Property Auctions 11/Jul/2018 | 27 High Street, Ringwood, Hampshire, BH24 1BE

Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Annual Rent Reviews linked to RPI rising to a minimum of £50,801.93 pa in June 2022
Historic Hampshire market town
Nearby occupiers include Sainsbury’s, WH Smith, Betfred and Lloyds Bank
Residential potential (subject to consents)
VAT-free Investment

Lot 14
Auction 11th July 2018
Rent £46,024 per Annum Exclusive
Status Sold
Price £600,000
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: 11 miles north-east of Bournemouth; 18 miles west of Southampton
Roads: A31, A338, M27, M271
Air: Bournemouth Airport

Situation

Ringwood is a historic market town located 11 miles northeast of Bournemouth on the periphery of the New Forest National Park. The property is located in the middle of High Street, at its junction with Kings Arm Lane. Nearby occupiers include Sainsbury’s, WH Smith, Betfred and Lloyds Bank.

Tenure

Freehold.

Location

Miles: 11 miles north-east of Bournemouth; 18 miles west of Southampton
Roads: A31, A338, M27, M271
Air: Bournemouth Airport

Situation

Ringwood is a historic market town located 11 miles northeast of Bournemouth on the periphery of the New Forest National Park. The property is located in the middle of High Street, at its junction with Kings Arm Lane. Nearby occupiers include Sainsbury’s, WH Smith, Betfred and Lloyds Bank.

Tenure

Freehold.

Description

The property comprises a prominent three storey building arranged to provide a banking hall at ground floor level and office/ancillary accommodation on first and second floors. The property benefits from a large external store to the rear with potential for residential development (subject to consents) and parking for approximately 2 cars.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing held on 06/07/2018 at 10am. If you would like to attend you must register with us in advance no later than 9am on 04/07/2018. 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 prominent three storey building arranged to provide a banking hall at ground floor level and office/ancillary accommodation on first and second floors. The property benefits from a large external store to the rear with potential for residential development (subject to consents) and parking for approximately 2 cars.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing held on 06/07/2018 at 10am. If you would like to attend you must register with us in advance no later than 9am on 04/07/2018. 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 First Second Ground	Banking Hall Ancillary Ancillary External Store	78.74 sq m 40.3 sq m 36.3 sq m 62.10 sq m	(847 sq ft) (433 sq ft) (390 sq ft) (668 sq ft)	HSBC BANK PLC (1)	15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease	£46,024.04	Annual RPI Linked uplifts rising to a minimum of: 04/06/2019 £47,174.64 pa 04/06/2020 £48,354.00 pa 04/06/2021 £49,562.85 pa 04/06/2022 £50,801.93 pa (2)
Total		217.44 sq m	(2,338 sq ft)			£46,024.04

(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