DESCRIPTION The property comprises a self-contained office on the first floor of two inter-connected commercial/ industrial units. The offices have been finished to a good modern standard including suspended ceilings with LED lighting, double glazed windows and perimeter trunking
LOCATION Faversham is a popular and growing market town located just north of junctions 6 and 7 of the M2 motorway, being around 9 miles from Sittingbourne and Canterbury.
The property is situated on the popular Eurocentre Business Park, just off Whitstable Road to the east of Faversham town centre and less than half a mile from Faversham station (London Victoria 70 minutes).
TENURE The property is freehold and has a right of way over the shared access road and parking in front of the unit.
TENANCY The property is let to Design ID Ltd on a full repairing lease to 10 October 2027 at a current rent of £22,000 per annum. The lease contains provision for an upwards only rent review at October 2024 and a mutual break option at 31 January 2025 (on giving a minimum of 6 months notice).
TENANT INFORMATION Design ID have been in occupation for the past 12 years and are architectural and interior design consultants specialising in licensed, retail and entertainment premises acting for several major pub companies and multiple retailers across the UK.
According to Companies House, Design ID Limited (company no. 05616591) was incorporated in 2005 and reported Shareholders Funds of around £13,000 for the year ending 31 December 2020.
SERVICE CHARGE There is an estate Service Charge payable in relation to the maintenance and upkeep of the communal areas. Further details are available from the agents.
PROPOSITION & TERMS The freehold interest in the property is to be sold subject to the existing tenancy described above and the long leasehold interest of the ground floor.
We are instructed to seek offers in excess of £300,000 subject to contract and exclusive of VAT. A purchase at this level will provide a purchaser with a net initial yield of around 7.0% and an equivalent price of a little over £142 per square foot. In our opinion there is scope to increase the rental income at the next rent review date.
Enquire about this property
Offers In Excess Of£300,000
1912 square feet
Modern first floor office investment currently let to established tenant.