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Accommodation
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
| 33 Lord Street | ||
| Zone A | 37.25 sq m | 401 sq ft |
| Zone B | 43.76 sq m | 471 sq ft |
| Zone C | 67.82 sq m | 730 sq ft |
| Remainder | 288.73 sq m | 3,108 sq ft |
| ITZA | ||
| Total Ground Floor | 437.56 sq m | 4,710 sq ft |
| First Floor | 439.97 sq m | 4,736 sq ft |
| Second Floor | 497.57 sq m | 5,356 sq ft |
| Total | 1,375.11 sq m | 14,802 sq ft |
| 33A Lord Street | ||
| Zone A | 15.51 sq m | 167 sq ft |
| Zone B | 26.76 sq m | 288 sq ft |
| Zone C | 5.48 sq m | 59 sq ft |
| Total | 47.75 sq m | 514 sq ft |
| Total Overall | 1,422.86 sq m | 15,316 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 £450.00 + VAT.
Tenure
Freehold.
Tenancy
33 Lord Street is let to NatWest Bank Plc on a full repairing and insuring lease for a term of 10 years from 13th August 2012, expiring on 12th August 2022 at a rent of £56,950 per annum. The tenant is currently holding over. We understand the tenant has been in occupation since 1987 (approximately 36 years); there are no discussions in hand regarding the tenant’s future occupation of the property.
The tenant has a right to use the service yard area at the rear for delivery and collections, this being outside the freehold ownership.
The ground floor of 33a Lord Street is let to Summer 2020 Limited for a term of 3 years from 10th August 2020, expiring on 10th August 2023 at a rent of £3,000 per annum. The lease is outside 1954 Act protection. Note that a sublease was granted without the landlord’s consent to Ali Sulaiman at a rent of £6,000 per annum; please see legal package.
Therefore, an investor will benefit from a total income of £59,950 per annum.
It should be noted that the current arrears position is as follows:
| 33 Lord Street (NatWest Bank) | £7,521.96 |
| 33a Lord Street (Summer 2020 Ltd) | £2,294.66 |
(As at 17th August 2023)
It should be noted that the purchaser is required to pay for the arrears at completion.
Service Charge
For the period 1st October 2022 to 30th September 2023 the service charge budget is £2,284.46. A copy of the service charge is available to download via the data room. Note that the current service charge covers three adjoining properties and the purchaser will need to implement a new service charge for the subject property.
Rateable Value
The rateable value for the property is as follows:
| Accommodation | Description | Rateable Value |
| 33 Lord Street | Bank & Premises | £48,750 |
| 33A Lord Street | Shop & Premises | £7,800 |
The uniform business rates multiplier is 49.9 pence per pound
Covenant
National Westminster Bank PLC (Co. No. 929027) has reported the following accounts:
| Year Ending | 31st December 2022 | 31st December 2021 |
| Total Income | £13,156 million | £10,429 million |
| Pre-Tax Profits | £5,132 million | £3,844 million |
| Total Equity | £36,496 million | £41,803 million |
NatWest Group is the largest business and commercial bank in the UK, with a leading retail business. Brands under the group include NatWest, Royal Bank of Scotland, Ulster Bank and Coutts. For further information visit www.natwestgroup.com.
VAT
It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) and the purchaser will be required to submit the appropriate election to HMRC. It should be noted that the administrators may not hold documentation to prove VAT election at the point of completion.
Proposal
We are instructed to seek a figure of £420,000 (Four Hundred and Twenty Thousand Pounds), subject to contract, reflecting a net initial yield of 14.00%, with purchaser’s costs at 3.83%, and a capital value of £27 per sq ft / 290 per sq metre.
Please note that a purchaser will be re-charged the costs of the measured survey (£450 + VAT) and searches (£515.46 + VAT) 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
A high yielding retail/office investment;
The property occupies a prominent position in the heart of the town centre;
A ground floor banking unit with two floors of office accommodation above;
Let to NatWest Bank Plc;
The tenant has been in occupation since 1987 (36 years) and is currently holding over;
Asset management opportunities;
A purchase at the asking price reflects an attractive yield and low capital value;
Attractive lot size for an investor.
Disclaimer
The affairs, business and property of the Company is being managed by the Joint Administrators Andrew Knowles and Steven Muncaster, who act as agents for the Company and without personal liability. Both are licensed by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
