104 Terminus Road
Eastbourne
East Sussex
BN21 3AJ

Prime Freehold Bank Investment

  • Let to Lloyds Bank Plc (Recently extended lease)
  • Lease expires June 2031 (subject to option)
  • Approximately 9,242 sq ft
  • Directly opposite The Arndale Shopping Centre
  • Nearby occupiers include Marks & Spencer, Debenhams, Primark, Boots the Chemist, Costa and HSBC, Barclays and NatWest Banks
  • VAT-free Bank Investment
  • Lot
    16
  • Auction
    19/Oct/2017
  • Rent
    £175,000 per Annum Exclusive
  • Status
    Sold Prior
  • Price*
     
  • Sector
    Bank
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 104 Terminus Road<br>Eastbourne<br>East Sussex<br>BN21 3AJ
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Property Information

Location
Miles
21 miles east of Brighton
52 miles south of Central London
Roads
A22, A27
Rail
Eastbourne Railway Station
Air
London Gatwick Airport
Situation

The property is situated in a prime location on the southern side of the pedestrianised section of Terminus Road, between the two principal entrances to The Arndale Shopping Centre. The Arndale Shopping Centre is currently being redeveloped and extended, providing a further 22 stores, seven restaurants, approximately 300 extra car parking spaces and a nine screen cinema. Other nearby occupiers include Marks & Spencer, Boots the Chemist, Costa, Sports Direct, WH Smith and Superdrug. A cluster of banks in the immediate vicinity makes the location well suited to the current occupier.

Tenure

Freehold.

Description

The property comprises a large ground floor banking hall with ancillary accommodation at basement and office accommodation on the first, second and third floors. The upper floors are accessed internally and via a separate entrance on Terminus Road.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
Ground
Basement
First
Second
Third
Banking Hall
Ancillary
Office
Office/Ancillary
Office
279.55 sq m
156.08 sq m
183.48 sq m
116.04 sq m
123.47 sq m
(3,009 sq ft)
(1,680 sq ft)
(1,975 sq ft)
(1,249 sq ft)
(1,329 sq ft)
LLOYDS BANK PLC
(1)
20 years from
24/06/2011 until
23/06/2031 (2)
£175,00024/06/2021
and
24/06/2026
Totals
858.62 sq m
(9,242 sq ft)
  £175,000 

(1) For the year ending 31st December 2016, Lloyds Bank Plc reported pre-tax profits of £1,977,000,000 and a total net worth of £49,326,000,000 (Source: Experian Group 05/09/2017).
(2) The property was originally let to Lloyds Bank on a lease from 21st December 1995 expiring 23rd June 2011. A new lease was then completed for a term of 10 years expiring 23rd June 2021. A subsequent reversionary lease has since been completed for a term of 10 years from 24th June 2021 expiring 23rd June 2031, with a tenant option to break on 24th June 2026. Lloyds Bank PLC currently benefit from a 9 month rent free period due to expire 23rd March 2018. The seller has agreed to adjust the completion monies so that the property will effectively produce £175,000 per annum from completion of the sale until the expiry of the rent free period.

Property Documents

  • Catalogue Page
    Updated Date
    26.09.17
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    26.09.17
    File Size
    4 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
ASB Law Horizon House, Eclipse Park, Sittingbourne Road
Maidstone
Kent
TN9 2UH
Chris Worthington 01622 656537chris.worthington@asb-law.com

Useful Links

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