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
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.
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
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.
15 years from 25th March 2011 until 2026 on a full repairing and Insuring lease (2)
£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.
