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Buying Commercial Property In UK
 

Prime Commercial Property investments UK with banking tenants with upwardly only reviews

Buying Commercial Property In UK

WORTHING 10 South Street West Sussex BN11 3AA

Attractive Freehold Bank Investment
Let to Cheltenham and Gloucester plc on a new 15 year lease
Busy Padestrianised town centre position near Debenhams and opposite WH Smith
Rent Review 2011
Current Rent Reserved: £63,250 p.a. STG

TUNURE
Freehold

LOCATION:
Worthing is located on the South Coast, some 12 miles west of Brighton, about 60 miles south of London and serves a population of 100,000, together with a significant seasonal influx of tourists. The town enjoys good communications being served by the A27 and A24, as well as regular rail services.

The property is located in the town centre adjacent to Goldsmiths, opposite the junction with Montague Street which along with South Street has restricted vehicular access.

Occupiers close by include WH Smith, Woolwich, Nat West, Robert Days, Mother care, Pizza Hut Debenhams, Beales Department Store and Ladbrookes.

DESCRIPTION:
The property is arranged on ground of two upper floors to provide a ground floor banking hall with ancillary office accommodation at first floor level. There is no access to the second floor

The property Provides the following accommodation and Dimensions

Gross Frontage: 6.10 m (20' 0")
Net Frontage 5.05m (16'7")
Shop Dept h 14.9m (48'10")
Built Depth 15.25m (50' 0")
First Floor 63.5 sq m (684 sq ft)
Second Floor not inspected by Allsop

TENANCY:
The entire property is at present let to CHELTENHAM & CLOUCESTER PLC for a term of 15 years from 21st December 2006 at a current rent of £63,250 stg. Per annum exclusive of rates. The lease provides for rent reviews every fifth year of the term and contains full repairing and insuring covenants. |The reviews are upwardly only reviews. There is a tenant's break clause at the 10th year and right to renew the lease after 15th year.

TENANT INFORMATION:
Cheltenham and Gloucester Plc is a wholly owned subsidiary of Lloyds TSB plc.
Website address: www.cheltclos.co.uk
For the year ended December 2005 Cheltenham and Gloucester Plc reported a turnover of £4, .173m, pre-tax profits of £399,800 and a net worth of £2.141 m (Source ICC Information Ltd)

VAT
Vat is not applicable to this lot

Asking Price: £1,250,000

40-43 High Street,
Gosport, Hampshire,
PO12 1DF

Freehold Bank Investment
Let to Barclay's Bank Plc on a new 20 year lease until 2027 (Subject to option)
Nearby occupiers include Super drug, First Choice Travel agents and Boots the Chemist
Prominent Town Centre Location

1. LOCATION

1.1. Gosport (population 78,000) is situated on the central south coast of England immediately to the west of Portsmouth. The town fronts The Solent and Portsmouth Harbour and its economy has historically been based very much on the Royal Navy and its support industries. As the size of the Navy has declined during the last 25 years attempts have been made to diversify Gosport's economic base and major employers now include the Dara helicopter repair facility, Tyco Health Care who make surgical appliances and Huhtamaki, a manufacturer of packaging materials.

1.2. The town centre supports a reasonable level of retailing where occupiers include Woolworths, Dorothy Perkins and Morrisons.

1.3. The subject property is situated in Gosport Town Centre within the prime pedestrians retailing pitch of High Street.

DESCRIPTION:
The property comprises a ground floor Banking Hall with office and ancillary accommodation on the first and second floors.

ACCOMMODATION:
Floor Use Sq m Sq ft
Ground Banking 151.06 (1,626)
First Ancillary 168.15 (1,810)
Second Ancillary 104.60 (1,126)
Total approximate Floor Area 423.81 (4,562)

TENURE:
Freehold

TENANCY:
The entire property is let to Barclays Bank Plc for a term of 20 years from completion until 2027. On a full repairing and insuring lease subject to a Schedule of Condition. The tenant has an option to determine the lease at the end of the 15th year of the term. The annual rent is £43,000 with upwardly only reviews.

REVIEWS:
25TH December 2013 and 5 yearly thereafter

COVENANT:
For the year ending 31st December 2005 Barclay's Bank Plc reported pre- tax profits of £5,311,000,000 and total shareholders equity of £24,240,000,000 (Source Barclay's Bank PLC Results announcement February 2006 www.barclays.com)

VAT:
VAT is not applicable to this lot

Asking Price £900,000

 

 

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