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
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