Apple Court was built approximately 8 years ago and is a substantial 4 story brick building under pitched tiled roofs, comprising 4 retail units and a large garage on the ground floor with 11 flats on the upper floors. To the rear is a small car park offering parking for approximately 6 cars.
The flats are accessed from the car park via two separate hallways and landings.
The property has been well maintained internally and externally and may offer the potential, subject to planning, to create an additional flat or flats over the garage area which is only 2 storeys. There may also be potential to convert the garage at some point in the future.
( Agency Pilot Software Ref: 893882 )
Location
Apple Court is a modern four story building prominently located at the junction of Home Gardens and Suffolk Road, adjacent to Subway and opposite Prospect Place shopping centre, where retailers include M&S, TK Max, Pizza Hut, Asda, Costa and B&Q amongst others. The heart of Dartford’s retail area and The Priory Shopping Centre lie a short distance away down Hythe Street which is itself home to many local traders, takeaways and restaurants. Dartford Train Station is just a 4 minute walk away and provides direct and regular services to London Bridge, Charing Cross, Cannon Street and London Victoria. Dartford is located on junction 1 of the M25 motorway and provides excellent access to the A2, M2, M20 and wider motorway network.
Accommodation
The 4 shops are regular in shape with their own WC facilities and are fitted out in varying styles according to the nature of the business. We have measured them in accordance with the RICS code of measuring practice and calculate that they offer the following net internal floor areas:
Metric (m2) Imperial (ft2)
Shop A 49.5 (533)
Shop B 36.37 (391)
Shop C 36.89 (397)
Shop D 39.92 (430)
The garage has a gross internal area of 42.53 sq m (458 sq ft) and a shell finish of blockwork with concrete floors and ceilings. It benefits from an electric roller shutter door.
All of the flats (with the exception of flat 1) are of a similar size and layout, with open plan lounge / kitchens, 1 double bedroom and bathroom with bath, WC and hand basin. They have carpet / vinyl flooring, modern fitted kitchens and benefit from double glazing, gas fired central heating, gas hobs, electric ovens, and Juliet balconies to the lounge.
Terms
Tenancy Details
The ground floor is fully let to 5 tenants on effective full repairing and insuring terms. There are 7 upper floor flats fully let on AST’s and a further 4 which have been sold off on long leases. Further details are set out in the tenancy schedule. The total current passing rent is £XXX per annum exclusive. The 4 flats which have been sold on long leases each currently pay a service charge of £XXXpa.
PROPOSAL £XXXm is sought for the freehold interest, in the whole property subject to and with the benefit of all the leases detailed in the tenancy schedule. After allowing for purchasers costs of 6.02% this would show a net initial yield of 7%. Subject to Contract
LEGAL COSTS & VAT Each party is to bear their own legal costs associated with the transaction. We understand that no election to tax the property has been made and VAT will not therefore be payable on the purchase price.
ENERGY PERFORMANCE CERTIFICATE All EPC’s are available upon request or to view in the data room.
Specification
• Attractive and modern building in town centre location
• Fully let retail and residential investment opportunity
• 4 ground floor retail units, 1 garage / workshop and 11 flats
• Potential to develop further (subject to planning)