Investment Opportunity with Development Potential

10 - 11 Market Street, Faversham, Kent ME13 7AA

www.sibleypares.co.uk 01622 673086 commercial@sibleypares.co.uk

10 - 11 Market Street, Faversham, Kent ME13 7AA

Location

Faversham is an attractive market town located midway between Canterbury

8 miles to the East and Sittingbourne 8 miles to the West. The town enjoys

excellent road access being adjacent to the A2 and within 2 miles of Junction 6

of the M2 Motorway. The property is located on the south side of Market

Street approximately ½ mile north of Faversham railway station in a busy retail

pitch. Nearby retailers include Nationwide, Your Move, Superdrug and Boots

Description

A mid terrace commercial property, previously used as a Woolworths store,

located in the centre of Faversham. The building dates from the 1950s and is

of brick construction under a flat roof and is currently arranged as ground

floor retail with mixed office, amenities and storage areas on the first floor.

The property is not Listed but does form part of the historic core of the

medieval market town. There is a rear loading area accessed via Leslie Smith

Drive, which backs on to one of the main car parks for Faversham town

centre.

Planning

Swale Borough Council have granted planning consent (16/503847/FULL) to

convert the first floor and to extend to provide a traditional pitched roof,

creating a second floor. The proposed will accommodate 13 apartments (5

No. 2 beds / 8 No. 1 beds) which will be accessed via Leslie Smith Drive.

At present this consent cannot be implemented without some alterations at

ground floor level to provide additional support and these alterations would

require an adjustment to the existing lease and consent for the tenant.

10 - 11 Market Street, Faversham, Kent ME13 7AA

Existing Accommodation & Tenancy

The tenant is GS Cheema & PS Baines, trading as BK Homewares (Multi Save). They have a 15-year lease on the whole of the building from 26/06/09 with the rent review from June 2019 settled at £85,000 per annum. There is also a mobile antenna on the roof that would remain untouched as part of the redevelopment. Tele-com have a 10-year lease from 30/06/09 at £11,000 per annum.

unit beds floor terrace sq ft

1 1 1st floor No 573.7

2 1 1st floor Yes 529.6

3 2 2nd floor Yes 733.0

4 2 1st floor No 875.1

5 1 1st floor Yes 608.2

6 2 1st floor No 875.1

7 2 1st floor No 736.3

8 1 1st floor No 545.7

9 1 1st floor No 540.3

10 2 2nd floor Yes 881.6

11 1 2nd floor No 662.1

12 1 2nd floor Yes 813.8

13 1 2nd floor No 504.8

8879.3

Schedule of Accommodation for Proposed Residential

A full set of plans for the proposed can be provided on request

10 - 11 Market Street, Faversham, Kent ME13 7AA

1 Ashford Road, Maidstone, Kent, ME14 5BJ

Maidstone (01622) 673086 Ashford (01233) 629281 Partners: Sarah Raggett, BSc (Hons) MRICS Phillip Hubbard, BA (Hons) MRICS

Sibley Pares Chartered Surveyors is a trading name of Sibley Pares LLP Registered in England and Wales No: OC400776. Registered office as above. VAT Reg No: 218 5130 30.

NOTE: Rental, prices or any other charges are inclusive of VAT unless otherwise stated.

MISREPRESENTATION ACT 1967. These particulars are believed to correct, their accuracy cannot be guaranteed and are expressly excluded from any other contract. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of each of the state-

ments contained in these particulars. No fittings, appliances or services mentioned have been tested by Sibley Pares

Additional Information

Tenure

The majority of the site is Freehold subject to the occupational Leasehold tenancies, with a small part of the rear of the site leasehold from Faversham Council for a term that expires 24th December 2058 at a rent of £120 per annum.

Price

Offers invited in excess if £1,295,000 (One Million, Two Hundred and Ninety Five Thousand Pounds)

Price Reflects an ARY of 7.41% (or 7% NIY assuming purchasers costs of 5.8%)

Rateable Value

£57,000 as at 2019/20 (Applicants are advised to make their own enquiries of the local Borough Council)

VAT

All figures are exclusive of VAT which will be charged at the prevailing rate.

Legal Costs

Each side to bear their own legal and professional costs

EPC

EPC rating C (56)

Viewings / Enquiries

To arrange a viewing or discuss the site in more detail please

contact :

Matthew Sadler

matt.sadler@sibleypares.co.uk

Phil Hubbard

phil.hubbard@sibleypares.co.uk