Weald Court, 101-103 Tonbridge Road

Key Features

• Grade A office building totalling 19,192 sq ft located in Hildenborough (Tonbridge)
• Multi-let to 3 tenants producing £330,972 pax (£17.03 per sq ft)
• 1.5 acre freehold site with 92 parking spaces (1:208 sq ft) & EV charging points
• Offers sought in excess of £3,655,000 reflecting a Net Initial Yield of 8.50% and a loc cpaital value of £176 per sq ft

Description

Weald Court is a self-contained, two storey, purpose built office building providing modern, open plan office accommodation on ground and 1st floor levels, together with basement storage.

In addition to the offices, the building is provided with a generous 92 on site car parking spaces, providing an excellent parking ratio of 1:208 sq ft. The property is considered well located for access on to the A21, Tonbridge town centre as well as
Hildenborough train station.

Available area

The accommodation comprises the following areas:

Location

Weald Court is in the Tonbridge suburb of Hildenborough, approximately 2.3 miles northwest of Tonbridge town centre. The property is prominently located on the B245 Tonbridge Road in central Hildenborough, that connects Tonbridge
with the A21 (which connects the South Coast to the M25) and junction 5 of the M25.

Hildenborough train station is within easy access of the building by car (approximately 1.3 miles west of the property) and provides a regular rail service to both London Bridge and Charing Cross stations in under 41 minutes.

Tenany Info

The property is fully let with a WAULT to expiries of 2.63 years and 85% of the income is secured against Dun & Bradstreet 5A1 rated companies. Please see attached brochure for a detailed tenancy schedule.

Redevelopment Potential

The current owners of the building have gained some initial advice from specialist planning advisors who have stated that, subject to obtaining the necessary planning permission, the property and site is considered potentially suitable (STP) to accommodate
the following alternative redevelopment uses: care home, residential, educational, medical & training.

Site Area

The property is held freehold and the site totals approximatley 3.2 acres. The area of the developed part of the site is approximately 1.5 acres.

VAT

The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC).

Proposal

Offers are sought in excess of £3,655,000 (Three Million Six Hundred & Fifty Five Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect a Net Initial Yield of 8.50% and a low capital value of £176 per sq ft assuming standard purchasers costs of 6.51%.