Prominent Freehold Bank Investment on a New 5 year lease
Entirely let to Santander UK Plc
New 5 year lease (NO Breaks)
Lease renewal from 25th December 2020
Prominent Corner Location
VAT-free Investment
Future Development Potential of the upper floors
Lot 7
Auction 11th February 2021
Rent £26,500 per Annum Exclusive
Status Sold
Price £460,000
Sector Bank
Auction Venue Live Streamed Auction
On Instructions of a Major Fund Manager
Property Information
Location
Miles
12 miles west of Brighton
19 miles east of Chichester
Roads
A24, A27
Rail
West Worthing
Air
London Gatwick
Situation
Worthing is a large seaside town on the south coast, 12 miles west of Brighton. The property is located in Goring on Sea a predominantly residual suburb, 2 miles west of Worthing town centre and 0.5 miles from the sea front. The Property is situated in a prominent position at the junction of Goring Road and George V Avenue. Nearby retailers on include Costa Coffee, Boots the Chemist, Co-op Food, Tesco Express and Iceland, as well as a number of independent retailers
Tenure
Freehold.
Location
Miles
12 miles west of Brighton
19 miles east of Chichester
Roads
A24, A27
Rail
West Worthing
Air
London Gatwick
Situation
Worthing is a large seaside town on the south coast, 12 miles west of Brighton. The property is located in Goring on Sea a predominantly residual suburb, 2 miles west of Worthing town centre and 0.5 miles from the sea front. The Property is situated in a prominent position at the junction of Goring Road and George V Avenue. Nearby retailers on include Costa Coffee, Boots the Chemist, Co-op Food, Tesco Express and Iceland, as well as a number of independent retailers
Tenure
Freehold.
Description
The property comprises a ground floor bank with ancillary accommodation at first and second floors.
VAT
VAT is not applicable to this lot.
Planning
The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents/permissions and current tenancy. Interested Parties are referred to Worthing Council (www.worthing.gov.uk)
Completion Period
Six Week Completion
EPC
Band C. See legal pack at www.acuitus.co.uk
Description
The property comprises a ground floor bank with ancillary accommodation at first and second floors.
VAT
VAT is not applicable to this lot.
Planning
The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents/permissions and current tenancy. Interested Parties are referred to Worthing Council (www.worthing.gov.uk)
Completion Period
Six Week Completion
EPC
Band C. See legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground
First Second
Banking/ Ancillary Ancillary Ancillary
64.72 sq m
52.90 sq m 56.10 sq m
(697 sq ft)
(569 sq ft) (604 sq ft)
SANTANDER UK PLC (1)
5 years from 25/12/2020 (2) on a full repairing and insuring lease
£26,500
24/12/2025
Total
173.72 sq m
(1,870 sq ft)
£26,500
(1) For the year ending 31st December 2019, Santander UK PLC reported a turnover of £7,224,000,000, a pre-tax profit of £1,012,000,000 and shareholders funds of £15,857,000,000 (Source: NorthRow 19/01/2021). (2) There is a 3 month rent free period from 25/12/20. The Seller will top up the rent from completion of the sale until expiry of the rent free period, by way of an allowance on completion of the sale.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
