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
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.
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
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.
