Retail premises for sale in Camden Road, Tunbridge Wells TN1

Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £30,000 p.a.
Opportunity to purchase Freehold for additional £10,000
VAT is not applicable to this property
Comprises restaurant & bakery at ground floor
Both retail shops let on 10-year leases expiring in 2034
Shop No.22 no breaks with rent review in 2029.
Shop No.24 rent review in 2029 with mutual break clause in 2029.
Nearby occupiers include Royal Victoria Palace, Sports Direct, wh Smith, Next and more.

Property Description:
Comprises 2 retail units at ground floor t/a Pizza Restaurant (No.22) and a Bakery (No.24), providing the following accommodation and dimensions:
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
Total Retail gia: 81.30 sq m (874 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 months' notice.

Tenure:
Long Leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.

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.