Investment For Sale

Retail - Rochester

LOCATION
The property is located in a busy parade of shops in the precinct area of Rochester, which hosts a large selection of independent traders from Costa Coffee to Amazing Space Day Spa.
It is also close to the Rochester Cathedral which attracts a large number of tourists each day.

DESCRIPTION
The property is set in the pedestrianised zone of Rochester High Street.
The property itself comprises of a retail unit at ground level with a basement and small yard to the rear and a one bedroom residential flat above.

TERMS
We are inviting offers in the region of £335,000 for the freehold interest.

TENANCY SCHEDULE
The ground floor retail unit, basement and small rear yard is let to MIND (The Mental Health Charity) on a 10 year lease, expiring in September 2026 at an annual rent of £16,750.
There is an outstanding Rent Review from 2021 which is in the process of being negotiated.
There is a Schedule of Condition attached to the lease in respect of the basement which limits the repairing responsibility of the tenant, to leaving the basement in now worse condition than that evidenced by the Schedule of Condition.

Sales Area 822 Sq Ft 76.4 Sq M
Kitchenette 377 Sq Ft 35.0 Sq M
Basement Storage 398 Sq Ft 27.7 Sq M

The upper floors which is a one bedroom flat, have been sold on a lease for a term of 125 years from 29th September 1990, producing s ground rent of £250 per annum – which doubles via
pre-determined increases every 25 years thus will increase to £500 in September 2040.

VIEWINGS
Strictly via the sole selling agent Cooking Rudling Ltd on 0121 212 1701
Email: mail@cookerudling.com

CODE OF PRACTICE
Cooke Rudling Ltd support the aims and objectives of the Code of Practice on Commercial Leases in England and Wales.
We strongly recommend that you seek professional advice from a qualified Surveyor, Solicitor or Licensed Conveyancer before agreeing or signing a Business Tenancy agreement.

The Code is available through professional institutions and trade associations or at the website www.commericalleasecode.co.uk