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
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.
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
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.
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
Contacts
Seller's Solicitors
Edwin Coe LLP 2 Stone Buildings, Lincoln's Inn London WC2A 3TH
