52 - 54 Union Street Aberdeen AB10 1WR

52 - 54 Union Street
Aberdeen
AB10 1WR

Heritable Bank Investment

Entirely let to Bank of Scotland Plc t/a Halifax until 2031 (no breaks)
12 years term certain with upward only rent reviews in 2021 and 2026
Tenant option to extend for a further 10 years
Principal retail thoroughfare in city centre location
Nearby occupiers include Holland & Barrett, Brewdog, Cydesdale Bank and Sports Direct

Lot
11
Auction
24th October 2019
Rent
£75,000 per Annum Exclusive
Status
Sold
Price
£1,010,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Major Investment Manager

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Heritable Bank Investment

Entirely let to Bank of Scotland Plc t/a Halifax until 2031 (no breaks)
12 years term certain with upward only rent reviews in 2021 and 2026
Tenant option to extend for a further 10 years
Principal retail thoroughfare in city centre location
Nearby occupiers include Holland & Barrett, Brewdog, Cydesdale Bank and Sports Direct

Lot 11
Auction 24th October 2019
Rent £75,000 per Annum Exclusive
Status Sold
Price £1,010,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Major Investment Manager

Property Information

Location

Miles: 67 miles north-east of Dundee
Roads: A90, A96
Rail: Aberdeen Railway Station
Air: Aberdeen Airport

Situation

Aberdeen is the third largest city in Scotland, known globally as a hub for the oil and gas sector. The property is situated on the north side of the busy Union Street at its eastern end, close to its junction with St Nicholas Centre and Market Street. Union Street is the principal retail thoroughfare in Aberdeen city centre, linking King Street in the east with Holburn Street to the west. The St Nicholas Centre houses occupiers including Marks & Spencer, Holland & Barrett, Starbucks and The Body Shop. Other nearby occupiers include Five Guys, Sports Direct, Caffè Nero and Schuh.

Tenure

Heritable. (Scottish equivalent of English Freehold)

Location

Miles: 67 miles north-east of Dundee
Roads: A90, A96
Rail: Aberdeen Railway Station
Air: Aberdeen Airport

Situation

Tenure

Heritable. (Scottish equivalent of English Freehold)

Description

The property comprises a ground floor banking hall with ancillary accommodation at first, second and third floors.

VAT

VAT is not applicable to this lot.

Viewings

Please contact Mhairi Jarvis on mhairi.jarvis@acuitus.co.uk

EPC

Band E. See legal pack at acuitus.co.uk

Description

The property comprises a ground floor banking hall with ancillary accommodation at first, second and third floors.

VAT

VAT is not applicable to this lot.

Viewings

Please contact Mhairi Jarvis on mhairi.jarvis@acuitus.co.uk

EPC

Band E. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second Third	Banking Hall Ancillary Ancillary Ancillary	128.76 sq m 116.41 sq m 84.17 sq m 103.68 sq m	(1,386 sq ft) (1,253 sq ft) (906 sq ft) (1,116 sq ft)	BANK OF SCOTLAND PLC t/a Halifax	15 years from 15/11/2016 until 14/11/2031 on a full repairing and insuring lease (2)	£75,000	15/11/2021 and 15/11/2026
Total		433.02 sq m	(4,661 sq ft)			£75,000

(1) For the year ending 31st December 2018, Bank of Scotland Plc reported pre-tax profits of £2,231,000 and a total net worth of £11,175,000 (Source: Experian Group 23/09/2019). Bank of Scotland is part of Lloyds Banking Group, the UK's leading financial services company that serves around 27 million customers. The group also has some of the most well known brands on the high street, including Lloyds Bank, Halifax and Scottish Widows. (Source: www.lloydsbankinggroup.com 28/09/2019).
(2) The tenant has an option to extend the lease for an additional 10 years.