Home > Auctions > April 2022 05 April 2022 - 9:00am > Lot 55A

April 2022: Tuesday 05 April 2022 - 9:00am
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    Key features

    • Investment Let at £66,400 p.a. with (plus three vacant units)
    • Immediate Asset Management Opportunities in re-letting the vacant retail units and flat
    • Affluent and popular south-east commuter town
    • £202 Capital Value psf on Guide Price
    • Potential to develop 10 dwellings (subject to all necessary consents)
    • First time on the open market for 50 years
    • Located opposite the Bligh's Meadow Shopping Centre and M&S
    • 6 weeks completion available

    Description

    An opportunity to purchase an unbroken and mixed use parade of shops, a flat, offices and ancillary sheds totalling approximately 6,906 sqft (640.34 sq m). The property comprises four ground floor shops (67, 67a, 67b and 67c) facing London Road. 67a is currently let as a showroom and occupies the 1st and 2nd floors of 67a, 67b and 67c. Flat 10 (The Granary) is a 2 bedroom flat which is accessed via Victoria Road and is spread over the 1st and 2nd floors of 67 London Road. There is office/storage space located to the rear of the property at 6 Victoria Road, 8 Victoria Road, 10b Victoria Road with a shed at 10a Victoria Road. Nearby occupiers include M&S, Nandos, Bills, Gails Bakery, Costa coffee as well as a number of independent boutique retailers.

    Additional information

    Tenure

    Freehold

    Accommodation




    Tenancy

    67 London Road - currently Vacant, Under offer to Larder Coffee 7 Oaks Ltd (Café)

    • Heads of Terms agreed for a 5 year lease at an initial rent of £13,000 pa (see legal pack)
    • Mutual break clause in year 3 (6 month notice)


    67a London Road and store room known as 10a Victoria Road - Trading as Patmores (electrical retailer)

    • Let on 10 year lease from 25/12/2013
    • Investment let at £20,500 p.a.


    67b London Road - Trading as Bladez Barbers (Barber shop)

    • Let on a 5 year lease from 01/11/2015 (Holding over)
    • Investment let at £13,000 p.a.
    • Heads of Terms have been agreed for a 20 year lease at a rent of £15,000 pa (see legal pack)


    67c London Road - Trading as Sevenoaks Shoe Repair (cobblers)

    • Let on a 5 year lease from 03/08/2018
    • Investment let at £11,000 p.a.


    6 Victoria Road - Vacant


    8 Victoria Road - Let Trading as The Tittle things (Party Goods)

    • Let on a flexible licence agreement from 01/08/2021
    • Licensor can serve notice on the licence on (a) breach of contract or (b) service notice to terminate on a rolling 6 month notice period
    • Let at £9,000 pa


    Flat 10, Victoria Road -Residential - 2 bed

    • Let on a 12 month AST from the 22/07/2021
    • Investment let at £12,900 p.a.


    10b Victoria Road - Vacant



    Planning

    Planning potential

    • A planning feasibility study has been carried out to determine the planning potential onsite. This can be viewed in the legal pack.

    The below table indicates the potential to develop 10 dwellings on site (subject to existing leases in place and requisite consents).



    For the avoidance of doubt the Planning appraisal; should not be relied upon; is for marketing purposes and does not constitute as approved planning. We ask all parties to undertake their own due diligence and planning enquiries for the site. We cannot accept responsibility to any third party for the whole or any part of its contents.

    Rent

    £66,400 p.a

    Notes

    Joint Auctioneer

    Nathan King

    City & Counties Commercial

    nathan@cityandcounties.com

    T: 020 8106 8666

    M: 0750 696 6968


    Please note the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard.

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        Local information

        Sevenoaks is an attractive and affluent town and serves as a popular commuter town into central London. The property is located an approx. 0.5 miles from Sevenoaks Station, in a prominent position on the west side of London Road. The property is located opposite a large Marks & Spencer, with other nearby occupiers including Bligh's Meadow Shopping Centre, Bill's, Zizzi, Cote Brasserie and a number of independent shops, cafes and restaurants.

        Transport

        Sevenoaks Station - Services into London Bridge in 24 minutes and 35 minutes into London Charing Cross

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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