• 100% prime retailing pitch

• Let to WH Smith Retail Holdings Ltd (Net Worth £890m)

• Tenant has been in occupation since 1984

• Rent rebased from £319,000 pa to £250,000 pa in 2015

• Passing rent equates to just £10.90 psf

• Freehold

• Post Office moved from Bank Street to the subject property in 2016

• Potential future development of the upper parts and service yard, subject to planning

• Potential to extend the second floor and add another storey, subject to planning

• The only WHSmith in Maidstone

• £2,950,000, subject to contract

• 8% net initial yield

The property occupies a 100% prime retailing pitch on the pedestrianised Week Street. The immediate vicinity is one of the best retailing locations in Kent and the best retailing location in Maidstone.

The subject property is the only WHSmith in Maidstone with the closest branch being in a motorway service station followed by the WHSmith in Gillingham, 7 miles (11.25 km) away.

The property is adjacent to an owner-occupied Marks & Spencer store and an EE shop and directly opposite the main entrance to Fremlin Walk which is Maidstone’s primary shopping centre comprising approximately 350,000 sq ft (33,000 sq m) 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, 5 Guys, Costa Coffee, H&M, JD Sport, Hotel Chocolat, Pandora, River Island, Superdry and Zara.

Other nearby occupiers include, Mc Donalds, Primark, Superdrug, Toni & Guy, Clarks, EE, Poundland and Metro Bank.

Plans for a 9 storey, 132 room hotel with a rooftop bar on the site of the former Mothercare (12-14 Week Street) have been approved – Planning Reference Number:19/505518/FULL

The property comprises an impressive retail premises arranged over basement, ground, first and second floors with a service yard to the rear of the property. The property is easily accessed from both Week Street and Church Street and has independent access to all floors from the front of the shop.  

The ground, and first floors consist of sales accommodation with the basement and second floors being used as staff and ancillary accommodation.

The property benefits from two goods lifts, a rear yard for deliveries, with a loading bay, roller shutterss, car parking spaces and an ATM machine.

As demonstrated in the aerial photography, there is potential to substantially extend the second floor onto the flat roof, to add an additional storey to the property in line with other properties along the parade and to build upon the rear yard, subject to planning permission.

The property is underpinned by future redevelopment value with the council having provided positive feedback for a 62-unit residential led scheme and or supported housing. 

Freehold.

The property is fully let to WH Smith Retail Holdings Limited, on a full repairing and insuring lease for a term of 10 years from 24th June 2015, expiring on 23rd June 2025 at a passing rent of £250,000 per annum.

In 2015, the rent was re-based downwards from £319,000 per annum.

The passing rent now equates to just £10.91 psf.

WHSmith have been in occupation since 1984.

August 2016, The Post Office moved from Bank Street to the subject property following the signing of a 10-year franchise agreement with WH Smith across many stores, therefore the franchise agreement expires after the expiry date of the occupational lease.

In February 2019, WHSmith took over the running of the Post Office within the subject property, it is reasonable to suggest that this demonstrates the success of this branch.

The Post Office would seem to ccompliment the wide range of WHSmith products and visa versa.

The property has been opted for tax and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers of £2,950,000 (Two Million Nine Hundred and Fifty Thousand Pounds), subject to contract. This price reflects a net initial yield of 8%, assuming purchasers’ costs of 6.44%.

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