Freehold Bank & Residential Ground Rent Investment
Let to TSB Bank Plc until 2026 (subject to option)
Includes 4 Flats (Let on Long Leases)
Prominent location within Maidstone Town Centre
Fremlin Walk Shopping Centre is located close by with parking for 760 cars
Nearby occupiers include Zara, Costa Coffee, JD Wetherspoon, House of Fraser, Wagamamas and Pret a Manger
VAT-free investment
Lot 3
Auction 17th February 2022
Rent £36,000 per Annum Exclusive
Status Sold
Price £392,000
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
17 miles north-east of Tunbridge Wells, 37 miles south-east of Central London
Roads
A20, A229, A249, M20 (J6)
Rail
Maidstone East Railway Station
Air
London Gatwick Airport, London City Airport
Situation
Maidstone is the county town and administrative centre of Kent located 37 miles south-east of London. The property is situated in the heart of Maidenhead town centre on High Street. Fremlin Walk Shopping Centre is located approximately 300m away with the Fremlin Walk car park providing 760 spaces. Nearby occupiers include Zara, Costa Coffee, JD Wetherspoon, House of Fraser, Wagamamas and Pret a Manger.
Tenure
Freehold.
Location
Miles
17 miles north-east of Tunbridge Wells, 37 miles south-east of Central London
Roads
A20, A229, A249, M20 (J6)
Rail
Maidstone East Railway Station
Air
London Gatwick Airport, London City Airport
Situation
Maidstone is the county town and administrative centre of Kent located 37 miles south-east of London. The property is situated in the heart of Maidenhead town centre on High Street. Fremlin Walk Shopping Centre is located approximately 300m away with the Fremlin Walk car park providing 760 spaces. Nearby occupiers include Zara, Costa Coffee, JD Wetherspoon, House of Fraser, Wagamamas and Pret a Manger.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall with ancillary accommodation. The upper parts of the building comprise four flats let on long leases.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor banking hall with ancillary accommodation. The upper parts of the building comprise four flats let on long leases.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
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
Ground
Banking
260.92 sq m (2,809 sq ft)
TSB BANK PLC (1)
5 years from 01/03/2021 (2)
£35,000
First, Second, Third & Fourth Floors
Residential (4 x two bed flats)
-
VARIOUS
4 leases, each 125 years from 30/03/2005 expiring 29/03/2130
£1,000 (£250 per flat)
Total Commercial Area
260.92 sq m (2,809 sq ft)
£36,000
(1) For the year ending 31/12/2020 TSB Bank Plc reported a turnover of £1,064,000,000, pre-tax profits of £-156,200,000 and total shareholders equity of £1,724,900,000 (Source: NorthRow 12/12/2021). (2) The lease provides for a tenant option to determine on 01/03/2024 NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period.
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.
