Freehold Bank and Residential Ground Rent Investment
Bank let to National Westminster Bank Plc
Lease expires in December 2027 (no breaks)
Rent Review in 2021 to the higher of Open Market Rental Value or Fixed Rental Increase of 3.75%
Nearby occupiers include Boots the Chemist, WH Smith and Peacocks
VAT-free investment
Lot 66
Auction 19th October 2017
Rent £26,530 per Annum Exclusive
Status Sold
Price £420,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
36 miles west of Chester
76 miles west of Manchester
Roads
A55, A470
Rail
Colwyn Bay Railway Station
Air
Liverpool John Lennon Airport
Situation
The property is situated on the southern side of Abergele Road, opposite the pedestrianised Station Road, in the heart of the town centre. Other nearby occupiers include Boots the Chemist, WH Smith, Peacocks, The Original Factory Shop and a number of independent retailers, with car parking facilities provided by Ivy Street Car Park.
Tenure
Freehold.
Location
Miles
36 miles west of Chester
76 miles west of Manchester
Roads
A55, A470
Rail
Colwyn Bay Railway Station
Air
Liverpool John Lennon Airport
Situation
The property is situated on the southern side of Abergele Road, opposite the pedestrianised Station Road, in the heart of the town centre. Other nearby occupiers include Boots the Chemist, WH Smith, Peacocks, The Original Factory Shop and a number of independent retailers, with car parking facilities provided by Ivy Street Car Park.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with ancillary accommodation on basement and part first, part second and part third floors. There is separately accessed residential accommodation (three flats) on part first, part second and part third floors, let on long leases. There is car parking to the rear.
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 on basement and part first, part second and part third floors. There is separately accessed residential accommodation (three flats) on part first, part second and part third floors, let on long leases. There is car parking to the rear.
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
Review
Ground Basement Part First Part Second Part Third
Banking Hall Ancillary Ancillary Ancillary Ancillary
280.75 sq m 34.75 sq m 44.87 sq m 52.12 sq m 47.01 sq m
21 years (less one day) from 13/12/2006 until 11/12/2027
£26,230
11/12/2021 (2) and 11/12/2026
Part First/Part Second/Part Third
Residential
-
(-)
INDIVIDUALS (3)
3 long leases all expiring June 2128
£300 rising to £900 by 2103
Fixed Rental Increases in June 2028 & 25 yearly thereafter (4)
Total Commercial Area
459.50 sq m
(4,946 sq ft)
£26,530
(1) National Westminster Bank Plc operate from over 1,400 branches throughout the UK and are a wholly owned subsidiary of Royal Bank of Scotland Plc. Royal Bank of Scotland Plc have a market capitalisation of £31bn and are 72.9% owned by HM Government. (Source: www.investors.rbs.com 04/08/2017). (2) The rent in 2021 is reviewed to the higher of OMV or a fixed rental increase of 3.75%. The 2026 rent is reviewed to OMV. (3) The Seller has served a notice on the residential tenants, pursuant to Section 5B of the Landlord and Tenant Act 1987. (4) Each lease provides for fixed rental increases rising by £50 every 25 years, the next in June 2028.
