1 King Street Bridlington Yorkshire YO15 2DL

1 King Street
Bridlington
Yorkshire
YO15 2DL

Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Popular tourist destination
Annual Rent Reviews linked to RPI rising to a minimum of £43,544.51 pa in June 2022
Nearby occupiers include Holland & Barrett, Sports Direct, Superdrug and Iceland
VAT-free Investment

Lot
77
Auction
11th July 2018
Rent
£39,449 per Annum Exclusive
Status
Sold
Price
£415,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of a Charitable Foundation

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Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Popular tourist destination
Annual Rent Reviews linked to RPI rising to a minimum of £43,544.51 pa in June 2022
Nearby occupiers include Holland & Barrett, Sports Direct, Superdrug and Iceland
VAT-free Investment

Lot 77
Auction 11th July 2018
Rent £39,449 per Annum Exclusive
Status Sold
Price £415,000
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of a Charitable Foundation

Property Information

Location

Miles: 41 miles east of York; 67 miles north-east of Leeds; 67 miles south-east of Middlesbrough
Roads: A165, A614
Rail: Bridlington Railway Station
Air: Leeds Bradford Airport

Situation

Bridlington is a popular tourist destination situated on the north-east coast of Humberside. The property occupies a prominent corner position on the pedestrianised King Street, at its junction with Manor Street and Chapel Street.
The Promenades Shopping Centre is located within close proximity, housing occupiers including Greggs, Holland & Barrett, Peacocks and Sports Direct. Other nearby occupiers include Superdrug, Iceland and CEX.

Tenure

Freehold.

Location

Miles: 41 miles east of York; 67 miles north-east of Leeds; 67 miles south-east of Middlesbrough
Roads: A165, A614
Rail: Bridlington Railway Station
Air: Leeds Bradford Airport

Situation

Tenure

Freehold.

Description

The property comprises a prominent period corner building comprising a ground floor banking hall with basement storage accommodation. The entrance via King Street provides selfcontained office accommodation arranged on ground, first and second floors. The property contains an internal courtyard area to the rear.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing held on 29/06/2018 at 1pm. If you would like to attend you must register with us in advance no later than midday on 27/06/2018. Please register with Georgina Roberts on georgina.roberts@acuitus.co.uk - you will need to provide the full
names of all parties attending and mobile telephone numbers. Photographic ID will be required on site.

Completion Period

Six week completion available

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

Completion Period

Six week completion available

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	Banking Hall Storage Office Office	167.20 sq m 97.10 sq m 43.90 sq m 42.20 sq m	(1,799 sq ft) (1,045 sq ft) (472 sq ft) (454 sq ft)	HSBC BANK PLC (1)	15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease	£39,449.18	Annual RPI Linked uplifts rising to a minimum of: 04/06/2019 £40,435.40 pa 04/06/2020 £41,446.29 pa 04/06/2021 £42,482.45 pa 04/06/2022 £43,544.51 pa (2)
Total		350.40 sq m	(3,770 sq ft)			£39,449.18

(1) For the year ending 31st December 2017, HSBC Bank plc did not report a turnover, but reported a pre-tax profit of £2.37bn, shareholders’ funds of £44.049bn and a net worth of £38.113bn (Source: Experian Group 09/05/2018) HSBC is one of the world’s
largest banking and financial services organisations - further information can be found at www.hsbc.com.
(2) The lease provides annual RPI linked uplifts capped and collared to a minimum of 2.5% and maximum of 5.5%. The lease provides a tenant’s option to renew the lease for a further 15 years.
NB: Not measured by Acuitus. Areas taken from the VOA at www.gov.uk