New 5 year lease (renewal) from May 2018 (no breaks)
Includes large three bedroom flat on the second floor
Potential to create a further flat on the first floor (subject to lease and consents)
Prominent corner location opposite Costa with WHSmith and Boots the Chemist nearby
VAT-free Investment
Lot 9
Auction 11th July 2018
Rent £42,000 per Annum
Status Sold Prior
Price
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
25 miles north-west of Taunton
45 miles north of Exeter
Roads
A39, A396
Rail
Taunton Railway Station
Air
Exeter International Airport
Situation
Minehead, situated on the North Somerset coast, benefits from a wide catchment. As a resort town and home to Butlins, it also enjoys a large influx of tourists. The property is located on the southern side of Wellington Square, at its junction with Park Street and Bampton Street, in the heart of Minehead town centre. Nearby occupiers include Costa and JD Wetherspoon, with Boots the Chemist, Superdrug, WHSmith, Edinburgh Woollen Mill, Superdrug, Iceland and branches of Santander, Barclays, TSB and NatWest banks also located within the town.
Tenure
Freehold.
Location
Miles
25 miles north-west of Taunton
45 miles north of Exeter
Roads
A39, A396
Rail
Taunton Railway Station
Air
Exeter International Airport
Situation
Minehead, situated on the North Somerset coast, benefits from a wide catchment. As a resort town and home to Butlins, it also enjoys a large influx of tourists. The property is located on the southern side of Wellington Square, at its junction with Park Street and Bampton Street, in the heart of Minehead town centre. Nearby occupiers include Costa and JD Wetherspoon, with Boots the Chemist, Superdrug, WHSmith, Edinburgh Woollen Mill, Superdrug, Iceland and branches of Santander, Barclays, TSB and NatWest banks also located within the town.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with ancillary accommodation on the first floor. The second floor comprises a large three bedroom flat. The first and second floors have the benefit of a separate side entrance.
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 second floor comprises a large three bedroom flat. The first and second floors have the benefit of a separate side entrance.
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
Ground First Second
Banking Hall Storage/Offices 4 bed flat with living room, kitchen, bathroom/WC
176.32 sq m 150.08 sq m -
(1,898 sq ft) (1,615 sq ft) (-)
HSBC BANK PLC (1)
5 years from 16/05/2018 until 15/05/2023 on a full repairing and insuring lease
£42,000 (2)
Total Commercial Area
326.40 sq m
(3,513 sq ft)
£42,000 (2)
(1) For the year ending 31st December 2017, HSBC Bank Plc reported pre-tax profits of £2,370,000,000 and a total net worth of £38,113,000,000 (Source: Experian Group 21/05/2018). The tenant sublets the residential accommodation at £625 pcm. (2) The tenant is currently benefiting from a rent-free period due to expire 15th November 2018. The Vendor has agreed to adjust the completion monies so that the property effectively produces £42,000 p.a. from completion of the sale until the end of the rent-free period.
