• Undoubted Income – Let to Bank of Scotland plc t/a Halifax

• 10.75 years unexpired lease term (5.75 years term certain)

• Tenant recently extended their occupation at a re-based rent

• Tenant has been in occupation for 25 years

• 100% prime retailing pitch

• Affluent South East town

• £1,380,000, subject to contact

• 6.5% net initial yield

The property occupies a 100% prime retailing pitch on the pedestrianised Week Street, directly opposite Primark. Nearby occupiers include Bill’s Restaurant (adjacent), Superdrug, Marks & Spencer, WH Smith, EE, Co-Op and Specsavers.

The property benefits from being next to the main entrance to Fremlin Walk, Maidstone’s primary shopping centre comprising approximately 33,000 sq m (350,000 sq ft) of retail and restaurant accommodation. Built on the site of an old Kentish brewery, this centre elevated Maidstone into the United Kingdom’s top 50 shopping destinations. The scheme is anchored by House of Fraser and benefits from 760 car parking spaces. Occupiers include Pret a Manager, Pizza Express, Five Guys, Costa, H&M, JD Sport, Hotel Chocolat, Pandora, River Island, Superdry and Zara.

In addition to Fremlin Walk the town benefits from The Mall Shopping Centre located at the southern end of Week Street. The Mall comprises approximately 49,700 sq m (535,000 sq ft) of retail and restaurant accommodation. Occupiers including, Boots, Card Factory, Greggs, Holland & Barrett, Mc Donalds, KFC, Iceland and Wilko.

The property comprises an attractive two storey building with ATM machines on the exterior. The banking hall is arranged over ground floor with office and ancillary accommodation on the first, second and lower ground floors.

The property is not listed and is located within a conservation area.

Freehold.

Bank of Scotland Plc t/a Halifax Bank (Company No. SC327000) has reported the following figures:

Bank of Scotland Plc is a wholly owned subsidiary of Lloyds Banking Group Plc which operates under Halifax, Lloyds Bank and Bank of Scotland. For the year ending 31st December 2017, Lloyds Banking Group Plc reported a profit before tax of £5,275,000,000 and a net worth of £43,998,000,000. For further information visit www.lloydsbankinggroup.com.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. An opportunity to acquire a South East investment;

2. Let to the undoubted covenant of Bank of Scotland Plc;

3. The tenant has been in occupation for 25 years;

4. As a sign of their commitment to the subject property the tenant has recently entered into a new reversionary lease;

5. The rent has been re-based from £149,000 per annum to £95,000 per annum;

6. The property occupies a 100% prime retailing pitch adjacent to the main entrance of Fremlin Walk Shopping Centre and directly opposite Primark;

7. A purchase at the asking price reflects an attractive net initial yield.

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