Santander Bank, 496-498 Brixton Road London SW9 8EQ

Santander Bank, 496-498 Brixton Road
London
SW9 8EQ

Prime Freehold Bank and Residential Investment in South London Location

89% of income from Santander UK plc until 2022 (subject to options)
Fixed 2% per annum rental increases on Santander income (received annually)
Prominently located diagonally opposite Brixton Underground and Railway Station
Benefits from a self-contained three bedroom residential flat offered with full vacant possession
Prime busy retail thoroughfare with nearby occupiers including Barclays Bank and Marks & Spencer
Six week completion available

Lot
9
Auction
9th December 2010
Rent
£115,539 per Annum Exclusive
Status
Sold
Price
£1,905,000
Sector
Bank
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

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Prime Freehold Bank and Residential Investment in South London Location

89% of income from Santander UK plc until 2022 (subject to options)
Fixed 2% per annum rental increases on Santander income (received annually)
Prominently located diagonally opposite Brixton Underground and Railway Station
Benefits from a self-contained three bedroom residential flat offered with full vacant possession
Prime busy retail thoroughfare with nearby occupiers including Barclays Bank and Marks & Spencer
Six week completion available

Lot 9
Auction 9th December 2010
Rent £115,539 per Annum Exclusive
Status Sold
Price £1,905,000
Sector
Bank
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Distance: 50 metres south of Brixton Underground (Victoria Line) and Railway Stations (7 minutes to London Victoria); 3.2 miles south of Central London
Roads: A23, A204, A2217
Rail: Brixton Underground and Railway Station
Air: London City Airport, London Heathrow

Situation

The property is situated on the western side of the busy Brixton Road (A23), Brixton's prime retail thoroughfare. Brixton Underground and Railway Station is situated diagonally opposite while a bus stop directly outside the property provides direct services to Marylebone, King's Cross and Shoreditch. Other nearby occupiers include Barclays Bank, H&M, Marks & Spencer, Boots the Chemist and Specsavers Opticians.

Tenure

Freehold.

Location

Distance: 50 metres south of Brixton Underground (Victoria Line) and Railway Stations (7 minutes to London Victoria); 3.2 miles south of Central London
Roads: A23, A204, A2217
Rail: Brixton Underground and Railway Station
Air: London City Airport, London Heathrow

Situation

Tenure

Freehold.

Description

The property comprises two buildings with the GROUND FLOOR BANKING HALL occupying one large unit across 496-498 Brixton Road. The bank benefits from additional ancillary accommodation at first floor level at 498 Brixton Road, accessed internally. The first, second and third floors of 496 Brixton Road comprise SELF-CONTAINED OFFICE ACCOMMODATION accessed via a separate entrance fronting Brixton Road. The remaining second and third floors of 498 Brixton Road comprise a SELF-CONTAINED THREE BEDROOM RESIDENTIAL FLAT, accessed via the rear of the property.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
496/498	Ground First	Banking Hall Ancillary/Storage	207.60 sq m 40.80 sq m	(2,235 sq ft) (440 sq ft)	SANTANDER UK PLC (1)	12 years from 01/10/2010 until 30/09/2022 (2)	£102,539	Annual fixed 2% increases on 01/10/2011 and yearly thereafter (3)
496	First Second Third	Office/Ancillary Office/Ancillary Office/Ancillary	48.40 sq m 36.20 sq m 41.40 sq m	(521 sq ft) (390 sq ft) (446 sq ft)	INDIVIDUAL (t/a Gani & Co Solicitors) (4)	5 years from 11/08/2007 until 10/08/2012	£13,000
498	Second Third	Residential - 3 Bedroom Flat	118.45 sq m	(1,275 sq ft)	VACANT
Totals			492.85 sq m	(5,307 sq ft)			£115,539

(1) For the year ending 31st December 2009, Santander UK plc reported a turnover of £8,764,000,000, pre-tax profits of £1,690,000,000 and a total net worth of £5,060,000,000.(Source: www.riskdisk.com 14/10/2010) (2) The lease provides for a tenant’s option to determine the lease on 1st October 2013 and 1st October 2016 subject to no less than six months’ notice in writing. (3) Under the terms of the lease there will be annual fixed rental increases equivalent to 2% per annum until the expiry of the lease. Therefore, from 10th October 2021, the rent reserved shall be £127,494.32 per annum exclusive. (4) Established in London in 1999, Gani & Co Solicitors is a leading South-West London criminal defence solicitors with a significant reputation as defence lawyers in cases involving serious crime and commercial fraud. The firm provides advice and representation throughout England and Wales and have undertaken representation in many high profile cases of serious crime and commercial fraud, including those prosecuted by the Serious Fraud Office, the Department of Trade and Industry, HM Revenue and Customs and the Financial Services Authority. (Source: www.ganisolicitors.com 10/11/2010)