112 High Street Bromsgrove Worcestershire B61 8EZ

112 High Street
Bromsgrove
Worcestershire
B61 8EZ

Freehold Bank Investment

Disclosed Reserve £1,090,000 (7.50% Gross Initial Yield) This property will not be sold prior to auction
Let to Lloyds Bank plc until June 2026 (no breaks)
Prominent pedestrianised town centre location
Tenant renewed lease for a further 15 years from 2011
Nearby occupiers include Barclays, Boots, New Look, Iceland and Halifax
No VAT payable
Six Week Completion

Lot
9
Auction
9th July 2014
Rent
£81,500 per Annum Exclusive
Status
Sold
Price
£1,100,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of a Major Pension Fund

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Freehold Bank Investment

Disclosed Reserve £1,090,000 (7.50% Gross Initial Yield) This property will not be sold prior to auction
Let to Lloyds Bank plc until June 2026 (no breaks)
Prominent pedestrianised town centre location
Tenant renewed lease for a further 15 years from 2011
Nearby occupiers include Barclays, Boots, New Look, Iceland and Halifax
No VAT payable
Six Week Completion

Lot 9
Auction 9th July 2014
Rent £81,500 per Annum Exclusive
Status Sold
Price £1,100,000
Sector
Bank
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of a Major Pension Fund

Property Information

Location

Miles: 15 miles north-east of Worcester; 15 miles south-west of Birmingham
Roads: A38, A448, M5, M42
Rail: Bromsgrove Rail Station (links to Birmingham New Street and London Euston)
Air: Birmingham International Airport

Situation

The property is situated in a prominent trading location on the east side of the pedestrianised High Street at its junction with Chapel Street. Nearby occupiers include Barclays, Boots, New Look, Iceland, Halifax and Santander.
Bromsgrove Town Centre is currently undergoing a regeneration programme to enhance the historic heritage of the town which includes repaving the High Street and pedestrian areas of the town. (Source: www.bromsgrove.gov.uk)

Tenure

Freehold.

Location

Miles: 15 miles north-east of Worcester; 15 miles south-west of Birmingham
Roads: A38, A448, M5, M42
Rail: Bromsgrove Rail Station (links to Birmingham New Street and London Euston)
Air: Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property comprises a bank arranged on the ground, first, second and third floors. The property benefits from a return frontage to Chapel Street and car parking to the rear for approximately 14 cars.

VAT

VAT is not applicable to this lot.

Viewings

Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Telephone: +44 (0)20 7034 4858.

EPC

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

Description

VAT

VAT is not applicable to this lot.

Viewings

Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Telephone: +44 (0)20 7034 4858.

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 Second Third	Banking Hall/Ancillary Offices/Ancillary Offices/Ancillary Offices/Ancillary	300.07 sq m 113.80 sq m 147.71 sq m 60.85 sq m	(3,230 sq ft) (1,225 sq ft) (1,590 sq ft) (655 sq ft)	LLOYDS BANK PLC (1)	15 years from 24/06/2011 until 2026	£81,500	24/06/2016 24/06/2021
Totals		622.43 sq m	(6,700 sq ft)			£81,500

(1) For the year ending 31/12/2013, Lloyds Bank Plc reported pre-tax profits of £894,000,000 and a total net worth of £34,109,000,000.
(Source: www.riskdisk.com 12/06/2014).