84 - 86 High Road Ilford Greater London IG1 1BU

84 - 86 High Road
Ilford
Greater London
IG1 1BU

Freehold Bank Investment

Let to Bank of Scotland plc until 2026 (subject to option)
Renewal of a previous lease
Prime town centre location
Neighbouring occupiers include Primark, Boots, Marks & Spencer, Next, Vodafone and Carphone Warehouse
6 Week Completion Available

Lot
16
Auction
29th March 2012
Rent
£177,500 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of a Major Fund

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Freehold Bank Investment

Let to Bank of Scotland plc until 2026 (subject to option)
Renewal of a previous lease
Prime town centre location
Neighbouring occupiers include Primark, Boots, Marks & Spencer, Next, Vodafone and Carphone Warehouse
6 Week Completion Available

Lot 16
Auction 29th March 2012
Rent £177,500 per Annum Exclusive
Status Sold Post
Price
Sector
Bank
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of a Major Fund

Property Information

Location

Miles: 9 miles east of the City of London, 6 miles east of the Olympic Park, 6 miles north of Canary Wharf
Roads: M11, North Circular Road (A406), A12
Rail: Ilford Rail, Newbury Park Underground Station (Central Line)
Air: London City Airport, London Stansted Airport

Situation

The property is prominently situated in a prime position on the south side of High Road at its junction with Clements Road and close to the major Cranbroook Road junction. Neighbouring occupiers include a newly modernised Barclays Bank Jumbo Branch, Primark, Nationwide Building Society, Boots and Marks & Spencer.

Tenure

Freehold.

Location

Miles: 9 miles east of the City of London, 6 miles east of the Olympic Park, 6 miles north of Canary Wharf
Roads: M11, North Circular Road (A406), A12
Rail: Ilford Rail, Newbury Park Underground Station (Central Line)
Air: London City Airport, London Stansted Airport

Situation

Tenure

Freehold.

Description

The property is a substantial traditional building comprising a modern banking hall on the ground floor, ancillary accommodation in the basement, office accommodation on the first floor and ancillary accommodation on the second floor. The property benefits from a return frontage and rear access via Postway Mews.

6 Week Completion Available

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Basement Ground Floor First Floor Second	Ancillary Banking Hall Offices Ancillary	203.17 sq m 305.18 sq m 292.64 sq m 293.85 sq m	(2,187 sq ft) (3,285 sq ft) (3,150 sq ft) (3,163 sq ft)	BANK OF SCOTLAND PLC (1) (t/a Halifax)	15 years from 25th March 2011 until 2026 on a full repairing and Insuring lease (2)	£177,500 (3)	2016 and 2021
Basement Ground Floor First Floor Second	Ancillary Banking Hall Offices Ancillary	203.17 sq m 305.18 sq m 292.64 sq m 293.85 sq m		BANK OF SCOTLAND PLC (1) (t/a Halifax)		£177,500 (3)	2016 and 2021
Totals		1,094.84 sq m	(11,785 sq ft)			£177,500 (3)

(1) Bank of Scotland plc are part of Lloyds Banking Group which was renamed from Lloyds TSB Group plc following their acquisition of HBOS plc in 2009. Lloyds Banking Group serves some 30 million people. For the year ending 31st December 2011 Bank of Scotland plc reported pre-tax profits of negative £3,871,000,000 and a net worth of £19,609,000,000. (Source: Riskdisk 30/01/2012).

(2) The lease provides for a tenant option to determine the lease on or after 25th March 2021, on six months’ notice.

(3) The lease provides for a rent free period until 24th September 2012 after which the rent will be the higher of £177,500 per annum exclusive or Open Market Rental Value. The seller will pay the buyer or allow against the completion monies the rent equivalent to £177,500 per annum exclusive , that would have been due in the absence of the rent free period. Therefore the property will produce £177,500 per annum exclusive from completion of the sale.