126 High Road Ilford IG1 1DA

126 High Road
Ilford
IG1 1DA

Freehold Bank Investment

Let to HSBC Bank Plc
Lease expires 2022 (2017 tenant break option removed)
Tenant option to renew lease from 2020
Opposite Marks & Spencer and Exhange Shopping Centre
Part of proposed Crossrail Route
VAT-free bank investment
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
48
Auction
22nd October 2015
Rent
£120,000 per Annum Exclusive
Status
Sold
Price
£1,800,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers SFP Property

Important Update Interested?

Expand
Photos
Map

Freehold Bank Investment

Let to HSBC Bank Plc
Lease expires 2022 (2017 tenant break option removed)
Tenant option to renew lease from 2020
Opposite Marks & Spencer and Exhange Shopping Centre
Part of proposed Crossrail Route
VAT-free bank investment
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 48
Auction 22nd October 2015
Rent £120,000 per Annum Exclusive
Status Sold
Price £1,800,000
Sector
Bank
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers SFP Property

Property Information

Location

Miles: 5 miles east of Romford,10 miles east of Central London
Roads: A118, A406
Rail: Ilford Railway Station
Air: London City Airpor

Situation

The property is situated in a prominent location on the pedestrianised High Road, immediately adjacent to Redbridge Town Hall and opposite Exchange Shopping Centre. Nearby occupiers include Primark, Argos Extra, Boots the Chemist, Body

Tenure

Freehold.

Location

Miles: 5 miles east of Romford,10 miles east of Central London
Roads: A118, A406
Rail: Ilford Railway Station
Air: London City Airpor

Situation

Tenure

Freehold.

Description

The property comprises a ground floor banking hall with ancillary accommodation in the basement and customer facing offices on the first floor with ancillary offices on the second floor and storage on the third floor. The property benefits from two car parking spaces to the rear. The property intercommunicates at all levels with 124 High Road, also occupied by HSBC, which does not form part of this sale.

Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers 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 Law of Property Act Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

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 available here.

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground Basement First Second Third	Banking Hall/Ancillary Ancillary Customer Offices/Ancillary Offices/Ancillary Offices/Ancillary	222.03 sq m 30.47 sq m 42.45 sq m 65.49 sq m 32.51 sq m	(2,390 sq ft) (328 sq ft) (457 sq ft) (705 sq ft) (350 sq ft)	HSBC BANK PLC (1)	15 years from 22/06/2007 until 21/06/2022 on a full repairing and insuring lease (2)	£120,000 (3)	22/06/2017
Totals		392.95 sq m	(4,230 sq ft)

(1) For the year ending 31st December 2014, HSBC Bank plc reported pre-tax profits of £1,953,000,000 and a total net worth of £28,784,000,000. (Source: Experian Group 10/09/2015)
(2)The property is let on full repairing and insuring terms, subject to a Schedule of Condition.
(3)The lease to HSBC was subject to a tenant only break option in June 2017. By way of a Deed of Variation dated 3rd June 2015, the break option was removed in return for a rent free period due to expire 25th December 2015. The seller has agreed to adjust the completion monies so that the property will effectively produce £120,000 p.a.x. from completion of the sale.