Prominent town centre location close to Greggs, Iceland, B&M and Heron Foods
VAT-free bank investment
Lot 82
Auction 19th October 2017
Rent £22,225 per Annum Exclusive
Status Sold
Price £306,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
12 miles south-east of Newcastle upon Tyne
Roads
A1(M), A690, A1018, A1231
Rail
St Peters Railway Station
Air
Newcastle International Airport
Situation
The property occupies a prominent position fronting The Green, at its junction with South Terrace in Southwick town centre, which lies approximately 2 miles north-west of Sunderland City Centre. Nearby occupiers include Greggs, Iceland, B&M, Heron Frozen Foods, Card Factory, Coral and a number of independent retailers.
Tenure
Freehold.
Location
Miles
12 miles south-east of Newcastle upon Tyne
Roads
A1(M), A690, A1018, A1231
Rail
St Peters Railway Station
Air
Newcastle International Airport
Situation
The property occupies a prominent position fronting The Green, at its junction with South Terrace in Southwick town centre, which lies approximately 2 miles north-west of Sunderland City Centre. Nearby occupiers include Greggs, Iceland, B&M, Heron Frozen Foods, Card Factory, Coral and a number of independent retailers.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with ancillary accommodation on the first floor. The property benefits from a large site with 9 car parking spaces 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 the first floor. The property benefits from a large site with 9 car parking spaces 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.
Review
Ground
First
Banking Hall/ Ancillary Ancillary
313.53 sq m
38.08 sq m
(3,375 sq ft)
(410 sq ft)
BARCLAYS BANK PLC (1)
20 years from 11/04/2008 until 10/04/2028 (2) on a full repairing and insuring lease (3)
£22,225
11/04/2022
Total
351.61 sq m
(3,785 sq ft)
£22,225
1) For the year ending 31st December 2016, Barclays Bank Plc reported a turnover of £4,383,000,000 and a total net worth of £60,085,000,000 (Source: Experian Group 13/09/2017). (2) The lease is subject to a tenant option to determine on 11th April 2023. (3) The lease is full repairing and insuring, subject to a Schedule of Condition.
