Majority Let to Royal Bank of Scotland Plc until 2023 (no break)
Popular University Market Town
Prominent corner position close to the pedestrianised Cattlemarket
Nearby occupiers include Odeon Cinema, JD Wetherspoon and NatWest Bank
VAT free investment
Producing £88,000 p.a.x. (see notes 2 & 3)
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
Lot 43
Auction 11th February 2016
Rent £88,000 per Annum Exclusive
Status Sold
Price £1,000,000
Sector Bank
Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Receivers CBRE
Property Information
Location
Miles
40 miles north east of Birmingham, 12 miles north of Leicester, 15 miles south of Nottingham
Roads
A6, M1 (Junction 23)
Rail
Loughborough Railway Station
Air
East Midlands Airport, Birmingham Airport, Nottingham
Airport
Situation
The property is situated in a prominent corner position on the east side of Devonshire Square, with a return frontage on South Street in Loughborough Town Centre. The property is some 70 metres south of the pedestrianised Cattlemarket and nearby occupiers include Odeon Cinema, JD Wetherspoon and NatWest Bank.
Tenure
Freehold.
Location
Miles
40 miles north east of Birmingham, 12 miles north of Leicester, 15 miles south of Nottingham
Roads
A6, M1 (Junction 23)
Rail
Loughborough Railway Station
Air
East Midlands Airport, Birmingham Airport, Nottingham
Airport
Situation
The property is situated in a prominent corner position on the east side of Devonshire Square, with a return frontage on South Street in Loughborough Town Centre. The property is some 70 metres south of the pedestrianised Cattlemarket and nearby occupiers include Odeon Cinema, JD Wetherspoon and NatWest Bank.
Tenure
Freehold.
Description
17 Devonshire Square comprises a ground floor banking hall with ancillary accommodation on the first floor and 18 Devonshire Square, with a return frontage on South Street comprises ground floor retail accommodation with ancillary accommodation on the first and second floors. The property benefits from a rear service yard accessible from Wood Gate.
Six Week Completion
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
17 Devonshire Square comprises a ground floor banking hall with ancillary accommodation on the first floor and 18 Devonshire Square, with a return frontage on South Street comprises ground floor retail accommodation with ancillary accommodation on the first and second floors. The property benefits from a rear service yard accessible from Wood Gate.
Six Week Completion
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
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
Ground First
Banking Hall Ancillary
342.70 sq m 28.80 sq m
(3,689 sq ft) (310 sq ft)
ROYAL BANK OF SCOTLAND PLC (1)
35 years from and including 29/09/1988 until 28/09/2023
£53,000
29/09/2018
Ground First Second
Retail Ancillary Ancillary
39.20 sq m 34.40 sq m 35.70 sq m
(422 sq ft) (370 sq ft) (384 sq ft)
ODYSSEY FURNITURE LIMITED
14 years until 2030 (2)
£35,000 (3)
01/01/2021
Totals
480.80 sq m
(5,175 sq ft)
£88,000
(1) Royal Bank of Scotland has over 17 million customers in the UK and is the largest SME Bank in the UK with over 1.1 million customers (Source: rbs.com). The Royal Bank of Scotland plc is majority owned by the UK Government (www.investors.rbs.com) (2) Heads of Terms have been agreed and the lease is in the solicitor’s hands due to complete imminently. The lease provides for a tenant option to determine on the 5th, 8th and 11th anniversary of the lease, subject to 6 months prior written notice. (3) The rent will increase to £40,000 p.a.x on the anniversary of the fourth year.
Contacts
Seller's Solicitors
Walker Morris LLP Kings Court, 12 King street Leeds LS1 2HL
