Entirely let to HSBC Bank Plc until 2023 (no breaks)
Town centre location
Annual Rent Reviews linked to RPI rising to a minimum of £23,949.43 pa in June 2022
Nearby occupiers include Thomas Cook, Specsavers and Lloyds Bank
VAT-free investment
Lot 3
Auction 5th December 2018
Rent £21,697 per Annum Exclusive
Status Sold
Price £226,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Charitable Foundation
Property Information
Location
Miles
5.7 miles north-east of Cannock
7.9 miles north-west of Lichfield
Roads
A460, A51
Rail
Rugeley Town Train Station
Air
Birmingham International Airport
Situation
Rugeley is a historic market town in the county of Staffordshire. The property is located in the heart of the town centre, on the pedestrianised Upper Brook Street. Nearby occupiers include Thomas Cook, Specsavers and Lloyds Bank.
Tenure
Freehold.
Location
Miles
5.7 miles north-east of Cannock
7.9 miles north-west of Lichfield
Roads
A460, A51
Rail
Rugeley Town Train Station
Air
Birmingham International Airport
Situation
Rugeley is a historic market town in the county of Staffordshire. The property is located in the heart of the town centre, on the pedestrianised Upper Brook Street. Nearby occupiers include Thomas Cook, Specsavers and Lloyds Bank.
Tenure
Freehold.
Description
The property is a three storey building comprising a ground floor banking hall and first and second floor ancillary accommodation.
VAT
VAT is not applicable to this lot.
Note
Reserve not to exceed £225,000
Viewings
A block viewing will be held for this property. Please refer to the auctioneer for the scheduled date and time.
Completion Period
Six Week Completion Available
EPC
Available from the legal pack at www.acuitus.co.uk
Description
The property is a three storey building comprising a ground floor banking hall and first and second floor ancillary accommodation.
VAT
VAT is not applicable to this lot.
Note
Reserve not to exceed £225,000
Viewings
A block viewing will be held for this property. Please refer to the auctioneer for the scheduled date and time.
Completion Period
Six Week Completion Available
EPC
Available from the legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First Second
Banking Hall Ancillary Ancillary
129.30 sq m 82.20 sq m 28.70 sq m
(1,392 sq ft) (885 sq ft) (309 sq ft)
HSBC BANK PLC (1) (2)
15 years from 04/06/2008 until 03/06/2023 on a full repairing and insuring lease
£21,697
Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £22,239.47 04/06/2020 £22,795.46 04/06/2021 £23,365.35 04/06/2022 £23,949.48 (3)
Total
240.20 sq m
(2,586 sq ft)
£21,697
(1) For the year ending 31st December 2017, HSBC Bank plc did not report a turnover, but reported pre-tax profits of £2.37bn, shareholders’ funds of £44.049bn and a net worth of £38.113bn (Source: Experian Group 10/08/2018). HSBC is one of the world’s largest banking and financial services organisations – further information can be found at www.hsbc.com (2) The tenant is not currently in occupation. (3. 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
