Entirely let to Lloyds Bank Plc until 2023 (subject to option)
Let on a reversionary lease at a rebased rent
Prominent town centre location
Directly opposite a major 24 hour Tesco Superstore
Nearby occupiers include Coral Bookmakers, Halifax, Card Factory and Tesco Extra
Lot 38
Auction 14th February 2018
Status Sold
Price £390,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
7 miles south-west of Leeds, 24 miles north of Sheffield, 30 miles north-east of Manchester
Roads
M62, M1, A652, A653,
Rail
Batley Railway Station
Air
Leeds Bradford International Airport
Situation
Batley is situated equidistant from Bradford 7 miles to the north-west and from Leeds 7 miles to the north-east. The property is prominently situated on the south side of Commercial Street, the town’s prime retail thoroughfare, directly opposite a 24 hour Tesco Superstore.
Tenure
Long Leasehold. Held for a term of 99 years from 30th May 1961 until 29th May 2060 at a fixed rent reserved of £500 per annum.
Location
Miles
7 miles south-west of Leeds, 24 miles north of Sheffield, 30 miles north-east of Manchester
Roads
M62, M1, A652, A653,
Rail
Batley Railway Station
Air
Leeds Bradford International Airport
Situation
Batley is situated equidistant from Bradford 7 miles to the north-west and from Leeds 7 miles to the north-east. The property is prominently situated on the south side of Commercial Street, the town’s prime retail thoroughfare, directly opposite a 24 hour Tesco Superstore.
Tenure
Long Leasehold. Held for a term of 99 years from 30th May 1961 until 29th May 2060 at a fixed rent reserved of £500 per annum.
Description
The property comprises a bank and an adjoining retail unit. The bank comprises ground floorbanking hall, basement strong room and offices on the first and second floors. The retail unit comprises retail accommodation on the ground floor and storage in the basement.
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 bank and an adjoining retail unit. The bank comprises ground floorbanking hall, basement strong room and offices on the first and second floors. The retail unit comprises retail accommodation on the ground floor and storage in the basement.
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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
75 - 77
Ground (Part) Basement First Second Ground Floor (Part) Basement
20 years from 16/06/2003 (2) on a full repairing and insuring lease
£42,500 (2)
15/06/2023
Total
547.8 sq m
(5,896 sq ft)
£42,500 (2)
(1) For the year ending 31st December 2016, Lloyds Bank Plc reported pre-tax profits of £1,977,000,000 and a total net worth of £49,326,000,000 (Experian 1201/2018). (2) The property is let for a term of 15 years from 16/6/2003 until 15/6/2018 at a current rent reserved of £58,500 per annum exclusive followed by a reversionary lease for a term of 5 years from 16/06/2018 until 15/6/2023 at a rebased rent of £42,500 per annum exclusive. The reversionary lease is subject to a tenant option to determine the lease on 15/6/2021. The reversionary lease also provides for a 6 month rent free period from 24/6/2021 if the tenant does not exercise the option to determine.
