162 - 164 High Street
Northallerton
North Yorkshire
DL7 8LY

Freehold Bank and Retail Investment

High yielding on guide price
Comprises a bank and two shops
Majority let to TSB Bank Plc
Adjacent to Wilko and close to Tesco Superstore
Other nearby occupiers include Costa Coffee, Caffè Nero, Lakeland, Pizza Express, Waterstones and branches of HSBC, Barclays, Halifax and Santander banks
Prosperous North Yorkshire market town

Lot
24
Auction
14/Feb/2019
Rent
£96,000 per Annum Exclusive
Status
Withdrawn Post
Price*
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Important Auction & Property Update

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Photos
Map

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

Property Information

Location

Miles: 24 miles north of Harrogate; 31 miles north-west of York
Roads: A19, A167, A168, A1 (M)
Rail: Northallerton Railway Station
Air: Leeds Bradford International Airport

Situation

Northallerton is a prosperous market town in the Vale of Mowbray and serves as the county town of North Yorkshire. The property is situated on the western side of High Street, Northallerton’s principal retailing thoroughfare, next to Wilko, adjacent to Lakeland, Mountain Warehouse and M&Co and Argos. Other occupiers nearby include Tesco, Costa Coffee, Caffè Nero, Waterstones, Pizza Express and branches of HSBC, Barclays, Halifax and Santander banks.

Tenure

Freehold.

Description

The property comprises a bank and two shops arranged on the ground and first floors. To the rear of the property is a yard with parking for approximately 12 cars.

VAT

VAT is applicable to this lot.

Note

VAT is not applicable to 164 High Street. VAT is applicable to 162 and 163 High Street.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

	Floor	Floor Areas (Approx)		Tenant	Term	Rent p.a.x
164	Ground First	201.78 sq m 51.65 sq m	(2,172 sq ft) (556 sq ft)	TSB BANK PLC (1)	10 years from 27/09/2010 until 26/09/2020	£67,000
163	Ground	27.87 sq m	(300 sq ft)	INDIVIDUAL t/a Sonny Playforth Hairdressing	10 years from 15/10/2014 until 14/10/2024 and rent review on 15/10/2019 (2)	£12,000
162	Ground First	53.41 sq m 61.04 sq m	(575 sq ft) (657 sq ft)	VAPE WITH US NORTHALLERTON LTD t/a Vape With Us (3)	5 years from 01/09/2018 until 31/08/2023 (4)	£17,000 (5) rising to £18,000 in September 2020
Total			395.75 sq m	(4,260 sq ft)		£96,000

(1) For the year ending 31st December 2017, TSB Bank Plc reported pre-tax profits of £159,100,000 and a total net worth of
£1,996,500,000 (Source: Experian Group 11/01/2019).
(2) The lease is subject to a tenant option to determine the lease within 42 days of a reviewed rent being agreed by giving written notice to the landlord; the lease will then be determined 14 days after.
(3) A two month rent deposit is held by the Vendor.
(4) The lease is subject to a tenant option to determine on 31st August 2020.
(5) The tenant is paying half rent until 1st September 2019. The Vendor will make an allowance on completion of the sale so that the rent will effectively be £17,000 per annum.