43 West Street Fareham Hampshire PO16 0BE

43 West Street
Fareham
Hampshire
PO16 0BE

Freehold Bank Investment

Let to Lloyds Bank Plc
New 15 year lease from February 2017 (subject to option)
Rental increase from previous Lloyds Lease. Previous Rent £75,000 per annum
Approximately 8,557 sq ft
VAT-free Bank Investment
Between two entrances of Fareham Shopping Centre housing occupiers including Marks & Spencer, Next and Boots the Chemist
Prime pedestrianised Town Centre Location
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
16
Auction
30th March 2017
Rent
£90,000 per Annum Exclusive
Status
Sold
Price
£1,600,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Bank Investment

Let to Lloyds Bank Plc
New 15 year lease from February 2017 (subject to option)
Rental increase from previous Lloyds Lease. Previous Rent £75,000 per annum
Approximately 8,557 sq ft
VAT-free Bank Investment
Between two entrances of Fareham Shopping Centre housing occupiers including Marks & Spencer, Next and Boots the Chemist
Prime pedestrianised Town Centre Location
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 16
Auction 30th March 2017
Rent £90,000 per Annum Exclusive
Status Sold
Price £1,600,000
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 6 miles north-west of Portsmouth, 12 miles south-east of Southampton
Roads: A27, A32, M27 (Junction 11)
Rail: Fareham Railway Station
Air: Southampton Airport

Situation

The property is situated on the northern side of the pedestrianised section of West Street, the town's principal retailing thoroughfare. The property is located between two entrances to the Fareham Shopping Centre that houses occupiers including Marks & Spencer, Boots the Chemist, Costa, New Look and Next. Other occupiers on West Street include Sports Direct, Iceland, Caffè Nero, Wilko and branches of HSBC, Barclays and NatWest banks.

Tenure

Freehold.

Location

Miles: 6 miles north-west of Portsmouth, 12 miles south-east of Southampton
Roads: A27, A32, M27 (Junction 11)
Rail: Fareham Railway Station
Air: Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor banking hall with ancillary accommodation at basement and
office/ancillary accommodation on the first and second floors.

VAT

VAT is not applicable to this lot.

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 at basement and
office/ancillary accommodation on the first and second floors.

VAT

VAT is not applicable to this lot.

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	Reviews
Ground Basement First Second	Banking Hall Ancillary Offices/Ancillary Offices/Ancillary	397.21 sq m 78.04 sq m 276.53 sq m 43.11 sq m	(4,276 sq ft) (840 sq ft) (2,977 sq ft) (464 sq ft)	LLOYDS BANK PLC (1)	15 years from 23/02/2017 until 22/02/2032 (2) on a full repairing and insuring lease	£90,000 (3)	23/02/2022 and 23/02/2027
Totals		794.89 sq m	(8,557 sq ft)			£90,000 (3)

(1) For the year ending 31st December 2015, Lloyds Bank Plc reported pre-tax profits of £1,372,000,000 and a total net worth of £43,108,000,000 (Source: Experian Group 27/02/2017).
(2) The lease provides for a tenant option to determine on 22nd February 2027.
(3) A twelve month rent free period has been agreed which is due to expire on 24th March 2018. The seller has agreed to adjust the completion monies so that the property will effectively produce £90,000 per annum from completion of the sale.