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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Net Frontage | 11.81 m | 38’9” |
| Gross Frontage | 12.65 m | 41’6” |
| Zone A | 72.00 sq m | 775 sq ft |
| Zone B | 67.26 sq m | 724 sq ft |
| Zone C | 21.92 sq m | 236 sq ft |
| ITZA | 1,196 | |
| Total Ground Floor | 161.18 sq m | 1,735 sq ft |
| First Floor | 70.23 sq m | 756 sq ft |
| Total | 231.41 sq m | 2,491 sq ft |
A set floor plan is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £545 + VAT.
Tenure
Long leasehold interest expiring on 28th December 2187 (approximately 164 years unexpired) at a peppercorn rent.
Tenancy
The property is let to Bank of Scotland PLC (T/A Halifax) on a full repairing and insuring lease for a term of 5 years from 30th January 2024, expiring on 29th January 2029. There is a tenant break clause on the 30th January 2027, subject to six months’ notice.
The current passing rent is £40,400 per annum. The tenant has been granted a rent-free period of six months from 25th March 2024 until 24th September 2024. The vendor will “top-up” the income by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
The tenant has been in occupation since 2009, and renewed their lease in January 2024, demonstrating their commitment to this location.
Service Charge
The service charge payable by the tenant is £7,532.95 per annum. Copies of the service charge accounts and budget are provided in the data room.
Covenant
Bank of Scotland PLC (Co. No. SC327000) has reported the following figures:
| 31st December 2023 | 31st December 2022 | |
| Revenue | £3,391,000,000 | £4,931,000,000 |
| Pre-Tax Profits (Loss) | £351,000,000 | £1,137,000,000 |
| Total Assets | £332,430,000,000 | £320,241,000,000 |
The Bank of Scotland was established in 1695 and is the oldest bank in Scotland. The Banks’ main activities including management of savings, current banking accounts, credit accounts, insurance, loans and mortgages, investment, and retirement policies. The Bank enjoys a ranking in the 5 best banks in the United Kingdom and is part of the Lloyds Banking Group.
For more information on the Bank of Scotland, please see www.bankofscotland.co.uk.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £385,000, (Three Hundred and Eighty-Five Thousand Pounds) subject to contract, reflecting a net initial yield of 10.0% assuming purchaser’s costs of 4.07%.
Please note that a purchaser will be re-charged the costs of the measured survey (£545 +VAT) and searches (£1,172.72) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
Investment Considerations
The property is located in an affluent location within the London commuter belt;
Undoubted income – let to Bank of Scotland PLC;
The tenant has committed to a new 5-year lease from 30th January 2024;
The tenant has been in occupation since 2009;
The property occupies a prominent position at the entrance to the Garden Square Shopping Centre;
Attractive lot size to an investor;
Attractive net initial yield.
