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Accommodation
We have been advised that the property provides the following Net Internal Areas:
| Zone A | 27.5 sq m | 295 sq ft |
| Zone B | 5.6 sq m | 61 sq ft |
| Office | 2.9 sq m | 31 sq ft |
| First Floor | 27.4 sq m | 296 sq ft |
| Second Floor | 28.4 sq m | 306 sq ft |
| Total | 91.8 sq m | 988 sq ft |
Tenure
Freehold.
Tenancy
The property is entirely let to Sherzaman Khan (t/a Zam Call), on a full repairing and insuring lease for a term of 10 years from 24th November 2016, expiring on 23rd November 2026 at a passing rent of £37,500 per annum.
The tenant has maintained an excellent payment history and there are no rent arrears. A rent deposit of £11,250 is held by the Landlord.
Covenant
Established in 2007, Zam Call is a mobile phone and tablet repair shop, also supplying a wide selection of phones and accessories.
A rent deposit of £11,250 is held by the Landlord.
VAT
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).
Proposal
We are instructed to seek offers of £330,000 (Three Hundred and Thirty Thousand Pounds), subject to contract, reflecting a net initial yield of 11.0%, assuming purchasers’ costs of 3.62%.
Please note that a purchaser will be re-charged the cost of searches (£821.21) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price + VAT.
Investment Considerations
An opportunity to acquire a South East retail investment;
The property is situated in the heart of Maidstone town centre;
Let to an established tenant;
Freehold;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size for an investor.
