Abbey House
157/159 Armada Way
Plymouth
Devon
PL1 1JF

Attractive City Centre 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
  • VAT-free Investment
  • Future alternative use potential of the upper floors
  • Lot
    27
  • Auction
    16/Jun/2021
  • Rent
    £49,540 per Annum Exclusive
  • Status
    Available
  • Price*
    £300,000
  • Sector
    Bank
  • Auction Venue
    Live Streamed Auction
  • On Instructions of a Major Property Company
  • Abbey House<br>157/159 Armada Way<br>Plymouth<br>Devon<br>PL1 1JF
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  • Photos
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* More information on the term "price" can be found here

Property Information

Location
Miles
7 miles south-west of Dartmoor National Park
40 miles south-west of Exeter
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport,
Cornwall Airport Newquay
Situation

The port city of Plymouth is located on the south west coast 40 miles south west of Exeter, 30 miles east of St Austell and 7 miles south of Dartmoor National Park. The property is located in the city centre on Armada Way close to its junction with New George Street and Armada Way shopping centre. Plymouth Bus station is close by together with a number of public car parks. City of Plymouth University and Plymouth railway station are within walking distance to the north. Nearby occupiers include Spar, Barclays, SpecSavers, Samsung, TSB and Subway

Tenure

Long Leasehold. Leasehold. Held from Plymouth City Council for a term of years expiring 24th December 2058 at a rent of £460 p.a.

Description

The property comprises a ground floor banking hall with office and ancillary accommodation on the upper floors. The upper floors are separately accessed from Armada Way.

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 www.plymouth.gov.uk

Viewings

There will be no internal viewings of the property due to Covid-19.

Completion Period

Six Week Completion

EPC

See legal pack at www.acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas
(Approx)
TenantTermGross Rent
p.a.x.
Reversion
Ground
Basement
First
Second
Banking
Ancillary
Office
Office
175.16 sq m
125.85 sq m
123.60 sq m
122.2 sq m
(1,885 sq ft)
(1,354 sq ft)
(1,330 sq ft)
(1,315 sq ft)
SANTANDER UK
PLC (1)
5 years from
25/12/2020
£50,000(24/12/2025)
Total
546.81 sq m
(5,886 sq ft)
  £50,000 

(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).

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
    11.06.21
    File Size
    22 MB
    Login to View
  • Catalogue Page
    Updated Date
    27.05.21
    File Size
    670 KB
    View PDF
  • Site Plan
    Updated Date
    27.05.21
    File Size
    834 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
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Addleshaw Goddard LLP
Alasdair Jones 0161 934 6315alasdair.jones@addleshawgoddard.com

Useful Links

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