Entirely let to The Co-operative Bank plc (t/a Britannia, part of The Co-Operative Bank) until 2023
Located in prime town centre pitch on busy retailing thoroughfare
Tenant been in occupation for more than 40 years
Nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank
Six Week Completion
Lot 17
Auction 5th December 2013
Rent £40,000 per Annum Exclusive
Status Sold
Price £475,000
Sector Bank
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
13 miles north-west of Ipswich, 15 miles east of Bury St Edmunds
Roads
A1308, A14
Rail
Stowmarket Rail
Air
Southend, London Stansted, London City
Situation
The property is situated in a prime retail pitch on the southern side of Ipswich Street within Stowmarket town centre, a historic and affluent market town. The property is located close to Market Place, midway between the Asda Superstore at the Meadow Shopping Centre and the newly opened Morrisons Store on Milton Road South. Other nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank.
Tenure
Freehold.
Location
Miles
13 miles north-west of Ipswich, 15 miles east of Bury St Edmunds
Roads
A1308, A14
Rail
Stowmarket Rail
Air
Southend, London Stansted, London City
Situation
The property is situated in a prime retail pitch on the southern side of Ipswich Street within Stowmarket town centre, a historic and affluent market town. The property is located close to Market Place, midway between the Asda Superstore at the Meadow Shopping Centre and the newly opened Morrisons Store on Milton Road South. Other nearby occupiers include Boots the Chemist, Greggs, Specsavers, Argos and Halifax Bank.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall and storage/ancillary accommodation, with a self-contained three room residential flat on the first floor, accessed from the rear. The property also benefits from two car parking spaces and a common service yard to the rear.
VAT
VAT is not applicable to this lot.
Viewings
There will be block viewings for this property.
Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Tel: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor banking hall and storage/ancillary accommodation, with a self-contained three room residential flat on the first floor, accessed from the rear. The property also benefits from two car parking spaces and a common service yard to the rear.
VAT
VAT is not applicable to this lot.
Viewings
There will be block viewings for this property.
Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Tel: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
First
Banking Hall Strong Room/Storage Residential (2)
123.75 sq m 10.68 sq m
3 Rooms, Kitchen and Bathroom
(1,332 sq ft) (115 sq ft)
THE CO-OPERATIVE BANK PLC (1) (t/a Britannia, part of The Co-Operative Bank)
25 years from 08/07/1998 until 07/07/2023 on a full repairing and insuring lease
£40,000
08/07/2018
Total Commercial Floor Area
134.43 sq m
(1,447 sq ft) (3)
£40,000
(1) The Co-Operative Bank, trading also as Britannia and Smile, operates from more than 300 High Street branches and 22 Corporate Banking Centres throughout the UK. On 4th November 2013, The Co-Operative Group announced recapitalisation plans for The Co-Operative Bank with The Co-Operative Group to retain 30% of the Bank as the largest single shareholder (Source: www.co-operative.coop 06/11/2013). Junior bondholders, including a consortium of hedge funds, led by Aurelius Capital Management LP and Silver Point Capital LP, will take a 70% stake (Source: www.online.wsj.com 06/11/2013). (2)The tenant has sublet the first floor residential flat. (3)The floor areas stated were agreed at the 2013 review.
Contacts
Seller's Solicitors
Fladgate LLP 16, Great Queen Street London WC2B 5DG
