156 High Street Gorleston-on-Sea, Great Yarmouth Norfolk NR31 6RD

156 High Street
Gorleston-on-Sea, Great Yarmouth
Norfolk
NR31 6RD

Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
High Street location within town centre
Annual Rent Reviews linked to RPI rising to a minimum of £32,658.51 pa in June 2022
Nearby occupiers include Ladbrokes, Subway and Greggs
VAT-free Investment

Lot
71
Auction
18th October 2018
Rent
£29,587 per Annum Exclusive
Status
Sold
Price
£302,000
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)
High Street location within town centre
Annual Rent Reviews linked to RPI rising to a minimum of £32,658.51 pa in June 2022
Nearby occupiers include Ladbrokes, Subway and Greggs
VAT-free Investment

Lot 71
Auction 18th October 2018
Rent £29,587 per Annum Exclusive
Status Sold
Price £302,000
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: 4 miles south of Great Yarmouth; 8 miles north of Lowestoft; 22 miles east of Norwich
Roads: A12, A143, A47
Rail: Great Yarmouth Railway Station
Air: Norwich International Airport

Situation

Gorleston is a seaside town some 4 miles south of Great Yarmouth. The property is situated on the western side of High Street, within the town centre. Nearby occupiers include Ladbrokes, Subway and Greggs.

Tenure

Freehold.

Location

Miles: 4 miles south of Great Yarmouth; 8 miles north of Lowestoft; 22 miles east of Norwich
Roads: A12, A143, A47
Rail: Great Yarmouth Railway Station
Air: Norwich International Airport

Situation

Tenure

Freehold.

Description

The property is a three storey building comprising a ground floor café/restaurant and first and second floor ancillary accommodation.

VAT

VAT is not applicable to this lot.

Viewings

A block viewing will be held for this property on Monday 8th October at 4:45pm. If you would like to attend you must register with us in advance, no later than midday on Thursday 4th October. 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 is a three storey building comprising a ground floor café/restaurant and first and second floor ancillary accommodation.

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	Review
Ground First Second	Café Ancillary Ancillary	121.40 sq m 83.10 sq m 82.30 sq m	(1,307 sq m) (894 sq m) (886 sq ft)	HSBC BANK PLC (1) sublet to Bellyboos Norwich Limited (2)	15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease	£29,587	Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £30,326.68 pa 04/06/2020 £31,084.84 pa 04/06/2021 £31,861.96 pa 04/06/2022 £32,658.51 pa (3)
Total		286.80 sq m	(3,087 sq ft)			£29,587

(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 10/08/2018). HSBC is one the world’s largest banking and financial services organisations - further information can be found at www.hsbc.com.
(2) The property has been sublet.
(3) 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.voa.gov.uk