22 High Street

Whitstable

Acquired with vacant possession, this property was purchased unconditionally.

With known retailer requirements in the town, the decision was made to progress with Specsavers given the parties had previously transacted in Redhill.

Planning consent was obtained for the conversion of the upper parts to residential and following the remodelling of the retail, the upper parts were refurbished and sold.

Separately, the retail was sold to an investor who had recently failed to acquire another Whitstable high street store.

STRENGTHS

  • Prime pitch in the town
  • Sale with vacant possession
  • Known retailer requirements

OPPORTUNITIES

  • To lease the shop to one of a number of known multiple retailer requirements
  • To separate the upper parts and develop into residential apartments

WEAKNESSES

  • Other retailer interest in the store led to increased entry price
  • Lack of car parking a concern for residential refurbishment of the uppers
  • Shop needed a small extension to suit Specsavers

Threats

  • Competition from other retailers during the acquisition
  • Planning risk
  • Lack of car parking (not uncommon in Whitstable) hampering residential sales