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Accommodation
The property has been measured by BKR Floor Plans and provides the following floor Net Internal floor areas:
| Net Frontage | 11.89 m | 39’0” |
| Gross Frontage | 12.34 m | 40’6” |
| Zone A | 70.14 sq m | 755 sq ft |
| Zone B | 71.35 sq m | 768 sq ft |
| Zone C | 55.09 sq m | 593 sq ft |
| Remainder | 76.18 sq m | 820 sq ft |
| ITZA | 1,390 UNITS | |
| Total NIA | 272.75 sq m | 2,936 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 £670.00 + VAT.
Tenure
Freehold.
Tenancy
The property is let to Lloyds Bank Plc on a full repairing and insuring lease for a term of 3 years from 24th June 2023, expiring on 23rd June 2026 at a passing rent of £31,000 per annum (£113.66 per sq m / £10.56 per sq ft overall). The lease is inside 1954 Act protection.
We understand the tenant has been in occupation since at least 2013 and entered into a lease renewal in 2023, demonstrating their desire to remain in the property. At lease renewal the rent increased from £26,250 per annum under the previous lease, with no rent-free period or additional incentives.
Covenant
Lloyds Bank Plc (Co. No. 00002065), has reported the following figures:
| Year Ending | 31st December 2022 | 31st December 2021 |
| Total Income | £16,745,000,000 | £14,673,000,000 |
| Pre-Tax Profits | £6,094,000,000 | £5,785,000,000 |
| Total Equity | £39,059,000,000 | £40,772,000,000 |
Lloyds Bank was founded in 1765 and is one of the leading British retail and commercial banks with over 1,500 branches across the UK. The bank is the principal subsidiary of Lloyds Banking Group which is a publicly quoted company and the largest UK retail and commercial financial services provider with around 26 million customers. The Group’s main business activities are retail and commercial banking, general insurance and long-term savings, provided through well recognised brands including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.
For further information visit www.lloydsbankinggroup.com.
VAT
The property has not been elected for VAT and therefore VAT is not applicable on the purchase price.
Proposal
We are instructed to seek a figure of £300,000 (Three Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 10.0%, assuming purchasers’ costs of 2.97%.
Please note that a purchaser will be re-charged the costs of the measured survey (£670 + VAT) and searches (£1,221.41) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.
Investment Considerations
- Let to the highly secure covenant of Lloyds Bank Plc (Pre-Tax Profits £6 billion);
- Recently renewed lease;
- Situated in the heart of the town centre;
- Freehold;
- Opportunity to extend and develop the property, subject to the necessary consents;
- VAT Free Investment;
- Attractive lot size to an investor;
