Entirely let to HSBC Bank Plc until 2023 (no breaks)
Located in historic market town
Annual Rent Reviews linked to RPI rising to a minimum of £32,658.38 pa in June 2022
Nearby occupiers include Royal Mail, Barclays Bank and Best Western
VAT-free investment
Lot 66
Auction 5th December 2018
Rent £29,587 per Annum Exclusive
Status Sold
Price £300,000
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
10 miles north-east of Harrogate
17 miles north-west of York
27 miles north of Leeds
Roads
A1 (M), A59
Rail
Thirsk Railway Station
Air
Leeds Bradford Airport
Situation
Boroughbridge is a town in the Harrogate district of North Yorkshire, on the edge of the Vale of York and some 27 miles from Leeds. The property is situated in the north of the town, next to the River Ure on the east side of Bridge Street. Nearby occupiers include Royal Mail (Post Office), Barclays Bank and Best Western.
Tenure
Freehold.
Location
Miles
10 miles north-east of Harrogate
17 miles north-west of York
27 miles north of Leeds
Roads
A1 (M), A59
Rail
Thirsk Railway Station
Air
Leeds Bradford Airport
Situation
Boroughbridge is a town in the Harrogate district of North Yorkshire, on the edge of the Vale of York and some 27 miles from Leeds. The property is situated in the north of the town, next to the River Ure on the east side of Bridge Street. Nearby occupiers include Royal Mail (Post Office), Barclays Bank and Best Western.
Tenure
Freehold.
Description
The property is a two storey building comprising a ground floor banking hall and first floor ancillary accommodation. The property benefits from parking at the rear, a garden and outbuildings.
VAT
VAT is not applicable to this lot.
Note
Reserve not to exceed £275,000
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
The property is a two storey building comprising a ground floor banking hall and first floor ancillary accommodation. The property benefits from parking at the rear, a garden and outbuildings.
VAT
VAT is not applicable to this lot.
Note
Reserve not to exceed £275,000
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
Banking Hall Ancillary
171.90 sq m 112.10 sq m
(1,850 sq ft) (1,206 sq ft)
HSBC BANK PLC (1) (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 £30,326.55 04/06/2020 £31,084.72 04/06/2021 £31,861.84 04/06/2022 £32,658.38 (3)
Total
284.00 sq m
(3,056 sq ft)
£29,587
(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 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
