This substantial three-storey property is located in the centre of Maidstone in Kent. The premises consists of (1) a ground floor commercial property currently sublet and trading as a grill restaurant and (2) a 10-room HMO on the first and second floors comprising 9 bedsits and a 1-bedroom flat.
The vendors have over 20 years remaining on their current lease, and already generate a profit by subletting the entire premises. We believe there is scope to increase the net income and the potential return on investment by improving the occupancy rate, increasing the rents payable and also self-managing the property (the vendors currently use a lettings agency and pay commission accordingly).
The entire premises are held on a 35-year lease from October 2008 at a current annual rent of £36,000. The shop is sublet to commercial tenants on a 20-year lease from November 2010 at a current annual rent of £23,000. The 10 upper floor rooms are sublet to residential tenants on separate rental agreements with rents currently ranging between £295 pcm and £490 pcm.
Ref: M34487Z LEASEHOLD: £85,000
Full sales details available at www.emfgroup.com
Is accommodation included?: