New lease extension to Lloyds TSB Bank plc until 2021 (subject to options)
Includes a tenant option to renew
Close to the major 41-unit Sovereign Shopping Centre
Greater of Open Market or RPI Rent review
Nearby occupiers include Primark, Shoe Zone, Evans, Subway, HSBC and McDonald's
Six Week Completion Period Available
Lot 22
Auction 18th October 2011
Rent £30,000 per Annum Exclusive
Status Sold
Price £548,000
Sector Bank
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
28 miles south of Salisbury, 34 miles west of Southampton
Roads
A31, M27, M3, A35
Rail
Bournemouth Rail, Pokesdown Rail
Air
Southampton Airport
Situation
Bournemouth is a popular tourist and university town on the south coast of England. The property is situated in the suburb of Boscombe in a prime trading position on Christchurch Road, the town's main retail thoroughfare. The major Sovereign Shopping Centre, with occupiers such as Boots, Wilkinsons and New Look, is located some 45 metres from the property. Other neighbouring occupiers include Primark, Shoe Zone, HSBC and McDonald's.
Tenure
Freehold.
Location
Miles
28 miles south of Salisbury, 34 miles west of Southampton
Roads
A31, M27, M3, A35
Rail
Bournemouth Rail, Pokesdown Rail
Air
Southampton Airport
Situation
Bournemouth is a popular tourist and university town on the south coast of England. The property is situated in the suburb of Boscombe in a prime trading position on Christchurch Road, the town's main retail thoroughfare. The major Sovereign Shopping Centre, with occupiers such as Boots, Wilkinsons and New Look, is located some 45 metres from the property. Other neighbouring occupiers include Primark, Shoe Zone, HSBC and McDonald's.
Tenure
Freehold.
Description
The property comprises a banking hall on the ground floor with office accommodation on the two upper floors.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a banking hall on the ground floor with office accommodation on the two upper floors.
VAT
VAT is not applicable to this lot.
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
Reviews
Ground First Second
Banking Hall/Office Ancillary Ancillary
139.35 sq m 85.00 sq m 77.57 sq m
(1,500 sq ft) (915 sq ft) (835 sq ft)
LLOYDS TSB BANK PLC (1)
10 years from 13/03/2011 until 2021 (2)
£30,000
2016 (3)
Totals
301.92 sq m
(3,250 sq ft)
£30,000
(1) For the year ending 31st December 2010, Lloyds TSB Bank plc reported a pre-tax profit of £725,000,000 and a total net worth of £41,379,000,000. (Source: www.riskdisk.com 22/09/2011) (2) There are leases, an original lease for a term of 10 years from 13th March 2011 and a reversionary lease for 10 years from 13th March 2001 until 2021. The tenant has the option to determine the lease on 30th March 2019 with 6 months' notice and paying 6 months' rent on exercising the option. The lease provides for a tenant option to renew the lease for a further 10 years from 13th July 2026. (3) As to the 2016 rent review, the lease provides for the rent to be reviewed to the greater of Open Market Rent Value or increased in line with the Retail Price Index (RPI).
