Entirely let to TSB Bank Plc on assignment from Cheltenham & Gloucester Plc
Tenant option to renew the lease until 2036
2016 tenant break option NOT exercised
Neighbouring occupiers include Tesco Express, KFC, William Hill, Iceland, Greggs and Cash Converters
VAT-free investment
Lot 13
Auction 19th October 2017
Rent £67,000 per Annum Exclusive
Status Sold
Price £835,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
64 miles north-west of London, 38 miles south-east of Birmingham, 22 miles north of Oxford
Roads
A361, A423, A422, M40 (Junction 11)
Rail
Banbury Railway Station
Air
Birmingham Airport
Situation
Banbury is a popular Oxfordshire market town some 64 miles north-west of London. The property is prominently located in the town centre, fronting the north side of the High Street approximately 30 metres from the pedestrianised retailing zone. Neighbouring occupiers include Tesco Express, KFC, William Hill, Iceland, Greggs and Cash Converters.
Tenure
Freehold.
Location
Miles
64 miles north-west of London, 38 miles south-east of Birmingham, 22 miles north of Oxford
Roads
A361, A423, A422, M40 (Junction 11)
Rail
Banbury Railway Station
Air
Birmingham Airport
Situation
Banbury is a popular Oxfordshire market town some 64 miles north-west of London. The property is prominently located in the town centre, fronting the north side of the High Street approximately 30 metres from the pedestrianised retailing zone. Neighbouring occupiers include Tesco Express, KFC, William Hill, Iceland, Greggs and Cash Converters.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall and basement ancillary accommodation which is accessed via a hatch, with self-contained office accommodation on the first and second floors. The office accommodation benefits from a separate access on High Street. The banking hall benefits from a significant glazed frontage.
VAT
VAT is not applicable to this lot.
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 and basement ancillary accommodation which is accessed via a hatch, with self-contained office accommodation on the first and second floors. The office accommodation benefits from a separate access on High Street. The banking hall benefits from a significant glazed frontage.
VAT
VAT is not applicable to this lot.
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
Reversion
Ground Basement First Second
Banking Hall Ancillary Offices/Ancillary Offices/Ancillary
121.8 sq m 51.1 sq m 47.4 sq m 43.5 sq m
(1,312 sq ft) (550 sq ft) (510 sq ft) (468 sq ft)
TSB BANK PLC (1) on assignment from Cheltenham & Gloucester plc (3)
15 years from 21/12/2006 (2)
£67,000
20/12/2021. Tenant option to renew until 2036
Total
263.8 sq m
(2,840 sq ft)
£67,000
(1) For the year ending 31st December 2016, TSB Bank Plc reported a pre-tax profit of £182,300,000 and a total net worth of £1,879,200,000 (Source: Experian Group 08/06/2017). (2) TSB Bank did not operate the 2016 tenant break option to determine the lease. (3) For the year ending 31st December 2016, Cheltenham & Gloucester Plc reported a turnover of £83,567,000, pre-tax profits of £32,806,000 and a total net worth of £164,406,000 (Source: Experian Group 08/06/2017).
