Prominent Bank Investment in Popular South West London Suburb
Let to National Westminster Bank Plc until, December 2028 (no breaks)
Adjacent to Tesco Express and close to Streatham Hill Rail Station
Rent Review in 2021 to the higher of Open Market Rental Value or fixed rental increase of 3.75%
VAT-free bank investment in popular South West London suburb
Lot 2
Auction 7th December 2017
Rent £50,000 per Annum
Status Sold
Price £1,040,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
11 years (No Breaks) to Natwest Bank
Property Information
Location
Miles
2 miles south of Brixton, 3 miles south-west of Dulwich Village, 10 miles south-west of Central London
Roads
A23 (Streatham High Road), South Circular Road
Rail
Streatham Hill Station, Balham and Tooting Bec Underground Stations
Air
London Heathrow & London Gatwick Airports
Situation
The property is prominently situated on the western side of Streatham High Road, close to its junction with Broadlands Avenue and approximately 150 metres from Streatham Hill Station. Nearby occupiers include the adjoining Tesco Express, with Boots the Chemist, Sainsbury's Local, WHSmith, Caffè Nero and branches of Nationwide and Halifax banks also represented on Streatham High Road.
Tenure
Virtual Freehold. Virtual Freehold for a term of 999 years from and including 11th December 2017.
Location
Miles
2 miles south of Brixton, 3 miles south-west of Dulwich Village, 10 miles south-west of Central London
Roads
A23 (Streatham High Road), South Circular Road
Rail
Streatham Hill Station, Balham and Tooting Bec Underground Stations
Air
London Heathrow & London Gatwick Airports
Situation
The property is prominently situated on the western side of Streatham High Road, close to its junction with Broadlands Avenue and approximately 150 metres from Streatham Hill Station. Nearby occupiers include the adjoining Tesco Express, with Boots the Chemist, Sainsbury's Local, WHSmith, Caffè Nero and branches of Nationwide and Halifax banks also represented on Streatham High Road.
Tenure
Virtual Freehold. Virtual Freehold for a term of 999 years from and including 11th December 2017.
Description
The property comprises a double-fronted ground floor bank with self-contained ancillary accommodation on part of the first floor, forming part of a larger building.
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
The property comprises a double-fronted ground floor bank with self-contained ancillary accommodation on part of the first floor, forming part of a larger building.
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
Part First
Banking Hall/ Ancillary Ancillary
249.72 sq m
120.12 sq m
(2,688 sq ft)
(1,293 sq ft)
NATIONAL WESTMINSTER BANK PLC (1) t/a NatWest
22 years less a day from 13/12/2006 until 11/12/2028 on an effectively fully repairing and insuring lease
£50,000
11/12/2021 and 11/12/2026 (2)
Totals
369.84 sq m
(3,981 sq ft)
£50,000
(1) National Westminster Bank Plc operate from over 1,400 branches throughout the UK and are a wholly owned subsidiary of Royal Bank of Scotland Plc. Royal Bank of Scotland Plc have a market capitalisation of £31bn and are 72.9% owned by HM Government (Source: www.investors.rbs.com 30/10/2017). (2) The rent is reviewed in 2021 to the higher of Open Market Value or a fixed rental increase of 3.75%. The 2026 rent review is reviewed to OMV.
NB: The seller has served a notice on the residential tenants of the upper parts, pursuant to Section 5B of the Landlord and Tenant Act 1987 and no Acceptance Notices have been received from the tenants.
