High Yielding Double-fronted Freehold Bank Investment with Imminent Asset Management Opportunities
Let to Bank of Scotland Plc (t/a Halifax)
Lease expires November 2024 (tenant vacating at lease expiry)
Imminent Asset management opportunities including potential dilapidations and possible subdivision into two shops
Double-fronted bank comprising approximately 2,149 sq ft with parking to the rear
VAT-free investment
Prime pedestrianised town centre location
Nearby retailers include Iceland, Poundland, The Works, Boots Pharmacy, Superdrug (adjoining), Costa, Subway, Domino's and JD Wetherspoon
Lot 27
Auction 9th July 2024
Rent £32,000 per Annum Exclusive
Status Sold
Price £231,000
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
13 miles north of Bury St Edmunds, 35 miles south-west Norwich, 35 miles north-west of Ipswich
Roads
A11, A134, A1066
Rail
Thetford Train Station
Air
Stansted Airport
Situation
The property is situated on the northern side of King Street, the prime pedestrianised retailing pitch. There is a large public car park to the rear of the property for approximately 40 cars. Nearby retailers include Iceland, Poundland, The Works, Boots the Pharmacy, Superdrug (adjoining), Costa, Subway, Domino's and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
13 miles north of Bury St Edmunds, 35 miles south-west Norwich, 35 miles north-west of Ipswich
Roads
A11, A134, A1066
Rail
Thetford Train Station
Air
Stansted Airport
Situation
The property is situated on the northern side of King Street, the prime pedestrianised retailing pitch. There is a large public car park to the rear of the property for approximately 40 cars. Nearby retailers include Iceland, Poundland, The Works, Boots the Pharmacy, Superdrug (adjoining), Costa, Subway, Domino's and JD Wetherspoon.
Tenure
Freehold.
Description
The property currently comprises a double-fronted bank with ground floor retail and first floor ancillary accommodation. The property benefits from parking to the rear and may be capable of being subdivided into two shops.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Description
The property currently comprises a double-fronted bank with ground floor retail and first floor ancillary accommodation. The property benefits from parking to the rear and may be capable of being subdivided into two shops.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Ground First
Banking Hall/Ancillary Ancillary
142.52 57.18
(1,534) (615)
BANK OF SCOTLAND PLC (1) (t/a Halifax)
10 years from 25/12/2014 on a full repairing and insuring lease (2)
£32,000
Total
199.70
(2,149)
£32,000
(1) For the year ending 31/12/2023, Bank of Scotland PLC reported a Turnover of £12,543,000,000, a Pre-Tax Profit of £351,000,000 and a Net Worth of £16,139,000,000 (www.northrow.com). (2) The tenant has confirmed that they will vacate the property at the end of the lease.
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.
