8 St. George's Street Canterbury Kent CT1 2SR

8 St. George's Street
Canterbury
Kent
CT1 2SR

Prime Retail Investment in Historic City Centre

Let to Warren James (Jewellers) Limited
March 2019 tenant break option not exercised
Open market rental increase from £45,000 pa to £58,000 pa at March 2019 Rent Review
Prime location in historic and touristic cathedral city
Adjacent to Marks & Spencer, and close to Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith

Lot
7
Auction
12th February 2020
Rent
£58,000 per Annum Exclusive
Status
Sold
Price
£715,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN
On Behalf of Trustees

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Prime Retail Investment in Historic City Centre

Let to Warren James (Jewellers) Limited
March 2019 tenant break option not exercised
Open market rental increase from £45,000 pa to £58,000 pa at March 2019 Rent Review
Prime location in historic and touristic cathedral city
Adjacent to Marks & Spencer, and close to Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith

Lot 7
Auction 12th February 2020
Rent £58,000 per Annum Exclusive
Status Sold
Price £715,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN
On Behalf of Trustees

Property Information

Location

Miles: 28 miles east of Maidstone; 60 miles south-east of Central London
Roads: A2, A28, M2, M20
Rail: Canterbury East, Canterbury West
Air: London Gatwick

Situation

Canterbury is an historic Cathedral City, popular with tourists and home to the University of Kent, Canterbury Christchurch University and the University College for Creative Arts. The property is situated in a prime retailing location on the south-west side of the pedestrianised St George's Street, Canterbury's main retailing location. The property is adjacent to a large Marks & Spencer store, and close to other retailers including Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith. Whitefriars Shopping Centre is a very short walk away.

Tenure

Long Leasehold. Held from Canterbury City Council for 99 years from 17/12/1996 until 16/12/2095 with an option to renew for a further 51 years at expiry (thus having potentially 126 years unexpired), at a geared head rent of the higher of 13.5% of rents received or £2,500 per annum for the first 75 years and £5,000 per annum thereafter.

Location

Miles: 28 miles east of Maidstone; 60 miles south-east of Central London
Roads: A2, A28, M2, M20
Rail: Canterbury East, Canterbury West
Air: London Gatwick

Situation

Tenure

Description

The property comprises a three storey building, arranged as a ground floor shop with mezzanine, first and second floor ancillary accommodation.

VAT

VAT is applicable to this lot.

EPC

Band E. See legal pack at acuitus.co.uk

Description

The property comprises a three storey building, arranged as a ground floor shop with mezzanine, first and second floor ancillary accommodation.

VAT

VAT is applicable to this lot.

EPC

Band E. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Gross Rent p.a.x
Ground Mezzanine First Second	Retail/Ancillary Ancillary Ancillary Ancillary	107.37 sq m 11.96 sq m 107.74 sq m 30.43 sq m	(1,155 sq ft) (129 sq ft) (1,159 sq ft) (327 sq ft)	WARREN JAMES (JEWELLERS) LIMITED (1)	10 years from 21/03/2014 until 20/03/2024 on a full repairing and insuring lease	£58,000
Total		257.33 sq m	(2,770 sq ft)			£58,000

(1) For the year ending 31st March 2018, Warren James (Jewellers) Limited reported a turnover of £117,917,000, pre-tax profits of £40,200,000 and a total net worth of £125,282,000 (Source: Experian Group) and operates from about 220 stores around the UK (www.warrenjames.co.uk).

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.