Entirely let to HSBC Bank Plc until 2023 (no breaks)
Town centre location
Annual Rent Reviews linked to RPI rising to a minimum of £25,400.96 pa in June 2022
Nearby occupiers include Lloyds, Boots, Wilko, Specsavers and Iceland
VAT-free investment
Lot 31
Auction 5th December 2018
Rent £23,012 per Annum Exclusive
Status Sold
Price £250,000
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
9 miles west of Truro
18 miles north-east of Penzance
62 miles south-west of Plymouth
Roads
A30, A3047, A393
Rail
0.1 miles from Redruth Station
Air
Bristol International Airport
Situation
Redruth is historically a market town and centre of mining in Cornwall, just 9 miles west of Truro and 62 miles southwest of Plymouth. The property is located in the heart of Redruth town centre, on the southern side of Fore Street. Nearby occupiers include Lloyds, Boots, Wilko, Specsavers and Iceland.
Tenure
Freehold.
Location
Miles
9 miles west of Truro
18 miles north-east of Penzance
62 miles south-west of Plymouth
Roads
A30, A3047, A393
Rail
0.1 miles from Redruth Station
Air
Bristol International Airport
Situation
Redruth is historically a market town and centre of mining in Cornwall, just 9 miles west of Truro and 62 miles southwest of Plymouth. The property is located in the heart of Redruth town centre, on the southern side of Fore Street. Nearby occupiers include Lloyds, Boots, Wilko, Specsavers and Iceland.
Tenure
Freehold.
Description
The property is a two storey building comprising a ground floor banking hall with basement and first floor ancillary accommodation.
VAT
VAT is not applicable to this lot.
Note
Reserve not to exceed £235,000
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
EPC
Available from the legal pack at www.acuitus.co.uk
Description
The property is a two storey building comprising a ground floor banking hall with basement and first floor ancillary accommodation.
VAT
VAT is not applicable to this lot.
Note
Reserve not to exceed £235,000
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
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 Basement First
Banking Hall Ancillary Ancillary
92.00 sq m 21.70 sq m 72.60 sq m
(990 sq ft) (234 sq ft) (781 sq ft)
HSBC BANK PLC (1) (2)
15 years from 04/06/2008 until 30/06/2023 on a full repairing and insuring lease
£23,012
Annual RPI linked uplifts rising to a minimum of: 04/06/2019 £23,587.32 pa 04/06/2020 £24,177.00 pa 04/06/2021 £24,781.43 pa 04/06/2022 £25,400.96 pa (3)
Total
186.30 sq m
(2,005 sq ft)
£23,012
(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 a 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
