TN1 55-57 Grosvenor Road, Tunbridge Wells

Retail and ground rent investment for sale. Shop leased as a barbers, two flats above with a little over 75 years remaining on each lease.

This property is at the end of a terrace of similar-style retail and residential buildings. The property comprises a ground floor retail premises, with basement area currently trading as a barber, having done so for around 20 years. The upper parts comprise 2 no. self-contained one-bedroom flats, which have been sold off.

Tenure - Freehold, subject to the tenancies as described below.

Tenancies - Retail:

Lease Terms: Let to Storm 1st Ltd. for a period of 15 years from 20th July 2011.

Rent: Current passing rent of £12,000 per annum, exclusive of all other outgoings.

Repairing & Insuring Liabilities: The commercial tenant is responsible for a contribution of 50% to the landlord for repairs and maintenance to the building.

Tenancies - Residential:

1st & 2nd floors - Each held on separate 99-year leases from 25/03/2001. The ground rents are £100 pa for each, with fixed uplifts of £50 per annum, at every 25th year interval, the next being 25/03/2026.

Each tenant has a 25% contribution to the freeholder for repairs and maintenance.

Grosvenor Road is a secondary retail location close to the Royal Victoria Place Shopping Mall, with large multi-storey car parks nearby and close proximity to the centre of town. Grosvenor Road is one of the main arterial routes into the town centre. This location is made up of a wide variety of local traders.