9-17 sandgate road, folkestone, ct20 1sb
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9-17 Sandgate Road, Folkestone, CT20 1SB
Freehold Town Centre Retail Investment with Significant Redevelopment Potential
Highlights
o Exceptionally prominent town centre retail investment
totalling approximately 3,116.6 sq m (33,547 sq ft)
o Current income of £250,000 per annum
o Let to Wilko Retail Limited (D&B Rating 5A1) for 8.07
years unexpired
o Tenant has been in occupation for over 12 years
o Potential for future sub-division and change of use of
upper parts, subject to planning
Offers in excess£2,500,000
Total income£250,000
Yield9.40%
National Investment
Folkestone is a major retail and commercial
centre situated on the south east coast of
Kent, approximately 70 miles (113 km) south
west of central London and 7 miles (11 km)
south west of Dover.
The town benefits from excellent road
communications being located at the eastern
end of the M20 which provides direct access to
Ashford, Maidstone, the M25 and London.
Folkestone also marks the eastern end of the
A259 south coast trunk road.
The town is served by two mainline railway stations,
Folkestone Central and Folkestone West which
provide regular services to nearby centres and
London. The terminus of the High Speed 1
(previously known as the Channel Tunnel Link) is
situated to the north of the town. The nearest
international station is Ashford which provides high
speed trains to the continent.
Location
National Investment
The property is situated on a pedestrianised section to the eastern side of Sandgate Road between West
Terrace and West Cliff Gardens which forms the primary retail thoroughfare in Folkestone.
Sandgate Road benefits from strong pedestrian flow comprising a wide variety of retail, leisure, financial
and professional services. Surrounding occupiers include; Debenhams, Lloyds Bank, Topshop, WH Smith
and Superdrug, amongst others.
Folkestone railway station is located within a 12 minute walk (0.6 miles) to the north west of the subject
property.
Situation
National Investment
Accommodation & Tenancy Schedule
Description
The property comprises an attractive and
prominent retail unit arranged over basement,
ground and two upper floors.
The property benefits from a high quality glazed
frontage on to the primary pedestrianised
element of Sandgate Road, the prime
pedestrianised retail pitch in Folkestone.
Tenure
Freehold.
Tenant Demise Area
(sq ft)
Lease
Start
Lease
Expiry
Rent
Review
Effective
Rent (£ p.a.)
Wilko
Retail
Limited
B 350
16/07/2007 15/07/2027 16/07/2022 £250,000GF
17,444
F113,330
F2 2,423
TOTAL 33,547 £250,000
Covenant
Wilko Retail Limited
Wilko Retail Ltd., formerly Wilkinson Cash Stores (1930 - 1941) and Wilkinson Hardware Stores (1941 -
2014) is a British High Street chain which sells homeware and household goods. The company was
founded in Leicester by James Kemsey Wilkinson in 1930, and remains in the hands of the founding family
today.
The Wilko product range concentrates on household essentials; including homewares, textiles, DIY,
cleaning products, health and beauty lines, stationery, confectionery, pet products, kitchen and bathroom
goods. A large proportion of the range is made up of own-label products sold under the Wilko brand, but
like other retailers, Wilko has since expanded into selling private label brands as well.
In the financial year ended 2019, Wilko Retail has made significant progress on strengthening commercial
and financial controls with a focus on strategic cash control and financial discipline. The company has
increased its profit before tax, generated positive free cash flow and increased net assets as per the below
recorded financial information:
28/01/2017 03/02/2018 02/02/2019
Turnover £1,512,763,000 £1,619,577,000 £1,508,690,000
Pre Tax Profits £5,198,000 -£65,030,000 £25,049,000
Total Net Worth £142,450,000 £87,062,000 £90,601,000
National InvestmentC
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Ronnie Morgan
Surveyor
+44 (0)20 7543 6808
Liam Stray
Senior Surveyor
+44 (0)20 7543 6769
EPC
An EPC is available in the dataroom.
VAT
We understand the property has been elected for VAT. It is anticipated that the sale will
be treated as a Transfer of Going Concern (TOGC).
Dataroom
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/sandgateroad
Proposal
We are instructed to seek offers in excess of £2,500,000 (Two Million, Five Hundred
Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive
Net Initial Yield of 9.40% after allowing for standard purchaser’s costs.
Co
nta
cts Ronnie Morgan
Surveyor
+44 (0)20 7543 6808
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. 07.19
Philip Parsons
Partner
+44 (0)20 7543 6891