NatWest Bank 29 King Street Gravesend Kent DA11 2DU

NatWest Bank
29 King Street
Gravesend
Kent
DA11 2DU

Freehold Banking Hall and Residential Ground Rent Investment

Banking Hall and basement let to NatWest until 2027 (subject to option)
Tenant in Occupation since 1991
Busy Town Centre Location
Nearby occupiers include Santander, Coral, BetFred, Costa Coffee, and Primark
VAT Free Investment

Lot
41
Auction
18th May 2023
Rent
£30,000 per Annum
Status
Sold
Price
£300,000
Auction Venue
Live Streamed Auction

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Freehold Banking Hall and Residential Ground Rent Investment

Banking Hall and basement let to NatWest until 2027 (subject to option)
Tenant in Occupation since 1991
Busy Town Centre Location
Nearby occupiers include Santander, Coral, BetFred, Costa Coffee, and Primark
VAT Free Investment

Lot 41
Auction 18th May 2023
Rent £30,000 per Annum
Status Sold
Price £300,000
Sector
Bank
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 7 miles east of Dartford, 15 miles north of Maidstone, 26 miles east of Central London
Roads: A2, M2, M20, M25
Rail: Gravesend Railway Station
Air: London Gatwick Airport, London City Airport, London Heathrow Airport

Situation

Gravesend is situated on the Thames Estuary, some 7 miles east of Dartford and 26 miles south-east of Central London. The town enjoys good road communications being on the A2/M2, linking to the M25 some 6 miles to the west. The property is situated in the town centre on the south side of the part pedestrianised King Street close to its junction with Windmill Street and High Street. St Georges Shopping Centre and a number of public car parks are close by as well as Gravesend Railway Station which is approximately 320 metres from the property. Occupiers on King Street include Santander, Coral, BetFred, Costa Coffee, and Primark.

Tenure

Freehold.

Location

Miles: 7 miles east of Dartford, 15 miles north of Maidstone, 26 miles east of Central London
Roads: A2, M2, M20, M25
Rail: Gravesend Railway Station
Air: London Gatwick Airport, London City Airport, London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property is an attractive period retail building comprising ground floor banking hall accommodation with ancillary accommodation at basement level. The self contained upper floors have been sold off on a long lease. The ground floor of the property forms part of the larger NatWest bank building that fronts King Street.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review (Reversion)
Ground	Banking Hall Ancillary	123.65 103.12	(1,331) (1,110)	National Westminster Bank PLC (1)	5 years from 22/09/2022 until 21/09/2027(2)	£30,000
First Second	Residential	4 Flats		Pegasus 51 Limited	125 years from 29/09/1987 until 28/09/2112	Peppercorn	(28/09/2112)
Total Approximate Floor Area		226.77	(2,440)			£30,000

(1) For the year ending 31/12/2021 National Westminster Bank PLC reported a Turnover of £10,368,000,000, a Pre-Tax Profit of £3,883,000,000 and a Net Worth of £19,495,000,000 (NorthRow 24/04/2023).
(2) The lease provides for a tenant option to determine the lease on 21/09/2025 upon serving 6 months written notice.

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.