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Accommodation
We are advised the property provides the following net internal floor areas;
| Floor | Sq M | Sq Ft |
| Basement | 30.10 | 324 |
| Ground | 208.38 | 2,243 |
| ITZA | 152.73 | 1,644 |
| Total | 238.48 | 2,567 |
Tenure
Heritable.
Tenancy
The property is let to Bank of Scotland plc on a full repairing and insuring lease for a term of 15 years from 29th December 2016, expiring on 28th December 2031 (in excess of 8.25 years unexpired lease term). The current passing rent is £30,750 per annum, equating to a Zone A rate of £19.00 before a 2.5% deduction for quantum.
The lease benefits from an upwards only rent review on 29th December 2026. The tenant has the option to extend the lease for 10 years by giving notice no later than 12 months prior to expiry of the lease.
The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dunn & Bradstreet rating of 5A1 or better for three years.
Covenant
Bank of Scotland plc (Co. No. SC327000) has reported the following figures;
| Year Ending | 31st December 2022 | 31st December 2021 |
| Total Income | £4,931 million | £5,763 million |
| Pre-Tax Profit | £1,137 million | £2,316 million |
| Total Assets | £320,241 million | £319,152 million |
| Total Equity | £16,046 million | £15,904 million |
Bank of Scotland plc is a direct subsidiary of HBOS plc and a wholly owned subsidiary of Lloyds Banking Group plc. It is one of the main operating companies of the Group. For further information visit www.bankofscotland.co.uk.
VAT
The property has not been registered for VAT. Therefore, VAT will not be payable by a purchaser.
Proposal
We are instructed to seek a figure of £370,000 (Three Hundred and Seventy Thousand Pounds), subject to contract, reflecting a net initial yield of 8.0% assuming purchasers’ costs of 3.69%.
Investment Considerations
Investment opportunity let to the undoubted covenant of Bank of Scotland plc;
In excess of 8.25 years unexpired lease term;
The tenant is only able to assign the lease to the Government, a Local or Public Authority, or a company which has had a Dunn & Bradstreet rating of 5A1 or better for three years.
The property occupies a strong position on the High Street;
VAT free investment;
A purchase at the asking price will provide an investor with an attractive net initial yield for a highly secure heritable investment.
