Home > Auctions > 31 May 2023 31 May 2023 - 9:00am > Lot 59

31 May 2023: Wednesday 31 May 2023 - 9:00am
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    Key features

    • Substantial Development/Investment Opportunity
    • Currently comprises approximately 12,000 sq ft of accommodation (approximately 16,500 sq ft of accommodation once fully developed)
    • Potential GDV estimated at £3m +
    • Currently let at £100,000 pa (+ Vacant Upper Parts)
    • Currently let to Barclays Bank Plc expiring December 2024
    • Nail Salon on a new 15 year lease expiring March 2038
    • Barclays Bank in occupation for over 34 years
    • Planning permission granted for 14 residential units at existing building
    • Planning permission granted for additional retail unit and two bedroom flat above at the rear
    • Parking at rear for approximately 6 cars
    • VAT-Free Investment
    • 8 Week Completion

    Description

    The property currently comprises a substantial building of approximately 12,000 sq ft arranged as a three storey prominent corner building arranged as basement, ground floor banking hall together with first floor offices / ancillary accommodation plus two vacant independent second floor office suites accessed via the High Street together with a Ground floor retail nail salon. There is planning permission granted for a total of 15 residential units and a total of 4 retail units once fully developed implementing granted planning permission (please see Planning Section).

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note the approximate areas have been provided by the Vendor and the property has not been inspected by Savills.


    Ground Floor Banking Hal/Ancillary - 2,295 sq ft

    Ground Floor Nail salon/rear stores - 1,216 sq ft

    Basement - Strongroom and stores - 858 sq ft

    First Floor - offices/wc's - 3,573 sq ft

    Second Floor - offices/wc's - 3,573 sq ft

    Third Floor - Plant room - 500 sq ft


    Approved Planning Permission:

    • Splitting existing Bank unit into two units
    • Development of an additional three storey building to the rear to create a further retail unit and two bedroom flat
    • Existing building to be converted to 1x studio, 9x 1 bed flats, 4 x 2 bed flats

    Tenancy

    • Part ground and first floor let to Barclays Bank Plc on a lease renewal from 14.12.2014 until 13.12.2024 at a rebased rent of £60,000 pa.
    • Part ground floor let to an individual trading as a Nail Salon on a new 15 year lease from 30.03.2023 until 29.03.2038 (subject to break options in year 5 and 10) at a rent of £18,000 pa
    • The seller will guarantee the rental income by topping up the rent to £100,000 pa from completion of the sale until the expiry of the Barclays lease

    Planning

    Planning Permission Granted:


    • Reference: MC/22/2936 - Application for a Lawful Development Certificate (proposed) for change of use from bank Class E (c)(i) to retail Class E (a) at basement and ground floor levels including its subdivision into two units.
    • Reference: MC/23/0501 - Change of use of first floor from Class E(C)(i) (financial & professional) to C3 (residential) consisting of 2no. two bedroom, 2no. one bedroom and 1no. studio flats.
    • Reference: MC/22/2971 - Prior notification of a proposed change of use from office use (Class E) to dwelling (Class C3) at second floor level for five units consisting of 2no. two bedroom and 3no. one bedroom flats.
    • Reference: MC/21/3555 - Construction of a third floor extension to provide three 2-bedroom and one 1-bedroom self-contained flats including re-location of existing air conditioning units and water tank to roof
    • Reference: MC/23/0486 - Existing car parking, Land at Rear - Construction of a three storey building consisting of a retail unit at ground floor and a two bedroom residential unit above.


    For further information please contact Medway Council.


    Rent

    £100,000 pa (plus vacant upper parts)

    Notes

    8 Week Completion Available.

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        Local information

        Chatham is a popular commuter town approximately 31 miles south-east of Central London. The property is located in a prominent corner position on the north side of High Street, closer to occupiers including Iceland, Savers Health and Beauty, McDonald's, Burger King and a number of independent shops, cafes and restaurants.

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        •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.

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