7-9 Palace Avenue Paignton Devon TQ3 3ED

7-9 Palace Avenue
Paignton
Devon
TQ3 3ED

Freehold Bank and Residential Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Popular Devon seaside town
Annual Rent Reviews linked to RPI rising to a minimum of £49,350.44 pa in June 2022
Nearby occupiers include WH Smith, British Heart Foundation and Peacocks
Three bedroom flat on uppers floors with further residential conversion (subject to consents)
VAT-free Investment

Lot
31
Auction
11th July 2018
Rent
£44,709 per Annum Exclusive
Status
Sold
Price
£610,000
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 and Residential Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Popular Devon seaside town
Annual Rent Reviews linked to RPI rising to a minimum of £49,350.44 pa in June 2022
Nearby occupiers include WH Smith, British Heart Foundation and Peacocks
Three bedroom flat on uppers floors with further residential conversion (subject to consents)
VAT-free Investment

Lot 31
Auction 11th July 2018
Rent £44,709 per Annum Exclusive
Status Sold
Price £610,000
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: 24 miles south of Exeter; 30 miles east of Plymouth
Roads: A379, A380, A3022
Rail: Paignton Railway Station
Air: Exeter International Airport; Cornwall Airport Newquay

Situation

Paignton is a popular seaside town on the coast of Tor Bay in Devon. The property occupies a prominent corner position opposite the pedestrianised Victoria Street. Nearby occupiers include Tesco Metro, Boots Chemist, Lloyds Pharmacy and The Edinburgh Woollen Mill.

Tenure

Freehold.

Location

Miles: 24 miles south of Exeter; 30 miles east of Plymouth
Roads: A379, A380, A3022
Rail: Paignton Railway Station
Air: Exeter International Airport; Cornwall Airport Newquay

Situation

Tenure

Freehold.

Description

The property comprises a substantial double fronted unit which provides a ground floor banking hall with ancillary accommodation on basement, first, second and third floors.
In addition, there is a three bedroom maisonette located on part of the second and third floors which is accessed via the rear.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing held on 04/07/2018 at 2pm. If you would like to attend you must register with us in advance no later than midday on 02/07/2018. 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 Third Second/Third	Banking Hall Ancillary Ancillary Ancillary Ancillary Residential	170.10 sq m 47.20 sq m 72.59 sq m 49.3 sq m 22.9 sq m 3 Bedroom Flat	(1,830 sq ft) (508 sq ft) (781 sq ft) (530 sq ft) (246 sq ft)	HSBC BANK PLC (1)	15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease	£44,709.07	Annual RPI Linked uplifts rising to a minimum of: 04/06/2019 £45,826.79 pa 04/06/2020 £46,972.46 pa 04/06/2021 £48,146.77 pa 04/06/2022 £49,350.44 pa (2)
Total Commercial Area		362.09 sq m	(3,895 sq ft)			£44,709.07

(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