The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Net Frontage (Park Lane)||6.48 m||21’3”|
|Gross Frontage (Park Lane)||7.32 m||24’0”|
|Net Frontage (George Street)||11.20 m||36’9”|
|Gross Frontage (George Street)||11.58 m||38’0”|
|Zone A||56.02 sq m||603 sq ft|
|Zone B||64.84 sq m||698 sq ft|
|Zone C||7.99 sq m||86 sq ft|
|Total Ground Floor||128.85 sq m||1,387 sq ft|
|Basement Ancillary||122.54 sq m||1,319 sq ft|
|First Floor Ancillary||117.52 sq m||1,265 sq ft|
|Second Floor Ancillary||118.73 sq m||1,278 sq ft|
|Third Floor Ancillary||90.11 sq m||970 sq ft|
|Total||577.75 sq m||6,219 sq ft|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £620 + VAT.
The property is held from The Whitgift Foundation for a term of 125 years from 24th June 1991, expiring 23rd June 2116 (93 years unexpired) at a fixed ground rent of £1 per annum. Please note, there are no review provisions.
The entire property is let to Yorkshire Building Society on a full repairing and insuring lease, for a term of 10 years from 9th March 2016, expiring on 8th March 2026. The lease is subject to a Schedule of Condition on the basement element .
The current passing rent is £100,000 per annum, having increased at the last rent review in March 2021 from £90,000 per annum.
Yorkshire Building Society has reported the following figures;
|31st December 2022||31st December 2021|
|Total Income||811.4 million||£577.6 million|
|Profit before Tax||£502.5 million||£320.0 million|
|Total Assets||£58,754.1 million||£52,723.7 million|
For the full financial results see www.ybs.co.uk/w/media-centre/financial-results/2022-annual-results
Established in 1864, Yorkshire Building Society is one of the largest building societies in the UK. The society also owns Chelsea Building Society, Norwich and Peterborough Building Society, Accord Mortgages and Egg.
Owned by its members, they currently employ approximately 2,300 staff from throughout the UK with total assets of £59bn. Yorkshire Building Society is committed to building an environmentally and financially sustainable future for its members, colleagues and communities and the UK. As a mutual organisation owned by its members and not shareholders, Yorkshire Building Society can reinvest profits to deliver its social purpose. (Source: www.ybs.co.uk)
The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.
Upper Floors Potential
Although they are demised to the Yorkshire Building Society, the tenant does not use the second and third floors. Subject to consents, it is suggested the upper floors could potentially provide two residential units with a total exit value in the region of £450,000 after refurbishment (£200 per sq ft / £2,150 per sq m capital value), providing an opportunity to enhance value.
We are instructed to seek offers in the region of £1,050,000 (One Million and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9%, assuming standard purchaser’s costs of 5.8%.
Please note that a purchaser will be re-charged the costs of the measured survey (£620.00) and searches (£878) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
Croydon is undergoing major investment from public and private bodies;
Prominent frontages on to both George Street and Park Lane;
Securely let to Yorkshire Building Society (Total Assets £58.7 billion) until 2026;
Excellent levels of footfall with the nearby East Croydon Station and the George Street Tram Stop;
Underlying value held within the underutilised second and third floors;
A purchase at the asking price reflects an attractive net initial yield for a secure London investment opportunity;
Attractive lot size to an investor.