total Residential gia: 74 sq m (796 sq ft)

Tenancy:
Shop No.22 is at present let to an Individual for a term of 10 years from 11th January 2024 at a current rent of £16,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 11.01.29 open market upward only. No breaks.
Shop No.24 is at present let to an Individual for a term of 10 years from 2nd February 2024 at a current rent of £14,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 02.02.29 open market upward only. Mutual option to determine on 02.02.29 with min 6 month`s notice.
Flat 22A is at present let on AST to an Individual for a term of 12 Months from 18th March 2024 at a current rent of £11,400 per annum.
Flat 24A is at present let on AST to an Individual for a term of 12 Months from 27th April 2024 at a current rent of £11,400 per annum.

Location:
Royal Tunbridge Wells, previously just Tunbridge Wells, is a town in western Kent, England, 30 miles south-east of central London. Tunbridge Wells is at the hub of a series of roads, the primary ones being A26, A264 and A267. The A21 passes to the east of the town. The property is located on a prominent retail street amongst many independent traders including Royal Victoria Palace, Sports Direct, wh Smith, Next, O2, Tops Pizza and many more.