2 West Dyke Road Redcar North Yorkshire TS10 1EA

2 West Dyke Road
Redcar
North Yorkshire
TS10 1EA

Freehold Bank Investment

Entirely let to HSBC Bank Plc until 2023 (no breaks)
Located on town’s main retailing thoroughfare
Annual Rent Reviews linked to RPI rising to a minimum of £50,801.88 pa in June 2022
Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway
VAT-free Investment

Lot
56
Auction
5th December 2018
Rent
£46,024 per Annum Exclusive
Status
Sold
Price
£375,000
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)
Located on town’s main retailing thoroughfare
Annual Rent Reviews linked to RPI rising to a minimum of £50,801.88 pa in June 2022
Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway
VAT-free Investment

Lot 56
Auction 5th December 2018
Rent £46,024 per Annum Exclusive
Status Sold
Price £375,000
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: 6 miles east of Middlesbrough; 25 miles east of Darlington
Roads: A19, A66, A1065
Rail: Redcar Central Railway Station
Air: Newcastle/Durham Tees Valley Airport

Situation

Redcar is a seaside resort and town in North Yorkshire, some 6 miles east of Middlesbrough. The property is situated in the town centre, just off the pedestrianised High Street. Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway.

Tenure

Freehold.

Location

Miles: 6 miles east of Middlesbrough; 25 miles east of Darlington
Roads: A19, A66, A1065
Rail: Redcar Central Railway Station
Air: Newcastle/Durham Tees Valley Airport

Situation

Tenure

Freehold.

Description

The property is an L-shaped three storey building comprising a ground floor banking hall and first and second floor ancillary accommodation. The property benefits from frontage onto both Queen Street and West Dyke Road.

VAT

VAT is not applicable to this lot.

Note

Reserve not to exceed £375,000

Viewings

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

Completion Period

Six Week Completion Available

EPC

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

Description

VAT

VAT is not applicable to this lot.

Note

Reserve not to exceed £375,000

Viewings

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

Completion Period

Six Week Completion Available

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 First Second	Banking Hall Ancillary Ancillary	240.68 sq m 66.30 sq m 42.48 sq m	(2,591 sq ft) (714 sq ft) (457 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	Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £47,174.60 pa 04/06/2020 £48,353.97 pa 04/06/2021 £49,562.81 pa 04/06/2022 £50,801.88 pa (2)
Total		349.46 sq m	(3,762 sq ft)			£46,024

(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 the world’s largest banking and financial services organisations – further information can be found at www.hsbc.com. The tenant is not currently in occupation of the property.
(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