3 King Street Gillingham Kent ME7 1EY

3 King Street
Gillingham
Kent
ME7 1EY

Freehold Restaurant and Residential Investment

Ground and Lower Ground Floor Restaurant with 6 room flat on First Floor
Restaurant Let until 2034 (No Breaks)
Popular Town Centre Location within 180 metres of Gillingham Railway Station
Nearby Occupiers include Iceland, Costa, Poundland, New Look and Sports Direct

Lot
40
Auction
18th May 2023
Rent
£36,000 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
Live Streamed Auction
On Behalf of Joint LPA Receivers

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Freehold Restaurant and Residential Investment

Ground and Lower Ground Floor Restaurant with 6 room flat on First Floor
Restaurant Let until 2034 (No Breaks)
Popular Town Centre Location within 180 metres of Gillingham Railway Station
Nearby Occupiers include Iceland, Costa, Poundland, New Look and Sports Direct

Lot 40
Auction 18th May 2023
Rent £36,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
High Street Retail, Residential
Auction Venue
Live Streamed Auction
On Behalf of Joint LPA Receivers

Property Information

Location

Miles: 8 miles north of Maidstone, 30 miles east of Central London
Roads: M2, A231, A2
Rail: Gillingham Railway Station
Air: London Stanstead Airport

Situation

Gillingham is a large town in Kent with a population of over 100,000. The property is situated on the eastern side of King Street in the busy town centre, within 180 metres (200 yards) of Gillingham Railway Station. Nearby occupiers include Wilko, Costa, Poundland, New Look and Sports Direct.

Tenure

Freehold.

Location

Miles: 8 miles north of Maidstone, 30 miles east of Central London
Roads: M2, A231, A2
Rail: Gillingham Railway Station
Air: London Stanstead Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor restaurant and lower ground floor ancillary accommodation together with a self-contained six room plus kitchen and WC flat on the first floor. The residential upper parts are accessed via a separate door fronting King Street.

VAT

VAT is not applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint LPA Receivers and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability. The Receivers are not bound to accept the highest or any offer.

Completion Period

Six week completion

EPC

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

Description

VAT

VAT is not applicable to this lot.

Note

Completion Period

Six week completion

EPC

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

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Review/(Reversion)
Ground Lower Ground	Restaurant Ancillary	88.20 95.50 (1)	(949) (1,027) (1)	GURKHAS INN LIMITED t/a Sizzling Lounge (2)	12 years from 25/10/2022	£36,000	25/10/2027 (24/10/2034)
First	Residential	6 rooms plus kitchen and WC (3)		-	-	-
Total Approximate Commercial Floor Area		183.70	(1,976)			£36,000

(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
(2) Sizzling Lounge is a popular Indian and Nepalese restaurant (www.sizzlinglounge.co.uk).
(3) The Receivers and the Auctioneer have been unable to inspect the upper floors of the Property and therefore no information regarding the layout, condition and occupation of the upper floors of the Property is available. Interested parties should refer to the legal pack for the updated Special Conditions/Auction Contract.

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.