Freehold Retail Investment Let to a Bank, in Historic City Centre
Rare investment opportunity in historic city centre
Entirely let to Bank of Scotland Plc t/a Halifax until June 2024 (no breaks)
Halifax in occupation of first and second floor office accommodation and occupy adjacent unit
Ground and basement recently sublet at 80,000 p.a.x
Opposite Lion Yard Shopping Centre on busy retailing pitch
Lot 27
Auction 23rd September 2020
Rent £96,000 per Annum Exclusive
Status Sold
Price £1,100,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
13 miles west of Newmarket
60 miles north of Central London
Roads
A14, A1303, A603, M11 (J12)
Rail
Cambridge
Air
London Stansted
Situation
Cambridge is a highly affluent and historic university city and is the county town of Cambridgeshire. Cambridge is a popular tourist destination with its 31 colleges, River Cam and other notable and historic attractions. The property occupies a prominent position on the pedestrianised Petty Cury opposite the Lion Yard Shopping Centre, which houses occupiers including Flying Tiger, Holland & Barrett, JD Sports and Sport Direct. Other nearby occupiers include Boots, Marks & Spencer, Superdrug and Gap.
Tenure
Freehold.
Location
Miles
13 miles west of Newmarket
60 miles north of Central London
Roads
A14, A1303, A603, M11 (J12)
Rail
Cambridge
Air
London Stansted
Situation
Cambridge is a highly affluent and historic university city and is the county town of Cambridgeshire. Cambridge is a popular tourist destination with its 31 colleges, River Cam and other notable and historic attractions. The property occupies a prominent position on the pedestrianised Petty Cury opposite the Lion Yard Shopping Centre, which houses occupiers including Flying Tiger, Holland & Barrett, JD Sports and Sport Direct. Other nearby occupiers include Boots, Marks & Spencer, Superdrug and Gap.
Tenure
Freehold.
Description
This attractive property is currently arranged to provide a ground floor retail unit with basement storage accommodation together with first and second floor office accommodation which is occupied by Halifax. Halifax also occupies the adjoining unit and under a Licence for Alterations dated 17th July 2000, the tenant had consent to remove the staircase from the ground floor to the first floor of 34 Petty Cury and link the first and second floors of the property with its adjacent retail unit at 32-33 Petty Cury. The tenant is responsible for reinstating all works permitted under this licence. The basement is a accessed via a hatch.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Available at acuitus.co.uk
Description
This attractive property is currently arranged to provide a ground floor retail unit with basement storage accommodation together with first and second floor office accommodation which is occupied by Halifax. Halifax also occupies the adjoining unit and under a Licence for Alterations dated 17th July 2000, the tenant had consent to remove the staircase from the ground floor to the first floor of 34 Petty Cury and link the first and second floors of the property with its adjacent retail unit at 32-33 Petty Cury. The tenant is responsible for reinstating all works permitted under this licence. The basement is a accessed via a hatch.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Available at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground Basement First Second
Retail Ancillary Office Office
55.18 sq m (3) 42.92 sq m 42.55 sq m (3) 56.11 sq m
BANK OF SCOTLAND PLC (1) part sublet to Gadgets4UK Enterprises Limited (2)
25 years from 08/06/1999 until 07/06/2024 on a full repairing and insuringlease
£96,000
08/06/2019(outstanding)
Total
196.76 sq m (3)
(2,118 sq ft) (3))
£96,000
(1) For the year ending 31st December 2018, Bank of Scotland Plc reported profit before tax of 2,231,000,000 and total assets of 343,926,000,000 (Source: Companies House 20/01/2020). Bank of Scotland is part of Lloyds Banking Group, the UKs 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 16/01/2020). (2) The ground and basement floors have recently been sublet to Gadgets4UK Enterprises Limited t/a Fone World, for a term of years expiring 30/05/2024 at a passing rent of 80,000 p.a.x. A copy of the sub-lease is available in the legal pack. (3) Under the terms of the rent review clause, it is assumed there is an internal staircase access between ground floor and basement and ground and first floors. As such 26 sq ft is deducted from the ground floor (Zone B) and 26 sq ft from the first floor for rent review purposes. Therefore the total area for rent review purposes is 191.93 sq m (2,066 sq ft).
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
Contacts
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street London W1S 3AN
