104 Terminus Road Eastbourne East Sussex BN21 3AJ

104 Terminus Road
Eastbourne
East Sussex
BN21 3AJ

Prime Freehold Bank Investment

Let to Lloyds Bank Plc (Recently extended lease)
Lease expires June 2031 (subject to option)
Approximately 9,242 sq ft
Directly opposite The Arndale Shopping Centre
Nearby occupiers include Marks & Spencer, Debenhams, Primark, Boots the Chemist, Costa and HSBC, Barclays and NatWest Banks
VAT-free Bank Investment

Lot
16
Auction
19th October 2017
Rent
£175,000 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Prime Freehold Bank Investment

Let to Lloyds Bank Plc (Recently extended lease)
Lease expires June 2031 (subject to option)
Approximately 9,242 sq ft
Directly opposite The Arndale Shopping Centre
Nearby occupiers include Marks & Spencer, Debenhams, Primark, Boots the Chemist, Costa and HSBC, Barclays and NatWest Banks
VAT-free Bank Investment

Lot 16
Auction 19th October 2017
Rent £175,000 per Annum Exclusive
Status Sold Prior
Price
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 21 miles east of Brighton; 52 miles south of Central London
Roads: A22, A27
Rail: Eastbourne Railway Station
Air: London Gatwick Airport

Situation

The property is situated in a prime location on the southern side of the pedestrianised section of Terminus Road, between the two principal entrances to The Arndale Shopping Centre. The Arndale Shopping Centre is currently being redeveloped and extended, providing a further 22 stores, seven restaurants, approximately 300 extra car parking spaces and a nine screen cinema. Other nearby occupiers include Marks & Spencer, Boots the Chemist, Costa, Sports Direct, WH Smith and Superdrug. A cluster of banks in the immediate vicinity makes the location well suited to the current occupier.

Tenure

Freehold.

Location

Miles: 21 miles east of Brighton; 52 miles south of Central London
Roads: A22, A27
Rail: Eastbourne Railway Station
Air: London Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises a large ground floor banking hall with ancillary accommodation at basement and office accommodation on the first, second and third floors. The upper floors are accessed internally and via a separate entrance on Terminus Road.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

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

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

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	Reviews
Ground Basement First Second Third	Banking Hall Ancillary Office Office/Ancillary Office	279.55 sq m 156.08 sq m 183.48 sq m 116.04 sq m 123.47 sq m	(3,009 sq ft) (1,680 sq ft) (1,975 sq ft) (1,249 sq ft) (1,329 sq ft)	LLOYDS BANK PLC (1)	20 years from 24/06/2011 until 23/06/2031 (2)	£175,000	24/06/2021 and 24/06/2026
Totals		858.62 sq m	(9,242 sq ft)			£175,000

(1) For the year ending 31st December 2016, Lloyds Bank Plc reported pre-tax profits of £1,977,000,000 and a total net worth of £49,326,000,000 (Source: Experian Group 05/09/2017).
(2) The property was originally let to Lloyds Bank on a lease from 21st December 1995 expiring 23rd June 2011. A new lease was then completed for a term of 10 years expiring 23rd June 2021. A subsequent reversionary lease has since been completed for a term of 10 years from 24th June 2021 expiring 23rd June 2031, with a tenant option to break on 24th June 2026. Lloyds Bank PLC currently benefit from a 9 month rent free period due to expire 23rd March 2018. The seller has agreed to adjust the completion monies so that the property will effectively produce £175,000 per annum from completion of the sale until the expiry of the rent free period.