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GOAD plan
Promap
  • For Sale
  • Offers Over £1,060,000
  • 60-68 High Street, Ramsgate, Kent, CT11 9RS
  • Prime Retail Investment & Development Opportunity

Prime Retail Investment & Development Opportunity

| November 23, 2020

Executive Summary

  • A prominent two-storey multi-let building with retail use throughout located in the heart of Ramsgate town centre with a total gross internal area of 13,760 square feet (1,278.72 square metres).
  • The property has 4 separate tenants and the total current passing rent is £106,083 per annum. Subject to appropriate consents being obtained the property offers long term development potential.
  • Nearby occupiers include WH Smith, British Heart Foundation, New Look, Holland & Barrett, Boots, Caffe Nero, HSBC, Shoe Zone, Specsavers, Santander and Peacocks.
  • Offers are invited in excess of £1,060,000 for the freehold interest, which represents an approximate gross yield of 10% or approximately £77 per square foot capital value, subject to contract.

Location
The property is in the seaside town of Ramsgate (Thanet, east Kent), in a prime position on the High Street, at the junction with George Street. The main beachfront promenade is only a short walk away. Ramsgate station is within walking distance (0.7 miles away) providing a regular train service into London (operated by Southeastern with journey times of 1 hour 20 mins into London’s Kings Cross or 1 hour 10 minutes into Stratford International). The closest junction of the A299 is 1.5 miles to the west and links directly to the M2 within 25 miles. The town is 20 miles north of Dover, the major ferry port for the South East of England. Nearby occupiers include WH Smith, British Heart Foundation, New Look, Holland & Barrett, Boots, Caffe Nero, HSBC, Shoe Zone, Specsavers, Santander and Peacocks.

Please note all times and distances given are approximate only.

Description
The property is arranged over two floors and comprises of 4 retail units. Approximately 47% of the passing rent is received from Pilgrims Hospices (62 High Street & 11 George Street) east Kent’s largest hospice charity who have a total of 33 shops and have been in occupation since 2011. Cats In Crisis (64 High Street) have been in occupation since 2016. Both of these tenants benefit from rebased rents as detailed below. To the rear of the property is a loading bay and car parking for approximately 6 cars.

Please refer to the brochure for the accommodation and tenancy schedule.

Development
The property sits on a site measuring approximately 0.2808 acres (1,136.32 square metres). Subject to appropriate consents being obtained the property offers long term development potential for a significant mixed-use scheme. A development appraisal for the site has been commissioned and is available to interested parties on request. Alternatively it is also possible that a scheme could be implemented under Permitted Development, subject to appropriate consents being obtained.

Terms
Offers are invited in excess of £1,060,000 for the freehold interest, which represents an approximate gross yield of 10%, subject to contract. This equates to approximately £77 per square foot capital value.

Tenure
The freehold interest is to be sold subject to the existing tenancies.

VAT
We understand that the building is elected for VAT. We expect the sale can be treated as a transfer of a going concern (TOGC), although all interested parties are advised to seek appropriate professional advice.

Data Room
A data room has been set up and access is available on request.

Viewings
Viewings are strictly by appointment through sole agents Harston&Co.

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The Site and all the content on the Site is provided for use "as is" and "as available" and any reliance upon the same is at your sole risk. Whilst We take all reasonable care to ensure that the content on this Site is accurate, We cannot guarantee its accuracy and We reserve the right to change the content on this Site at any time. We make no representations or warranties of any kind with respect to this Site or the content of the Site, including any text, graphics, advertisements, links or other items. Further more, neither We nor any other contributor to this website make any representation or gives any warranty, condition, undertaking or term either expressed or implied as to the condition, quality, performance, accuracy, fitness for purpose, completeness or freedom from viruses of the content contained on the Site or that such content will be accurate, up to date, uninterrupted or error free.