81 Fore Street Redruth Cornwall TR15 2BW

81 Fore Street
Redruth
Cornwall
TR15 2BW

Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Town centre location
Annual Rent Reviews linked to RPI rising to a minimum of £25,400.96 pa in June 2022
Nearby occupiers include Lloyds, Boots, Wilko, Specsavers and Iceland
VAT-free investment

Lot
31
Auction
5th December 2018
Rent
£23,012 per Annum Exclusive
Status
Sold
Price
£250,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Town centre location
Annual Rent Reviews linked to RPI rising to a minimum of £25,400.96 pa in June 2022
Nearby occupiers include Lloyds, Boots, Wilko, Specsavers and Iceland
VAT-free investment

Lot 31
Auction 5th December 2018
Rent £23,012 per Annum Exclusive
Status Sold
Price £250,000
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 9 miles west of Truro; 18 miles north-east of Penzance; 62 miles south-west of Plymouth
Roads: A30, A3047, A393
Rail: 0.1 miles from Redruth Station
Air: Bristol International Airport

Situation

Redruth is historically a market town and centre of mining in Cornwall, just 9 miles west of Truro and 62 miles southwest of Plymouth. The property is located in the heart of Redruth town centre, on the southern side of Fore Street. Nearby occupiers include Lloyds, Boots, Wilko, Specsavers and Iceland.

Tenure

Freehold.

Location

Miles: 9 miles west of Truro; 18 miles north-east of Penzance; 62 miles south-west of Plymouth
Roads: A30, A3047, A393
Rail: 0.1 miles from Redruth Station
Air: Bristol International Airport

Situation

Tenure

Freehold.

Description

The property is a two storey building comprising a ground floor banking hall with basement and first floor ancillary accommodation.

VAT

VAT is not applicable to this lot.

Note

Reserve not to exceed £235,000

Viewings

A block viewing will be held for this property. Please refer to the auctioneer for the scheduled date and time.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk

Description

The property is a two storey building comprising a ground floor banking hall with basement and first floor ancillary accommodation.

VAT

VAT is not applicable to this lot.

Note

Reserve not to exceed £235,000

Viewings

A block viewing will be held for this property. Please refer to the auctioneer for the scheduled date and time.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Basement First	Banking Hall Ancillary Ancillary	92.00 sq m 21.70 sq m 72.60 sq m	(990 sq ft) (234 sq ft) (781 sq ft)	HSBC BANK PLC (1) (2)	15 years from 04/06/2008 until 30/06/2023 on a full repairing and insuring lease	£23,012	Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £23,587.32 pa 04/06/2020 £24,177.00 pa 04/06/2021 £24,781.43 pa 04/06/2022 £25,400.96 pa (3)
Total		186.30 sq m	(2,005 sq ft)			£23,012

(1). For the year ending 31st December 2017, HSBC Bank Plc did not report a turnover, but reported pre-tax profits of £2.37bn, shareholders’ funds of £44.049bn and a net worth of £38.113bn (Source: Experian Group 10/08/2018). HSBC is one of the world’s largest banking and financial services organisations – further information can be found at www.hsbc.com
(2. The tenant is not currently in occupation.
(3) The lease provides annual RPI linked uplifts capped and collared to a minimum of 2.5% and a 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