46 - 50 High Street Grays Essex RM17 6NA

46 - 50 High Street
Grays
Essex
RM17 6NA

Freehold Bank Investment

Entirely let to Bank of Scotland Plc - part of Lloyds Banking Group Plc
New 15 year lease from 27th June 2017 until June 2032 (no breaks)
Favourable alienation provisions within the lease
Large site to rear with parking for about 8 cars
Prominent pedestrianised town centre location opposite Grays Shopping Centre and Boots the
Chemist
VAT-free Bank Investment

Lot
5
Auction
19th October 2017
Rent
£47,000 per Annum Exclusive
Status
Sold
Price
£907,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Interested?

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Freehold Bank Investment

Entirely let to Bank of Scotland Plc - part of Lloyds Banking Group Plc
New 15 year lease from 27th June 2017 until June 2032 (no breaks)
Favourable alienation provisions within the lease
Large site to rear with parking for about 8 cars
Prominent pedestrianised town centre location opposite Grays Shopping Centre and Boots the
Chemist
VAT-free Bank Investment

Lot 5
Auction 19th October 2017
Rent £47,000 per Annum Exclusive
Status Sold
Price £907,000
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 9 miles north-east of Dartford, 23 miles east of Central London
Roads: A13, M25
Rail: Grays Railway Station
Air: London City Airport, London Southend Airport

Situation

Grays is the largest town in Thurrock, located two miles from the Dartford Bridge/Tunnel. The property is situated in a prominent position on the west side of pedestrianised High Street and opposite the Grays Shopping Centre. Nearby occupiers include Boots the Chemist (opposite), Holland & Barrett, Sports Direct and a number of high street banks. Grays Railway Station is situated some 50 metres to the south.

Tenure

Freehold.

Location

Miles: 9 miles north-east of Dartford, 23 miles east of Central London
Roads: A13, M25
Rail: Grays Railway Station
Air: London City Airport, London Southend Airport

Situation

Tenure

Freehold.

Description

The property comprises a double fronted bank (48-50 High Street) arranged on the ground and first floors, and a shop (46 High Street) arranged on the ground floor only. The property benefits from car parking at the rear for approximately 8 cars.

VAT

VAT is not applicable to this lot.

Note

The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dun & Bradstreet rating of 5A1 or better for the three years preceding the date of any proposed assignment or (where the original tenant is the assignor only) to a group of the original tenant and if the lease is assigned to a group company of the original tenant then no further assignment is allowed. The landlord can require an AGA.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Note

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
48-50 46	Ground First Ground	Banking Hall/Offices Offices/Ancillary Retail (sublet) (2)	261.20 sq m 174.40 sq m 53.40 sq m	(2,812 sq ft) (1,877 sq ft) (575 sq ft)	BANK OF SCOTLAND PLC (1) t/a Halifax	15 years from 27/06/2017 until 26/06/2032 on a full repairing and insuring lease	£47,000	26/06/2022 and 26/06/2027
Total			489.00 sq m	(5,264 sq ft)			£47,000

(1) Bank of Scotland was founded in 1695 and is Scotland's oldest bank. In 2009, it was acquired by Lloyds TSB, with the new entity named as Lloyds Banking Group. The acquisition created the largest retail bank in the UK. For the year ending 31st December 2016, Bank of Scotland Plc reported pre-tax profits of £3,395,000,000 and a total net worth of £13,338,000,000 (Sources: www.bankofscotland.co.uk and Experian Group 18/08/2017).
(2) 46 High Street has been sublet to Dr Han Chinese Medicine.