Investment property - Cheriton Road, Folkestone

£340,000

On Market

Reference: R1652


A three storey mixed use property being sold as an investment with an annual income of £21,780. The property consists of a ground floor retail unit and two one bedroom apartments over. The property is located to the centre of Cheriton Road in Folkestone and in the last three years has undergone a total refurbishment and conversion which includes full electrical rewire, gas fired heating systems and the property is fully double glazed. There is also an unconverted basement.

The premises comprise of approximately:

Retail unit: Approx. 478sqft, let on a 5 year, IRI terms with the addition of external decoration and glazing, Held outside of the Landlord & Tenant Act 1954 renewal provision. Lease commenced on the 3rd March 2022 with a 3 year rent review provision and a 3 year Tenant break option. There is no annual service charge. The unit has retail space to the front with secondary retail / office and kitchenette stores to the rear.

First floor flat: Let on an Assured Shorthand Tenancy terminating on 25th January 2023 with a passing rent of £610pcm, The flat has a reception room, separate kitchen, bathroom and double bedroom.

Second floor flat: Let on an Assured Shorthand Tenancy terminating on 29th November 2023 with a passing rent of £610pcm with increase to £630pcm on the 29th January 2023. The flat has a reception room, separate kitchen, bathroom and double bedroom.

Annual rental income: £21,780.00

Freehold Price: £340,000

EPC:                                  Rates & Council tax Band:

Retail: Rate 47 - B             £3850/A  Relief 100% maybe available 

Flat 1: Rate 56 - D             Band A

Flat 2: Rate 66 - D             Band A

Folkestone town centre is a short distance away where you will find the Bouverie Place Shopping Centre with excellent car parking facilities, the harbour, the new improved harbour arm, the famous Leas Promenade and the seafront below are only a short distance away from the town centre. The high speed rail link to London’s St Pancras is easily accessible and the Channel Tunnel being only an 8 minute drive away.

  • Investment property returning £21,780 per Annum
  • Retail shop with two 1 bedroom apartments over
  • The property has undergone conversion and full refurbishment in the last three years
  • Located in Cheriton Road- 10 Minute walk from Folkestone town centre
  • Gas central heating to all floors
  • Double glazed
  • Spacious apartments with double bedrooms, kitchen and separate reception rooms.
  • Retail unit with two retail areas and kitchen/stores