Let to Barclays Bank plc on a 20 year lease until 2026 (subject to options)
Prominent corner position on busy London Road
Nearby occupiers include Iceland, Somerfield, Subway and Shoe Zone
Six Week Completion
Lot 30
Auction 13th February 2014
Rent £41,950 per Annum Exclusive
Status Sold Post
Price
Sector Bank
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
London 75 miles, Southampton 19 miles, Chichester 18 miles
Roads
M275, M27, A27, A3
Rail
Portsmouth and Southsea 2 miles
Air
Southampton International Airport 20 miles
Situation
The property is situated in a prominent corner location on the east side of London Road at its junction with Laburnham Grove in the North End area of the City of Portsmouth. London Road is the busy local high street of this densely populated inner suburb and is home to many well known national retailers.
Tenure
Freehold.
Location
Miles
London 75 miles, Southampton 19 miles, Chichester 18 miles
Roads
M275, M27, A27, A3
Rail
Portsmouth and Southsea 2 miles
Air
Southampton International Airport 20 miles
Situation
The property is situated in a prominent corner location on the east side of London Road at its junction with Laburnham Grove in the North End area of the City of Portsmouth. London Road is the busy local high street of this densely populated inner suburb and is home to many well known national retailers.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with office and ancillary accommodation on the first and second floors. The property was probably constructed in the 1970’s to bank specifications and the return frontage to Laburnham Grove has two ATM’s fitted by the tenants.
VAT
VAT is not applicable to this lot.
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 and ancillary accommodation on the first and second floors. The property was probably constructed in the 1970’s to bank specifications and the return frontage to Laburnham Grove has two ATM’s fitted by the tenants.
VAT
VAT is not applicable to this lot.
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 Second
Banking Hall and Ancillary Office and Ancillary Office and Ancillary
170.66 sq m 106.10 sq m 104.42 sq m
(1,837 sq ft) (1,142 sq ft) (1,124 sq ft)
BARCLAYS BANK PLC (1)
20 years from 28/04/2006 until 27/04/2026 (2)
£41,950
31/12/2017 and 31/12/2022
Totals
381.18 sq m
(4,103 sq ft)
£41,950
(1) For the year ending 31/12/2012, Barclays Bank plc reported pre-tax profits of £99,000,000 and a total net worth of £52,063,000,000. (Source: www.riskdisk.com 09/01/2014) (2)The tenant has an option to determine the lease at the end of the 10th and 15th years of the term.
