Reversionary lease recently signed extending the term for approximately 3 years at a re-based rent
Well located on pedestrianised City Centre retail thoroughfare
Immediately adjacent to Marks & Spencer and The Thistles Shopping Centre
Lot 25
Auction 7th December 2017
Rent £80,000 per Annum Exclusive
Status Sold Post
Price
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Joint Administrators at Moorfields
Property Information
Location
Miles
25 miles north-east of Glasgow, 35 miles north-west of Edinburgh
Roads
A9, A84, A811, M9, M80
Rail
Stirling Railway Station
Air
Edinburgh Airport
Situation
Stirling is a historic city situated in the heart of central Scotland and has been referred to as the Gateway to the Highlands, being located close to Loch Lomond and The Trossachs National Park. The property is prominently situated in the heart of the City Centre on the east side of pedestrianised Port Street, immediately adjacent to Marks & Spencer and The Thistles Shopping Centre. Other nearby occupiers include Holland & Barrett, Laura Ashley, New Look, Mountain Warehouse and Caffè Nero.
Tenure
Heritable. (Scottish equivalent of English Freehold).
Location
Miles
25 miles north-east of Glasgow, 35 miles north-west of Edinburgh
Roads
A9, A84, A811, M9, M80
Rail
Stirling Railway Station
Air
Edinburgh Airport
Situation
Stirling is a historic city situated in the heart of central Scotland and has been referred to as the Gateway to the Highlands, being located close to Loch Lomond and The Trossachs National Park. The property is prominently situated in the heart of the City Centre on the east side of pedestrianised Port Street, immediately adjacent to Marks & Spencer and The Thistles Shopping Centre. Other nearby occupiers include Holland & Barrett, Laura Ashley, New Look, Mountain Warehouse and Caffè Nero.
Tenure
Heritable. (Scottish equivalent of English Freehold).
Description
The property comprises a ground floor banking hall with ancillary accommodation on the first floor and forms part of a larger building.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Administrators to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 ancillary accommodation on the first floor and forms part of a larger building.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Administrators and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Administrators to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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
First
Banking Hall/Ancillary Ancillary
203.45 sq m
31.94 sq m
(2,190 sq ft)
(344 sq ft)
SANTANDER UK PLC (1)
Approx 27 years from 18/01/1993 on a full repairing and insuring lease (2)
£80,000 (2)
31/12/2020 (2)
Totals
235.39 sq m
(2,534 sq ft)
£80,000 (2)
(1) For the year ending 31st December 2017, Santander UK Plc reported pre-tax profits of £1,917,000,000 and a total net worth of £13,618,000,000 (Source: Experian Group 19/09/2017). (2) The tenant occupies the property under a lease for a term of 25 years from 18/01/1993 until 17/01/2018 at a current rent reserved of £102,000 p.a.x. A reversionary lease has been signed extending the term for an additional 3 years (approximately) from 18/01/2018 until 31/12/2020 at a rent of £80,000 p.a.x. Under the terms of the reversionary lease, the tenant is to benefit from a concessionary rent of £1 (if demanded) for five months from 18/01/2018 until 17/06/2018. The seller has agreed to adjust the completion monies so that the unit will effectively produce £80,000 p.a.x. from completion of the sale.