7 Conway Road Colwyn Bay Conwy LL29 7AD

7 Conway Road
Colwyn Bay
Conwy
LL29 7AD

Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Attractive corner building in town centre
Annual Rent Reviews linked to RPI rising to a minimum of £31,932.20 pa in June 2022
Nearby occupiers include NatWest Bank, Peacocks, William Hill and WH Smith
VAT-free Investment

Lot
93
Auction
18th October 2018
Rent
£28,929 per Annum Exclusive
Status
Sold
Price
£301,000
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)
Attractive corner building in town centre
Annual Rent Reviews linked to RPI rising to a minimum of £31,932.20 pa in June 2022
Nearby occupiers include NatWest Bank, Peacocks, William Hill and WH Smith
VAT-free Investment

Lot 93
Auction 18th October 2018
Rent £28,929 per Annum Exclusive
Status Sold
Price £301,000
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: 36 miles west of Chester; 76 miles west of Manchester; 26 miles north-east of Caernarfon
Roads: A470, A547, A55
Rail: Colwyn Bay Railway Station
Air: Liverpool John Lennon Airport

Situation

Colwyn Bay is a popular seaside town on the North Wales coast, 36 miles west of Chester and 26 miles north-east of Caernarfon. The property is located on Conway Road, diagonally opposite its junction with Station Road, the town’s primary pedestrianised shopping thoroughfare. Nearby occupiers include NatWest Bank, Peacocks, William Hill and WH Smith.

Tenure

Freehold.

Location

Miles: 36 miles west of Chester; 76 miles west of Manchester; 26 miles north-east of Caernarfon
Roads: A470, A547, A55
Rail: Colwyn Bay Railway Station
Air: Liverpool John Lennon Airport

Situation

Tenure

Freehold.

Description

The property is an attractive four storey corner building comprising a ground floor banking hall and ancillary accommodation over basement, first and second floors. There is staff parking for approximately six cars.

VAT

VAT is not applicable to this lot.

Viewings

A block viewing will be held for this property on Thursday 11th October at 2:30pm. If you would like to attend you must register with us in advance, no later than 9am on Tuesday 9th 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

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 Basement First Second	Banking Hall Ancillary Ancillary Ancillary	172.99 sq m 44.98 sq m 27.00 sq m 88.20 sq m	(1,862 sq ft) (484 sq ft) (291 sq ft) (949 sq ft)	HSBC BANK PLC (1)	15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease	£28,929	Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £29,652.23 pa 04/06/2020 £30,393.53 pa 04/06/2021 £31,153.37 pa 04/06/2022 £31,932.20 pa (2)
Total		333.17 sq m	(3,586 sq ft)			£28,929

(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 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. The basement is not accessible and was not inspected by the auctioneers.