Abbey House 157/159 Armada Way Plymouth Devon PL1 1JF

  • Abbey House<br>157/159 Armada Way<br>Plymouth<br>Devon<br>PL1 1JF

Abbey House
157/159 Armada Way
Plymouth
Devon
PL1 1JF

Attractive City Centre Bank Investment on a New 5 year lease

  • Entirely let to Santander UK PLC
  • New 5 year lease (NO Breaks)
  • Lease renewal from 25th December 2020
  • VAT-free Investment
  • Future alternative use potential of the upper floors
  • Lot
    27
  • Auction
    16th June 2021
  • Rent
    £49,540 per Annum Exclusive
  • Status
    Sold
  • Price
    £402,000
  • Auction Venue
    Live Streamed Auction
  • On Instructions of a Major Property Company
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Attractive City Centre Bank Investment on a New 5 year lease

  • Entirely let to Santander UK PLC
  • New 5 year lease (NO Breaks)
  • Lease renewal from 25th December 2020
  • VAT-free Investment
  • Future alternative use potential of the upper floors
  • Lot 27
  • Auction 16th June 2021
  • Rent £49,540 per Annum Exclusive
  • Status Sold
  • Price £402,000
  • Sector
    Bank
  • Auction Venue
    Live Streamed Auction
  • On Instructions of a Major Property Company

Property Information

Location
Miles
7 miles south-west of Dartmoor National Park
40 miles south-west of Exeter
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport,
Cornwall Airport Newquay
Situation

The port city of Plymouth is located on the south west coast 40 miles south west of Exeter, 30 miles east of St Austell and 7 miles south of Dartmoor National Park. The property is located in the city centre on Armada Way close to its junction with New George Street and Armada Way shopping centre. Plymouth Bus station is close by together with a number of public car parks. City of Plymouth University and Plymouth railway station are within walking distance to the north. Nearby occupiers include Spar, Barclays, SpecSavers, Samsung, TSB and Subway

Tenure

Long Leasehold. Leasehold. Held from Plymouth City Council for a term of years expiring 24th December 2058 at a rent of £460 p.a.

Location
Miles
7 miles south-west of Dartmoor National Park
40 miles south-west of Exeter
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport,
Cornwall Airport Newquay
Situation

The port city of Plymouth is located on the south west coast 40 miles south west of Exeter, 30 miles east of St Austell and 7 miles south of Dartmoor National Park. The property is located in the city centre on Armada Way close to its junction with New George Street and Armada Way shopping centre. Plymouth Bus station is close by together with a number of public car parks. City of Plymouth University and Plymouth railway station are within walking distance to the north. Nearby occupiers include Spar, Barclays, SpecSavers, Samsung, TSB and Subway

Tenure

Long Leasehold. Leasehold. Held from Plymouth City Council for a term of years expiring 24th December 2058 at a rent of £460 p.a.

Description

The property comprises a ground floor banking hall with office and ancillary accommodation on the upper floors. The upper floors are separately accessed from Armada Way.

VAT

VAT is not applicable to this lot.

Planning

The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents/permissions and current tenancy. Interested Parties are referred to www.plymouth.gov.uk

Viewings

There will be no internal viewings of the property due to Covid-19.

Completion Period

Six Week Completion

EPC

See legal pack at www.acuitus.co.uk

Description

The property comprises a ground floor banking hall with office and ancillary accommodation on the upper floors. The upper floors are separately accessed from Armada Way.

VAT

VAT is not applicable to this lot.

Planning

The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents/permissions and current tenancy. Interested Parties are referred to www.plymouth.gov.uk

Viewings

There will be no internal viewings of the property due to Covid-19.

Completion Period

Six Week Completion

EPC

See legal pack at www.acuitus.co.uk

Tenancy & Accommodation

Floor Use Floor Areas
(Approx)		 Tenant Term Gross Rent
p.a.x.		 Reversion
Ground
Basement
First
Second		 Banking
Ancillary
Office
Office
175.16 sq m
125.85 sq m
123.60 sq m
122.2 sq m
(1,885 sq ft)
(1,354 sq ft)
(1,330 sq ft)
(1,315 sq ft)
 SANTANDER UK
PLC (1)		 5 years from
25/12/2020		 £50,000 (24/12/2025)
Total
546.81 sq m
(5,886 sq ft)
     £50,000  

(1) For the year ending 31st December 2019, Santander UK PLC reported a turnover of £7,224,000,000, a pre-tax profit of £1,012,000,000 and shareholders funds of £15,857,000,000 (Source: NorthRow 19/01/2021).

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

Seller's Solicitors
Addleshaw Goddard LLP One St Peter's Square
Manchester
Lancashire
M2 3DE
Alasdair Jones 0161 934 6315alasdair.jones@addleshawgoddard.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

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