Entirely let to HSBC Bank Plc until 2023 (no breaks)
Town centre corner building with development potential (subject to consents)
Annual Rent Reviews linked to RPI rising to a minimum of £46,447.34 pa in June 2022
Nearby occupiers include Waitrose, Thomas Cook, Subway and NatWest
VAT-free Investment
Lot 28
Auction 18th October 2018
Rent £42,079 per Annum Exclusive
Status Sold
Price £450,000
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
3 miles south of Southampton
28 miles north east of Bournemouth
Roads
M27, M3
Rail
Totton Rail
Air
Southampton International Airport
Situation
Hythe is a waterfront town located between the New Forest National Park and Southampton Water, with a ferry service connecting it directly to Southampton. The property is situated on The Marsh, which runs parallel to the pedestrianised High Street. Nearby occupiers include a Waitrose supermarket, Thomas Cook, Subway, NatWest and Domino’s Pizza.
Tenure
Freehold.
Location
Miles
3 miles south of Southampton
28 miles north east of Bournemouth
Roads
M27, M3
Rail
Totton Rail
Air
Southampton International Airport
Situation
Hythe is a waterfront town located between the New Forest National Park and Southampton Water, with a ferry service connecting it directly to Southampton. The property is situated on The Marsh, which runs parallel to the pedestrianised High Street. Nearby occupiers include a Waitrose supermarket, Thomas Cook, Subway, NatWest and Domino’s Pizza.
Tenure
Freehold.
Description
The property is a two storey corner building comprising a ground floor banking hall and first floor ancillary accommodation. There are two external storage rooms and two car parking spaces to the rear.
VAT
VAT is not applicable to this lot.
Viewings
A block viewing will be held for this property.
Completion Period
Six Week Completion Available
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is a two storey corner building comprising a ground floor banking hall and first floor ancillary accommodation. There are two external storage rooms and two car parking spaces to the rear.
VAT
VAT is not applicable to this lot.
Viewings
A block viewing will be held for this property.
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
Review
Ground First
Banking Hall Ancillary
123.53 sq m 28.97 sq m
(1,330 sq ft) (312 sq ft)
HSBC BANK PLC (1)
15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease
£42,079
Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £43,130.98 pa 04/06/2020 £44,209.25 pa 04/06/2021 £45,314.48 pa 04/06/2022 £46,447.34 pa (2)
Total
152.50 sq m
(1,642 sq ft)
£42,079
(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 10/08/2018). HSBC is one 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.voa.gov.uk
Contacts
Seller's Solicitors
Edwin Coe LLP 2 Stone Buildings, Lincoln's Inn London WC2A 3TH
