• Very Affluent & Attractive South East Spa town

• Double-fronted shop / banking unit with two self-contained maisonettes above

• Undoubted income – entirely let to Bank of Scotland Plc (t/a Halifax)

• Let until September 2025 (no breaks)

• The only Halifax in Royal Tunbridge Wells

• Self-contained upper parts with refurbishment/redevelopment potential

• Potential for significant dilapidations claim against the tenant at lease expiry

• Freehold

• £1,835,000, subject to contract

• 10.0% Net Initial Yield

The subject property occupies a highly prominent position in the heart of the town centre on the southern side of the pedestrianised Calverley Road. Nearby occupiers include Marks & Spencer (opposite), Clarks (adjacent), Boots Opticians, Superdrug, Waterstones and Vision Express.

This is the only Halifax in Royal Tunbridge Wells with the closest other branch being in Tonbridge, some 5 miles (8 km) away.

The Calverley Road entrance to the Royal Victoria Place Shopping Centre is diagonally opposite the subject property. Anchored by Marks & Spencer and Fenwick, the Centre totals approximately 29,729 sq m (320,000 sq ft) with over 1,750 car parking spaces and is home to retailers including JD Sports, Next, Boots, L’Occitane, Hotel Chocolat, French Connection and Lush. In September 2020 renovation works totalling £11 million were completed by the centre’s owners, British Land.

The ground floor comprises a double shop unit fronting Calverley Road providing an open banking hall fitted out to the tenant’s usual corporate style with ancillary storage at basement level.

The first and second floors comprise two self-contained maisonettes which benefit from their own separate access via Newton Road, to the rear of the property.

The entire property is let to Bank of Scotland. The residential upper floors are currently not utilised. Since these floors have a separate entrance, it is suggested that there is potential for future refurbishment/redevelopment of the residential accommodation.

The property interconnects with 48 Calverley Road which is occupied by Halifax but
in separate ownership and does not form part of this sale.

The property is not listed.

Freehold.

The property is entirely let to Bank of Scotland Plc (t/a Halifax) on a full repairing and insuring lease from 15th May 2015, expiring on 28th September 2025.

The current passing rent is £195,000 per annum. There is an upwards only rent review on 29th September 2023. The rent increased from £175,000 per annum to £195,000 per annum at the last rent review.

Although the first and second floor maisonettes are demised to Bank of Scotland the tenant does not use them.

The residential accommodation is in a dilapidated condition and as a result there is prospect for a significant claim against the tenant in respect of terminal dilapidations at the end of the lease.

There is potential to refurbish/redevelop the first and second floors.

By assessing the rental value in relation to the ground floor and basement area at £171,000 per annum and allowing a rental of £1,000 per month per flat, the pro-rata value for the upper areas of the property (based upon our asking price) is £279,000, equating to only £116 per sq ft, hence a significant discount to the vacant possession value. In comparison, the average current value for flats in Royal Tunbridge Wells is £300,000 and £398 per sq ft (Source: www.zoopla.co.uk).

As a result, we suggest that there exists potential to enhance value in relation to the upper floors.

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 bank & residential investment in an affluent South-East town;

2. Undoubted income – let to Bank of Scotland Plc (Pre-Tax Profits £883 million);

3. Let until September 2025 (no breaks);

4. The property occupies a prominent position in the heart of the town centre;

5. The only Halifax in Royal Tunbridge Wells;

6. Freehold;

7. Potential to refurbish/redevelop the upper parts;

8. Potential for a significant claim against the tenant in respect of dilapidations at the end of the lease;

9. A purchase at the asking price reflects an attractive net initial yield of 10.0%.

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