Entirely let to HSBC Bank Plc until 2023 (no breaks)
Annual Rent Reviews linked to RPI rising to a minimum of £69,671.91 pa in June 2022
Nearby occupiers include Holland & Barrett, Sports Direct, Superdrug and Iceland
VAT-free Investment
Lot 70
Auction 11th July 2018
Rent £63,118 per Annum Exclusive
Status Sold
Price £706,000
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
75 miles east of London City Centre
16 miles east of Canterbury
Roads
M2 (junction 7), A253, A256
Rail
Ramsgate Railway Station (Approximately 1 hour 16 mins to London St Pancras International)
Air
London Gatwick Airport, Manston Airport
Situation
Ramsgate is a busy port on the east coast of Kent, with excellent links to the M2 via the A253. The property occupies a prominent corner position on the pedestrianised High Street, at its junction with Queen Street, King Street and Harbour Street. Nearby occupiers include Boots, Holland & Barrett, Poundland, EE and Caffè Nero.
Tenure
Freehold.
Location
Miles
75 miles east of London City Centre
16 miles east of Canterbury
Roads
M2 (junction 7), A253, A256
Rail
Ramsgate Railway Station (Approximately 1 hour 16 mins to London St Pancras International)
Air
London Gatwick Airport, Manston Airport
Situation
Ramsgate is a busy port on the east coast of Kent, with excellent links to the M2 via the A253. The property occupies a prominent corner position on the pedestrianised High Street, at its junction with Queen Street, King Street and Harbour Street. Nearby occupiers include Boots, Holland & Barrett, Poundland, EE and Caffè Nero.
Tenure
Freehold.
Description
The property comprises a three storey building arranged to provide a ground floor banking hall with basement and first floor ancillary accommodation.
VAT
VAT is not applicable to this lot.
Viewings
There will be a single block viewing held on 05/07/2018 at 9:30 am. If you would like to attend you must register with us in advance no later than 9am on 03/07/2018. 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
The property comprises a three storey building arranged to provide a ground floor banking hall with basement and first floor ancillary accommodation.
VAT
VAT is not applicable to this lot.
Viewings
There will be a single block viewing held on 05/07/2018 at 9:30 am. If you would like to attend you must register with us in advance no later than 9am on 03/07/2018. 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.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement First
Banking Hall Ancillary Ancillary
116.6 sq m 57.8 sq m 116.1 sq m
(1,255 sq ft) (622 sq ft) (1,249 sq ft)
HSBC BANK PLC (1)
15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease
£63,118.68
Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £64,696.65 pa 04/06/2020 £66,314.06 pa 04/06/2021 £67,971.91 pa 04/06/2022 £69,671.21 pa (2)
Total
290.5 sq m
(3,126 sq ft)
£63,118.68
(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
Contacts
Seller's Solicitors
Edwin Coe LLP 2 Stone Buildings, Lincoln's Inn London WC2A 3TH
