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Tonbridge – Shopping Centre Investment

Pavilion Shopping Centre, High Street, Tonbridge, TN9 1TE

Offers in excess of £6,600,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
9.30%

Income

£652,968 pa

Description

  • Tonbridge is a charming historic and affluent town within the county of Kent.
  • Tonbridge is prominently located within close proximity to the M25 motorway and the affluent Royal Tunbridge Wells.
  • The subject property comprises a shopping centre totalling 5,028.0 sq m (54,121 sq ft) providing 20 units.
  • National tenants account for 72% of the income and include EE, Santander, Boots, Shoe Zone, The Works and Card Factory.
  • Total contracted rent of £734,475 per annum.
  • Net Operating Income of £652,968 per annum.
  • WAULT of 5.36 years to expiry and 3.79 years to break .
  • Short term asset management opportunities to implement lease renewals and rent reviews.
  • Potential first floor redevelopment to residential, STC.
  • Freehold.
  • Offers sought in excess of £6,600,000 subject to contract and exclusive of VAT.  A purchase at this level reflects a Triple Net Initial Yield of 9.30% and a low capital rate of £122 psf, allowing for standard purchaser’s costs.