2 West Dyke Road Redcar North Yorkshire TS10 1EA

2 West Dyke Road
Redcar
North Yorkshire
TS10 1EA

Freehold Bank Investment

  • Entirely let to HSBC Bank Plc until 2023 (no breaks)
  • Located on town’s main retailing thoroughfare
  • Annual Rent Reviews linked to RPI rising to a minimum of £50,801.88 pa in June 2022
  • Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway
  • VAT-free Investment
  • Lot
    56
  • Auction
    5th December 2018
  • Rent
    £46,024 per Annum Exclusive
  • Status
    Sold
  • Price
    £375,000
  • Sector
    Bank
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On the Instructions of a Charitable Foundation
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Bank Investment

  • Entirely let to HSBC Bank Plc until 2023 (no breaks)
  • Located on town’s main retailing thoroughfare
  • Annual Rent Reviews linked to RPI rising to a minimum of £50,801.88 pa in June 2022
  • Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway
  • VAT-free Investment
  • Lot 56
  • Auction 5th December 2018
  • Rent
  • Status Sold
  • Price £375,000
  • 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
6 miles east of Middlesbrough
25 miles east of Darlington
Roads
A19, A66, A1065
Rail
Redcar Central Railway Station
Air
Newcastle/Durham Tees Valley Airport
Situation

Redcar is a seaside resort and town in North Yorkshire, some 6 miles east of Middlesbrough. The property is situated in the town centre, just off the pedestrianised High Street. Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway.

Tenure

Freehold.

Location
Miles
6 miles east of Middlesbrough
25 miles east of Darlington
Roads
A19, A66, A1065
Rail
Redcar Central Railway Station
Air
Newcastle/Durham Tees Valley Airport
Situation

Redcar is a seaside resort and town in North Yorkshire, some 6 miles east of Middlesbrough. The property is situated in the town centre, just off the pedestrianised High Street. Nearby occupiers include Holland & Barrett, William Hill, NatWest and Subway.

Tenure

Freehold.

Description

The property is an L-shaped three storey building comprising a ground floor banking hall and first and second floor ancillary accommodation. The property benefits from frontage onto both Queen Street and West Dyke Road.

VAT

VAT is not applicable to this lot.

Note

Reserve not to exceed £375,000

Viewings

A block viewing will be held for this property. Please refer to the website 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 an L-shaped three storey building comprising a ground floor banking hall and first and second floor ancillary accommodation. The property benefits from frontage onto both Queen Street and West Dyke Road.

VAT

VAT is not applicable to this lot.

Note

Reserve not to exceed £375,000

Viewings

A block viewing will be held for this property. Please refer to the website 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
240.68 sq m
66.30 sq m
42.48 sq m
(2,591 sq ft)
(714 sq ft)
(457 sq ft)
HSBC
BANK
PLC (1)
15 years from
04/06/2008 until
03/06/2023 on a
full repairing and
insuring lease
£46,024 Annual RPI linked uplifts
rising to a minimum of:
04/06/2019 £47,174.60 pa
04/06/2020 £48,353.97 pa
04/06/2021 £49,562.81 pa
04/06/2022 £50,801.88 pa
(2)
Total
349.46 sq m
(3,762 sq ft)
    £46,024  

(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 the world’s largest banking and financial services organisations – further information can be found at www.hsbc.com. The tenant is not currently in occupation of the property.
(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

Property Documents

  • Catalogue Page
    Updated Date
    13.11.18
    File Size
    663 KB
    View PDF
  • Site Plan
    Updated Date
    13.11.18
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Edwin Coe LLP 2 Stone Buildings, Lincoln's Inn
London
WC2A 3TH
Ian Gilmour 0207 691 4049ian.gilmour@edwincoe.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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