Virtual Freehold Bank & Office Investment with Immediate Asset Management Opportunities
Let to Lloyds Bank Plc until September 2026 (tenant not in occupation)
Lloyds offered £150,000 in September 2023 to surrender lease and vacate (including dilapidations) - please see legal pack
Approximately 2,639 sq ft plus 4 parking bays at the rear
VAT-free Investment
Prominent town centre location - 100 metres from Letchworth Garden City Station
Nearby occupiers include Iceland, Morrisons, Starbucks, Prezzo, Boots the Chemist, Superdrug, Holland & Barrett, Greggs and JD Wetherspoon
Lot 28
Auction 9th July 2024
Rent £27,500 per Annum Exclusive
Status Sold Prior
Price
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
13 miles north-east of Luton, 20 miles south-west of Cambridge, 36 miles north of Central London
Roads
A505, A1(M) (Junction 9)
Rail
Letchworth Garden City Railway Station (Thameslink, London St Pancras in 38mins)
Air
London Luton Airport
Situation
The property is prominently situated on the north side of Station Road, in the heart of the town centre, less than 100 metres from Letchworth Garden City Railway Station (Thameslink, London St Pancras in 38 mins), and 100 metres from Garden Square Shopping Centre. Nearby retailers include Iceland, Morrisons, Starbucks, Prezzo, Boots the Chemist, Superdrug, Holland & Barrett, Greggs and JD Wetherspoon.
Tenure
Virtual Freehold. Held from Letchworth Garden City Heritage Foundation for a term of 999 years from 29/09/1924 at a current ground rent of £21.45 per annum, with a rent review on 29/09/2023 and 99 yearly thereafter. The freeholder has served notice proposing a new ground rent of £7,700 p.a. which has been rejected by the seller - please see legal pack.
Location
Miles
13 miles north-east of Luton, 20 miles south-west of Cambridge, 36 miles north of Central London
Roads
A505, A1(M) (Junction 9)
Rail
Letchworth Garden City Railway Station (Thameslink, London St Pancras in 38mins)
Air
London Luton Airport
Situation
The property is prominently situated on the north side of Station Road, in the heart of the town centre, less than 100 metres from Letchworth Garden City Railway Station (Thameslink, London St Pancras in 38 mins), and 100 metres from Garden Square Shopping Centre. Nearby retailers include Iceland, Morrisons, Starbucks, Prezzo, Boots the Chemist, Superdrug, Holland & Barrett, Greggs and JD Wetherspoon.
Tenure
Virtual Freehold. Held from Letchworth Garden City Heritage Foundation for a term of 999 years from 29/09/1924 at a current ground rent of £21.45 per annum, with a rent review on 29/09/2023 and 99 yearly thereafter. The freeholder has served notice proposing a new ground rent of £7,700 p.a. which has been rejected by the seller - please see legal pack.
Description
The property comprises a banking hall arranged on the ground floor, with ancillary office accommodation on the first floor. The property benefits from 4 parking bays at the rear.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Description
The property comprises a banking hall arranged on the ground floor, with ancillary office accommodation on the first floor. The property benefits from 4 parking bays at the rear.
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 (1)
Floor Areas (Approx sq ft) (1)
Tenant
Term
Rent p.a.x.
Ground First
Banking Hall Ancillary
176.40 68.90
(1,898) (741)
LLOYDS BANK PLC (2)
5 years from 30/09/2021 on a full repairing and insuring lease
£27,500
Total
245.30
(2,639)
£27,500
(1) Areas provided by the VOA (www.gov.uk/find-business-rates) (2) For the year ending 31/12/2023, Lloyds Bank PLC reported a Turnover of £31,062,000,000, a Pre-Tax Profit of £7,056,000,0000 and a Net Worth of £34,536,000 (www.northrow.com). Please note the tenant is not in occupation.
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.
