Freehold Bank and Residential Ground Rent Investment
Majority let to TSB Bank Plc on a renewed 5-year lease from January 2023 (subject to option) at a re-based rent
Includes two self-contained flats on upper floors let on long leases
Large garden to rear offered vacant
VAT free investment
Grade II Listed
Nearby occupiers include Boots the Chemist, Greggs, Specsavers and One Stop Convenience Store
Lot 1
Auction 13th December 2023
Rent £22,660 per Annum Exclusive
Status Sold Post
Price
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
18 miles south-west Worcester, 18 miles north-west of Gloucester, 50 miles north of Bristol
Roads
A348, A449, A417
Rail
Ledbury Train Station
Air
Bristol Airport
Situation
The property is situated in the heart of the town centre, on east side of The Homend. Nearby occupiers include Boots the Chemist, Greggs, Specsavers and One Stop Convenience Store.
Tenure
Freehold.
Location
Miles
18 miles south-west Worcester, 18 miles north-west of Gloucester, 50 miles north of Bristol
Roads
A348, A449, A417
Rail
Ledbury Train Station
Air
Bristol Airport
Situation
The property is situated in the heart of the town centre, on east side of The Homend. Nearby occupiers include Boots the Chemist, Greggs, Specsavers and One Stop Convenience Store.
Tenure
Freehold.
Description
The property comprises a bank arranged on the ground, basement, part first and part second floors, with two self-contained flats arranged on the part first and part second floors, let on long leases. The property benefits from a large garden to the rear which is not part of the commercial or residential tenants leases.
VAT
VAT is not applicable to this lot.
Note
Notices pursuant to Section 5b of the Landlord and Tenant Act 1987 have been served to the residential lessees. No acceptance notices have been received from the tenants within the permitted period and therefore the tenants are not able to exercise the right of preemption on this sale.
Completion Period
Six Week Completion
EPC
Band E
Description
The property comprises a bank arranged on the ground, basement, part first and part second floors, with two self-contained flats arranged on the part first and part second floors, let on long leases. The property benefits from a large garden to the rear which is not part of the commercial or residential tenants leases.
VAT
VAT is not applicable to this lot.
Note
Notices pursuant to Section 5b of the Landlord and Tenant Act 1987 have been served to the residential lessees. No acceptance notices have been received from the tenants within the permitted period and therefore the tenants are not able to exercise the right of preemption on this sale.
Completion Period
Six Week Completion
EPC
Band E
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review
Ground Basement Part First Part Second
Banking Hall Ancillary Offices/Ancillary Offices/Ancillary
101.30 28.50 28.90 30.10
(1,090) (306) (311) (324)
TSB BANK PLC (2)
5 years from 25/01/2023 (3)
£22,660
25/01/2026
Part First
Residential Flat
-
-
AN INDIVIDUAL
125 years from 31/01/2008
Peppercorn
-
Part Second
Residential Flat
-
-
AN INDIVIDUAL
125 years from 31/01/2008
Peppercorn
-
Total Commercial Area
188.80
(2,031)
£22,660
(1) Areas provided by VOA (www.gov.uk/find-business-rates) (2) For the year ending 31st December 2022, TSB Bank Plc reported a turnover of £1,376,800,000, a pre-tax profit of £181,100,000 and a net worth of £1,854,200,000 (www.northrow.com) (3) The lease is subject to a tenant only option to determine on 25/01/2026.
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.
