Attractive Freehold Bank Investment on a New 5 year lease & Office Investment
Part let to Santander UK PLC
Bank New 5 year lease (NO Breaks)
Bank Lease renewal from 25th December 2020
VAT-free Investment
Future alternative use potential of the upper floors
Part let to Solicitors
Lot 14
Auction 21st July 2021
Rent £39,300 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Bank
Auction Venue Live Streamed Auction
On Instructions of a Major Property Company
Property Information
Location
Miles
19 miles south-west of Bath
20 miles south of Bristol
Roads
A4, A39, A46, A361, M4
Rail
Castle Cary
Air
Bristol Airport
Situation
Wells is a popular and historic cathedral city located immediately south of the Mendip Hills, an area of outstanding natural beauty and home to the Cheddar Gorge - a popular tourist destination. The property is well located on the northern side of Market Place, at its junction with Sadler Street in the heart of Wells city centre. Nearby occupiers include Barclays, HSBC, Natwest, Boots the Chemist, Costa Coffee and variety of specialist traders.
Tenure
Freehold.
Location
Miles
19 miles south-west of Bath
20 miles south of Bristol
Roads
A4, A39, A46, A361, M4
Rail
Castle Cary
Air
Bristol Airport
Situation
Wells is a popular and historic cathedral city located immediately south of the Mendip Hills, an area of outstanding natural beauty and home to the Cheddar Gorge - a popular tourist destination. The property is well located on the northern side of Market Place, at its junction with Sadler Street in the heart of Wells city centre. Nearby occupiers include Barclays, HSBC, Natwest, Boots the Chemist, Costa Coffee and variety of specialist traders.
Tenure
Freehold.
Description
The Grade II listed property comprises a ground floor bank with ancillary accommodation on the first and second floors. Attic and Basement not currently used (accessed via step ladder). At the rear is a building arranged over ground, first and second floors, occupied by Chubb Bulleid Solicitors. This rear building is accessed via the adjoining property 7 Market Place (not included in the sale). However this building at the rear can be accessed from the bank building at the front via a courtyard..
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.mendip.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 Grade II listed property comprises a ground floor bank with ancillary accommodation on the first and second floors. Attic and Basement not currently used (accessed via step ladder). At the rear is a building arranged over ground, first and second floors, occupied by Chubb Bulleid Solicitors. This rear building is accessed via the adjoining property 7 Market Place (not included in the sale). However this building at the rear can be accessed from the bank building at the front via a courtyard..
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.mendip.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
Rent p.a.x
Review/ (Reversion)
Ground Front First Second Attic Basement
Banking Ancillary Ancillary
46.20 sq m 45.00 sq m 46.00 sq m
(497 sq ft) (484 sq ft) (495 sq ft)
SANTANDER UK PLC (1)
5 years from 25/12/2020
£29,300
(24/12/2025)
Ground Floor Rear Lower Ground First Second
Office Storage Office Office
23.00 sq m 3.00 sq m 36.00 sq m 31.00 sq m
(247 sq ft) (32 sq ft) (388 sq ft) (334 sq ft)
CHUBB BULLEID LTD t/a Chubb Bulleid Solicitors
12 years from 01/04/2009
£10,000
Holding Over
Sub Total 93.00 sq m
(1,001 sq ft)
Grand Total
230.20 sq m
(2,477 sq ft)
£39,300
(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). (2) Chubb Bulleid Solicitors are based in the centre of Wells, Street and Somerton in the county of Somerset. (www.chubb-bulleid.co.uk)
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
