PROPERTIES

Colman House, King Street, Maidstone, Kent ME14 1DN

Colman House, King Street, Maidstone, Kent ME14 1DN

  • Price£11,000,000
  • Income£1,024,905
  • SectorOther
  • StatusAvailable
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    High Yielding Mixed Use Opportunity with Asset Management, Break Up and Alternative Use Potential

    Summary

    • Colman House is situated in a highly prominent position at the intersection of Week Street and Colman Parade.
    • Three separate freehold interests.10 Week Street (Metro Bank), Colman House (7 ground and 1st floor retail units and 2nd-9th floors of offices above) and lastly a separate two storey car park and office, used as a telephone exchange.
    • 66,773 sq ft of retail and office accommodation.
    • Multi let providing a total net income of £1,024,905 pa.
    • Key tenants include; Metro Bank, Caffe Nero, Greggs, The Post Office, British Telecommunications PLC.
    • Several asset management opportunities including the potential change of use of Colman House.
    • Benefiting from key secure income from Metro Bank providing £280,000 pa expiring 2040 and BT exchange providing £94,000 pa expiring 2094.
    • As a guide a purchase at this level could reflect the following yield profile: BT income reflecting £1.76m ca. 5.00% initial yield. Retail income reflecting £4.75m ca. 11.00% initial yield. Office element reflecting £4.47m (£120 cap val psf) ca. 7.62% initial yield.