Let to Lloyds TSB Scotland plc until 2025 (subject to option)
Adjacent to the New Cross Shopping Centre located nearby
Six Week Completion Period Available
Lot 45
Auction 18th October 2011
Rent £50,000 per Annum Exclusive
Status Sold Prior
Price
Sector Bank
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
10 miles south-east of Glasgow, 33 miles south-west of Edinburgh
Roads
M74, M8, A72, A723
Rail
Hamilton Central, Hamilton West
Air
Glasgow International Airport, Edinburgh Airport
Situation
Hamilton is the county town of Lanarkshire and has strong communications via the M74. The property is situated in the town centre, opposite the entrance to New Cross Shopping Centre, on the pedestrianised Quarry Place. Nearby occupiers include Optical Express, Lloyds Pharmacy, Argos and Primark.
Tenure
Heritable. (Scottish equivalent to English Freehold)
Location
Miles
10 miles south-east of Glasgow, 33 miles south-west of Edinburgh
Roads
M74, M8, A72, A723
Rail
Hamilton Central, Hamilton West
Air
Glasgow International Airport, Edinburgh Airport
Situation
Hamilton is the county town of Lanarkshire and has strong communications via the M74. The property is situated in the town centre, opposite the entrance to New Cross Shopping Centre, on the pedestrianised Quarry Place. Nearby occupiers include Optical Express, Lloyds Pharmacy, Argos and Primark.
Tenure
Heritable. (Scottish equivalent to English Freehold)
Description
The property comprises a banking hall on the ground floor with offices and ancillary accommodation on the lower ground floor.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a banking hall on the ground floor with offices and ancillary accommodation on the lower ground floor.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Lower Ground
Banking Hall Office and Ancillary
174.66 sq m 127.28 sq m
(1,880 sq ft) (1,370 sq ft)
LLOYDS TSB SCOTLAND PLC (1)
15 years from 06/09/2010 until 2025(2)
£50,000 (3)
06/09/2016
Totals
301.94 sq m
(3,250 sq ft)
£50,000
(1) For the year ending 31/12/2011, Lloyds TSB Scotland plc reported pre-tax profits of £161,800,000 and a total net worth of £815,500,000 (Source: www.riskdisk.com 12/09/2011). (2) The lease provides for a tenant option to break at the end of the twelfth year of the term with 6 months' notice. (3) The lease provides for a rent free period until 5th September 2012. The seller will pay the buyer a sum equivalent to the rent that would have been payable in the absence of the rent free period on completion of the sale. Therefore, the property will produce an income of £50,000 per annum exclusive from completion of the sale.