HSBC 18 North Street Bishop's Stortford Hertfordshire CM23 2LP

HSBC
18 North Street
Bishop's Stortford
Hertfordshire
CM23 2LP

Freehold Bank Investment

Let to HSBC Bank plc until 2020 (Subject to Option)
Affluent market town centre location
NB. This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.

Lot
7
Auction
21st October 2010
Rent
£66,500 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

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Freehold Bank Investment

Let to HSBC Bank plc until 2020 (Subject to Option)
Affluent market town centre location
NB. This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.

Lot 7
Auction 21st October 2010
Rent £66,500 per Annum Exclusive
Status Sold Prior
Price
Sector
Bank
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

Property Information

Location

Estimated District Population: 35,000
Miles: 25 miles north of Central London, 25 miles south of Cambridge
Roads: M11, M25
Rail: Bishop's Stortford Rail
Air: Stansted

Situation

The property is prominently located within a Conservation Area on the eastern side of North Street at its junction with Barrett Lane. Neighbouring occupiers include Lloyds TSB, Toni & Guy and Barclays Bank.

Tenure

Freehold.

Location

Estimated District Population: 35,000
Miles: 25 miles north of Central London, 25 miles south of Cambridge
Roads: M11, M25
Rail: Bishop's Stortford Rail
Air: Stansted

Situation

Tenure

Freehold.

Description

The property comprises, an attractive Grade II Listed extended period building, with a BANKING HALL on the ground floor, ANCILLARY OFFICES AND STORAGE on the first and second floors and further STORAGE in the basement. The property benefits from a modern rear extension providing approximately 14 car parking spaces, 4 of which are undercroft, and a rear yard accessed from Barrett Lane.

VAT

VAT is not applicable to this lot.

EPC

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

Description

VAT

VAT is not applicable to this lot.

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
Basement Ground First Second	Ancillary Banking Office Offices	156.33 sq m 248.12 sq m 177.14 sq m 82.89 sq m	(1,683 sq ft) (2,671 sq ft) (1,907 sq ft) (892 sq ft)	HSBC BANK PLC (1)	New 10 years until 2020 on a full repairing and insuring lease (2)	£66,500	2015
Totals		664.48 sq m	(7,153 sq ft)			£66,500

(1) For the year ending 31st December 2009, HSBC Bank plc reported a turnover of £25,137,000,000, a pre-tax profit of £4,014,000,000 and a net worth of £16,588,000,000. (Source: www.riskdisk.com 23/07/2010) For the half year to 30th June 2010, HSBC Bank plc reported a pre-tax profit of £2,795,000,000. (Source: HSBC Bank plc Interim 2010 Report)(2) The current lease to HSBC Bank plc is for a term of 25 years from 1st March 1988 at a current rent reserved at £66,500 per annum exclusive. HSBC Bank plc has agreed a deed of surrender on 13th September 2010. Upon surrender of the lease there will be a simultaneous documentation of a new lease for a term of 10 years until 2020, subject to a tenant option to determine the lease on the fifth anniversary of the term, subject to six months’ written notice. It is anticipated that the lease will be documented prior to the auction.