Let to Bank of Scotland Plc on recently extended lease until 2027 (no breaks)
Busy Town Centre Location
Approximately 100 metres from Market Walk Shopping centre
Neighbouring occupiers include Iceland, HSBC, Barclays Bank, Lloyds Bank, NatWest, Costa Coffee, and Boots
Lot 24
Auction 16th June 2021
Rent £25,000 per Annum Exclusive
Status Sold
Price £315,000
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot Railway Station
Air
Bristol International Airport, Exeter Airport
Situation
The property is prominently located in the town centre on the north side of Courtenay Street, 100 metres from the popular Market Walk Shopping centre. Neighbouring occupiers include Iceland, HSBC, Barclays Bank, Lloyds Bank, NatWest, Costa Coffee, and Boots.
Tenure
Freehold.
Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot Railway Station
Air
Bristol International Airport, Exeter Airport
Situation
The property is prominently located in the town centre on the north side of Courtenay Street, 100 metres from the popular Market Walk Shopping centre. Neighbouring occupiers include Iceland, HSBC, Barclays Bank, Lloyds Bank, NatWest, Costa Coffee, and Boots.
Tenure
Freehold.
Description
The property comprises ground floor banking hall accommodation with ancillary accommodation on the first and second floors. The tenant also occupies the adjacent property which intercommunicates with the property.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property comprises ground floor banking hall accommodation with ancillary accommodation on the first and second floors. The tenant also occupies the adjacent property which intercommunicates with the property.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/ (Reversion)
Ground First Second
Banking Hall Ancillary Ancillary
54.14 sq m 28.02 sq m 17.25 sq m
(582 sq ft) (302 sq ft) (186 sq ft)
BANK OF SCOTLAND PLC (1) t/a Halifax
15 years from 10/12/2012 on a full repairing and insuring lease
£25,000 (2)
10/12/2022 (09/12/2027)
Total
99.41 sq m
(1,070 sq ft)
£25,000 (2)
(1) For the year ending 31st December 2020, Bank of Scotland Plc reported a turnover of £773,000,000, pre-tax profits of £883,000,000 and shareholder funds of £13,380,000,000 (Source NorthRow 17/05/2021). (2) The property is let for a term of 15 years from 10/12/2012 by virtue of a Reversionary lease from 10th December 2022 until 9th December 2027. The current rent reserved under the terms of the lease is £25,000 per annum exclusive. The tenant is currently benefiting from a rent concession of £16,666.64 per annum exclusive from 25th March 2021 to and including 28th September 2022. The Seller will pay the Buyer the difference between the current rent reserved of £25,000 per annum exclusive and the concessionary rent of £16,666.64 per annum exclusive from completion of the sale until 24th March 2021. Therefore the property will produce £25,000 per annum exclusive from 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.
