9,600 sq ft
Investment Property, Offices, Development (Land & Buildings)
|Property Type||Investment Property, Offices, Development (Land & Buildings)|
|Size||9,600 sq ft|
|Energy Performance Rating||This property has been graded as 80 (D)|
Lonsdale Gate is well situated in the affluent town of Tunbridge Wells just a few minutes drive from the A26 Mount Pleasant Road. The premises are adjacent to Tunbridge Wells mainline railway station which provides a regular service into central London (London Bridge - 46 mins, London Waterloo - 51 mins). Lonsdale Gardens is a private road which contains a mixture of offices and residential properties. On street parking is available for the use of the occupiers and is regulated via a private security company. Just a few minutes walk are numerous town centre amenities including shops, leisure facilities, and restaurants, with the main town centre and Pantlies www.thepantiles.com being only 10 minutes walk away.
The property comprises an office building arranged over ground and three upper floors with 38 car parking spaces to the rear of the property. We understand that the building was constructed in the late 1980's and is of concrete frame construction with brick elevations under a pitched tiled roof.
- Suspended ceilings with category 2 lighting
- Raised access floors
- Gas fired central heating
- 6 person passenger lift
Offers sought in excess of £4.20 million for the freehold interest subject to income of £140,220 pax rising to £216,000 pax from March 2019. A purchase at this level represents a capital value of £313 per sq ft net for the building and £5.71m per acre for the rear development site.
The building and site are held freehold under title K672423.
The occupational lease has recently been surrendered and a new lease granted on the following terms:
- New lease dated 10 September 2018 expiring 31st December 2019.
- Tenant - Thompson Snell and Passmore LLP www.ts-p.co.uk.
- There is a tenant only option to determine the lease from the 25th June 2019 on 1 month prior written notice (further information from the agent).
- The current passing rent is £140,220 per annum, exclusive (£14.60 per sq ft) rising to £216,000 per annum, exclusive (£22.50 per sq ft) from 25th March 2019. There is excellent scope for further significant reversion in the office rent. Indeed, rents in the town have now reached the late £20's with very limited new or refurbished stock coming to the market for the foreseeable future.
- Fully repairing, subject to a Schedule of Condition (the tenant will not be expected to hand back the premises in any better repair and condition than documented within the schedule).
- The new lease is held outside of the security of tenure and compensation provisions of the 1954 Landlord and Tenant Act.
The exisiting office building has been granted Notification for Prior Approval for a Proposed Change of use from Office Use (Class B1(a)) to Dwellinghouse (Class C3) to create 15 flats. Reference 17/03739/PNOCLA. Full information can be found on the Tunbridge Wells Borough Council website.
Furthermore, the vendor has had a successful pre-application meeting with the planning authority for the creation of 9 x high quality residential units over 5 floors in a contemporary style. Please see design principles and artist's impressions provided by Re-Format Architects (Rex Milton/Dan Brunt - 01730 778778). Positive feedback was received from the council, which is set out in a pre-application statement dated 18th July 2018 ref 18/01970/PAMETT (available on request).
The office building provides the followign approximate floor areas:
Floor | Sq ft | Sq m
Reception | 160 | 14.86
Ground floor office | 2,277 | 211.54
First floor office | 3,046 | 282.98
Second floor office | 3,046 | 282.98
Third floor office | 3,046 | 282.98
Total | 9,600 | 891.86
The above floor areas have been measured on an NIA basis.
Note: Gross measurements and CAD plans are available on request.
The property is elected for VAT and will be applicable to the purchase.
The site lies within the Tunbridge Wells Conservation area and also falls within the Royal Tunbridge Wells and Southborough local character area which is described as urban.
Further information including plans (PDF and CAD), title information, pre-application information etc. can be downloaded from the data room. Access on request.