26 - 28 Medway Street and 21 - 22 Fairmeadow Maidstone Kent ME14 1LS

26 - 28 Medway Street and 21 - 22 Fairmeadow
Maidstone
Kent
ME14 1LS

Freehold Office Investment

Town Centre Office and Retail Building
Approximate 1,126 sq m (12,123 sq ft)
Town centre location
Active management/redevelopment potential (subject to consents)
May benefit from Residential Permitted Development Rights
Undercroft car parking

Lot
29
Auction
23rd October 2014
Rent
£46,300 per Annum Exclusive
Status
Sold
Price
£730,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of a Major Bank

Important Update Interested?

Expand
Photos
Map

Freehold Office Investment

Town Centre Office and Retail Building
Approximate 1,126 sq m (12,123 sq ft)
Town centre location
Active management/redevelopment potential (subject to consents)
May benefit from Residential Permitted Development Rights
Undercroft car parking

Lot 29
Auction 23rd October 2014
Rent £46,300 per Annum Exclusive
Status Sold
Price £730,000
Sector
Office
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of a Major Bank

Property Information

Location

Miles: 9.3 miles south of Gillingham; 17 miles north-east of Tunbridge Wells; 37 miles south-east of London
Roads: A229, London Road (A20), A249, M20 (Junction 6)
Rail: Maidstone East Railway Station, Maidstone West Railway Station
Air: London Heathrow Airport, London Gatwick Airport, London City Airport

Situation

Maidstone is the county town and administrative centre of Kent. The property is situated in the heart of the town centre occupying a prominent corner position on the north of Medway Street and Fairmeadow. The property is situated within the main retail/office hub of Maidstone within a short walking distance to the major Fremlin Walk Shopping Centre, Week Street and The Royal Star Arcade.

Tenure

Freehold.

Location

Miles: 9.3 miles south of Gillingham; 17 miles north-east of Tunbridge Wells; 37 miles south-east of London
Roads: A229, London Road (A20), A249, M20 (Junction 6)
Rail: Maidstone East Railway Station, Maidstone West Railway Station
Air: London Heathrow Airport, London Gatwick Airport, London City Airport

Situation

Tenure

Freehold.

Description

The property is a substantial office building with frontages to Medway Street and Fairmeadow and comprises office accommodation on part ground floor and 3 upper floors. The property benefits from undercroft car parking.

Planning
The property may be suitable for alternative uses such as a hotel (subject to consents) or residential conversion (may benefit from Permitted Development Rights).

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
26-28 Medway Street	Ground	Office	129.30 sq m	(1,397 sq ft)	GO TRAIN LIMITED (1)	3 years from 25th June 2014 (2)	£7,800	(24th June 2014)
26-28 Medway Street	First Second Third	Office Office Office	140.80 sq m 140.80 sq m 137.60 sq m	(1,516 sq ft) (1,516 sq ft) (1,481 sq ft)	VACANT POSSESSION
21-22 Fairmeadow	Ground First Second Third	Office Office Office Office	30.50 sq m 183.40 sq m 183.40 sq m 180.00 sq m	(328 sq ft) (1,974 sq ft) (1,974 sq ft) (1,938 sq ft)	GO TRAIN LIMITED (1)	3 years from 25th June 2014 (2)	£38,500	(24th June 2014)
Totals			1,125.80 sq m	(12,124 sq ft)			£46,300

(1) Go Train Limited was incorporated in 2007 and for the year ending 31st October 2013 reported a net Worth of £1.274,169. (Riskdisk: 15/09/14)
(2)The lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954 and provides for a mutual rolling option to determine the lease.