The property is situated in the northern commercial part of Folkestone on the north side of Park Farm Industrial Estate. The town centre is approximately 1.9 km (1.2 miles) to the south. Local occupiers include Pets at Home, Sainsbury's, McDonalds, Argos, Homebase, Wickes, Screwfix, Plumbase, Howdens, Halfords, Currys PC World, PureGym.
Transport communications are excellent. J13 of the M20 is only 800 m to the west of the property via the A259. The Channel Tunnel freight terminal is located circa 3.0 km (1.9 miles) to the west of the property. Dover Cargo Terminal is only 10.55 km (6.56 miles) to the north east. Folkestone West Station is situated 1.55 km (0.96 miles) to the south west and provides direct, high speed rail links to London Stratford Station, with a journey time of only 44 minutes and St. Pancras International with a journey time of 53 minutes. Ashford International Station has a journey time of 17 minutes.
Gross internal area 5287.31 sq.m. /56912 sq.ft.
Total income passing p.a.: £305,025
The property comprises a number of industrial warehouse / trade counter units, occupying a site of circa 2.64 acres. The property is fully let and currently producing an annual rent of £305,025.
Units 1, 2, 3a & 3b, which are all intercommunicating units are let on three separate leases to Folkestone Fixings Ltd and generating a current aggregate passing rent of £255,025 pa. The leases expire in June 2026. These units have a combined gross internal area of 4,751.54 sq.m (51,146 sq.ft) of which approximately 88% of the space is at ground floor level. The covenant strength of Folkestone Fixings Ltd is good - the latest accounts report net assets of £7.2m as at September 2020.
Unit 4 is let to Multi-Tile Ltd t/a Topps Tiles and generates a current passing rent of £50,000 pa. There is a rent review due in February 2022. The lease expires in February 2027. This unit has a gross internal area of 535.77 sq.m (5,767 sq.ft) of which approximately 82% of the space is at ground floor level. The covenant strength of Multi-Tile Ltd is excellent - the latest accounts report net assets of £203.5m as at September 2020.
Freehold for sale subject to the various fully repairing leases.
Rateable value: £207,000
Estimated Rates Payable: £102,051 per annum
Service charge: N/A
Local authority: Folkestone & Hythe District Council