Entirely let to Bank of Scotland Plc - part of Lloyds Banking Group Plc
New 15 year lease from 29th December 2016 (No Breaks)
Favourable alienation provisions within the lease
Prominent town centre location close to The Regent Centre
VAT-free Bank Investment
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 18
Auction 30th March 2017
Rent
Status Sold
Price £640,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
9 miles west of Cumbernauld, 10 miles north-east of Glasgow City Centre
Roads
A803, A806, M8 and M80
Rail
Lenzie Railway Station
Air
Glasgow Airport
Situation
The property is located on the western side of Cowgate, the town's principal retailing thoroughfare, at its junction with Kerr Street. The Regent Centre is less than 100m away housing occupiers including Tesco Metro, Boots the Chemist, Poundland and Superdrug. Other nearby occupiers include JD Wetherspoon and branches of TSB, RBS and Clydesdale banks. Barleybank car park is close to the property, providing car parking for over 90 cars.
Tenure
Heritable. (Scottish Equivalent of Freehold)
Location
Miles
9 miles west of Cumbernauld, 10 miles north-east of Glasgow City Centre
Roads
A803, A806, M8 and M80
Rail
Lenzie Railway Station
Air
Glasgow Airport
Situation
The property is located on the western side of Cowgate, the town's principal retailing thoroughfare, at its junction with Kerr Street. The Regent Centre is less than 100m away housing occupiers including Tesco Metro, Boots the Chemist, Poundland and Superdrug. Other nearby occupiers include JD Wetherspoon and branches of TSB, RBS and Clydesdale banks. Barleybank car park is close to the property, providing car parking for over 90 cars.
Tenure
Heritable. (Scottish Equivalent of Freehold)
Description
The property comprises a ground floor banking hall, with office accommodation on the first floor.
VAT
VAT is not applicable to this lot.
Note
The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dun & Bradstreet rating of 5A1 or better for the three years preceding the date of any proposed assignment or (where the original tenant is the assignor only) to a group company of the original tenant and if the lease is assigned to a group company of the original tenant then no further assignment is allowed. The landlord can require a guarantee in standard Scottish PSG terms if consenting to an assignation to anyone other than the foregoing.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor banking hall, with office accommodation on the first floor.
VAT
VAT is not applicable to this lot.
Note
The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dun & Bradstreet rating of 5A1 or better for the three years preceding the date of any proposed assignment or (where the original tenant is the assignor only) to a group company of the original tenant and if the lease is assigned to a group company of the original tenant then no further assignment is allowed. The landlord can require a guarantee in standard Scottish PSG terms if consenting to an assignation to anyone other than the foregoing.
Completion Period
Six Week Completion
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
Ground First
Banking Hall/Ancillary Offices
204.94 sq m 165.65 sq m
(2,206 sq ft) (1,783 sq ft)
BANK OF SCOTLAND PLC (1)
15 years from 29/12/2016 until 28/12/2031 on a full repairing and insuring lease
£40,000
29/12/2021 and 29/12/2026
Totals
370.59 sq m
(3,989 sq ft)
£40,000
(1) Bank of Scotland was founded in 1695 and is Scotland's oldest bank. In 2009, it was acquired by Lloyds TSB, with the new entity named as Lloyds Banking Group. The acquisition created the largest retail bank in the UK. For the year ending 31st December 2015, Bank of Scotland Plc reported pre-tax profits of £2,653,000,000 and a total net worth of £14,692,000,000 (Sources: www.bankofscotland.co.uk and Experian Group 01/03/2017).