35 Courtenay Street
Newton Abbot
Devon
TQ12 2QL

Freehold Bank Investment

  • 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
    16/Jun/2021
  • Rent
    £25,000 per Annum Exclusive
  • Status
    Available
  • Price*
    £300,000 - £325,000
  • Sector
    Bank
  • Auction Venue
    Live Streamed Auction
  • 35 Courtenay Street<br>Newton Abbot<br>Devon<br>TQ12 2QL
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReviews/
(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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    08.06.21
    File Size
    59 MB
    Login to View
  • Catalogue Page
    Updated Date
    27.05.21
    File Size
    900 KB
    View PDF
  • Site Plan
    Updated Date
    27.05.21
    File Size
    796 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Associate Auctioneers
Michelmore Hughes Stags
Matthew Higgs 01803865 116M.Higgs@stags.co.uk
Seller's Solicitors
Horsey Lightly Solicitors 2 West Mills
Newbury
Berkshire
RG14 5HG
Rosalind ORam 01635 275266roram@horseylightly.com

Useful Links

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