Entirely let to HSBC Bank Plc until 2023 (no breaks)
Popular Devon seaside town
Annual Rent Reviews linked to RPI rising to a minimum of £49,350.44 pa in June 2022
Nearby occupiers include WH Smith, British Heart Foundation and Peacocks
Three bedroom flat on uppers floors with further residential conversion (subject to consents)
VAT-free Investment
Lot 31
Auction 11th July 2018
Rent £44,709 per Annum Exclusive
Status Sold
Price £610,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of a Charitable Foundation
Property Information
Location
Miles
24 miles south of Exeter
30 miles east of Plymouth
Roads
A379, A380, A3022
Rail
Paignton Railway Station
Air
Exeter International Airport
Cornwall Airport Newquay
Situation
Paignton is a popular seaside town on the coast of Tor Bay in Devon. The property occupies a prominent corner position opposite the pedestrianised Victoria Street. Nearby occupiers include Tesco Metro, Boots Chemist, Lloyds Pharmacy and The Edinburgh Woollen Mill.
Tenure
Freehold.
Location
Miles
24 miles south of Exeter
30 miles east of Plymouth
Roads
A379, A380, A3022
Rail
Paignton Railway Station
Air
Exeter International Airport
Cornwall Airport Newquay
Situation
Paignton is a popular seaside town on the coast of Tor Bay in Devon. The property occupies a prominent corner position opposite the pedestrianised Victoria Street. Nearby occupiers include Tesco Metro, Boots Chemist, Lloyds Pharmacy and The Edinburgh Woollen Mill.
Tenure
Freehold.
Description
The property comprises a substantial double fronted unit which provides a ground floor banking hall with ancillary accommodation on basement, first, second and third floors.
In addition, there is a three bedroom maisonette located on part of the second and third floors which is accessed via the rear.
VAT
VAT is not applicable to this lot.
Viewings
There will be a single block viewing held on 04/07/2018 at 2pm. If you would like to attend you must register with us in advance no later than midday on 02/07/2018. Please register with Georgina Roberts on georgina.roberts@acuitus.co.uk - you will need to provide the full
names of all parties attending and mobile telephone numbers. Photographic ID will be required on site.
Completion Period
Six week completion available
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial double fronted unit which provides a ground floor banking hall with ancillary accommodation on basement, first, second and third floors.
In addition, there is a three bedroom maisonette located on part of the second and third floors which is accessed via the rear.
VAT
VAT is not applicable to this lot.
Viewings
There will be a single block viewing held on 04/07/2018 at 2pm. If you would like to attend you must register with us in advance no later than midday on 02/07/2018. Please register with Georgina Roberts on georgina.roberts@acuitus.co.uk - you will need to provide the full
names of all parties attending and mobile telephone numbers. Photographic ID will be required on site.
Completion Period
Six week completion available
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 Third Second/Third
Banking Hall Ancillary Ancillary Ancillary Ancillary Residential
170.10 sq m 47.20 sq m 72.59 sq m 49.3 sq m 22.9 sq m 3 Bedroom Flat
15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease
£44,709.07
Annual RPI Linked uplifts rising to a minimum of: 04/06/2019 £45,826.79 pa 04/06/2020 £46,972.46 pa 04/06/2021 £48,146.77 pa 04/06/2022 £49,350.44 pa (2)
Total Commercial Area
362.09 sq m
(3,895 sq ft)
£44,709.07
(1) For the year ending 31st December 2017, HSBC Bank plc did not report a turnover, but reported a pre-tax profit of £2.37bn, shareholders’ funds of £44.049bn and a net worth of £38.113bn (Source: Experian Group 09/05/2018). HSBC is one of the world’s largest banking and financial services organisations - further information can be found at www.hsbc.com. (2) The lease provides annual RPI linked uplifts capped and collared to a minimum of 2.5% and maximum of 5.5%. The lease provides a tenant’s option to renew the lease for a further 15 years. NB: Not measured by Acuitus. Areas taken from the VOA at www.gov.uk