10–15 Market Place

Bexleyheath
Kent

Acquired unconditionally in 5 days from Flowdrive. The occupier, FADS, was known to be keen to surrender their remaining lease.

10 – 15 Market Place commanded a very good position in the town and provided large open plan retail accommodation, ideal for the larger discount space users.

Following the acquisition, a premium was paid to FADS to complete an immediate lease surrender and the property prepared for marketing.

Having identified a number of multiple retailers, an individual made an approach to acquire the FH and the property was sold with VP in less than 6 months from purchase.

The unit has, since disposal, been occupied by ALDI and more recently Mothercare who remain in occupation.

STRENGTHS

  • Excellent town centre position
  • Adjacent to the town centre bus stop
  • Large unbroken floor plate

OPPORTUNITIES

  • To take a surrender to offer the property to the market
  • To realise ERV, a rent well above that paid by FADS
  • To market a large quantum of space, stock which was not readily in supply

WEAKNESSES

  • FADS rent below market value
  • FADS lease had a reasonable unexpired period
  • FADS would require a premium to vacate

Threats

  • Whilst discussions had taken place, final agreement of the premium payable to FADS was not agreed
  • The fabric of the building was in need of identified repair
  • Void risk once the surrender was completed