• Attractive property occupying prominent corner position within Hythe

• Available with vacant possession

• Upper parts offer development opportunity with planning consent recently granted for residential accommodation

• Freehold

• Offers in the region of £400,000 (£80 per sq ft / £860 per sq m gross external), subject to contract

The subject property occupies a prominent corner position within the centre of High Street, opposite the junction with Mount Street, immediately adjacent to a Costa Coffee unit. The site extends along Great Conduit Street through to Batholomew Street at the rear.

The town generally attracts good quality independent operators, popular with tourists and residents alike. There are also several national occupiers in the town including Aldi, Boots, Nationwide and Cancer Research. The property is within the Hythe Conservation Area.

The property comprises a vacant commercial unit on the ground floor with ancillary accommodation on part of the first floor. The remainder of the first floor and the second floor currently comprise a vacant residential flat.

Plans of the existing accommodation are available to download, showing the self-contained nature of the upper floors and access points from the street.

Planning permission has been obtained to convert the upper accommodation into three flats under application 20/0488/FH: Flat 1 will comprise a 1 bed flat on the first floor of 39 sq metres (420 sq ft); Flat 2 will comprise a 2 bed flat over first and second floors totalling 76 sq metres (820 sq ft); Flat 3 will comprise a 2 bed flat on the first floor of 60 sq metres (645 sq ft).

Full plans of the development, as well as the Design and Access Statement, are available to download.

Freehold.

Residential Capital Values:

Our enquiries indicate that residential accommodation above commercial in the area has a current value in the order of £300 per sq ft / £3,220 per sq m. For example, we are aware of a two apartment at The Maltings which sold in May at £235,000 (£300 per sq ft / £3,220 per sq m), and we are aware of a one bed apartment on Great Conduit Street available at £139,000 (£300 per sq ft / £3,220 per sq m).

Accordingly, we suggest that the residential accommodation after redevelopment will command values in excess of:

Residential Rental Values:

Based upon our enquiries, we suggest that the new flats will command rents in the order of:

Retail Capital Values:

We suggest that the retail unit will command a rental value in the order of £18,500 per annum. In arriving at our opinion, we have had regard to recent lettings and assignments of units in secondary positions – 137/139 High Street let at £14,000 per annum, £25 Zone A, was subject to an assignment in February 2020; 109 High Street was let in September 2020 at £9,000 per annum, £19 Zone A.

The property has not been elected for VAT.

1. An opportunity to acquire a freehold retail and residential development opportunity in an attractive town;

2. The property occupies a prominent position within the town centre;

3. The property is offered with vacant possession;

4. Planning permission has been obtained to create three flats over the first and second floors;

5. Attractive lot size to an investor;

6. A purchase at the asking price reflects a capital value at a significant discount to the residential exit values, by applying a fair investment yield to the retail accommodation.

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.