freehold bank investment - Vail Williams
FREEHOLD BANK INVESTMENT
272-276 London Road, Waterlooville, PO7 7HN
272-276 London Road, Waterlooville, PO7 7HN
Investment Summary •
Waterlooville is a popular suburban town which has seen significant residential development over the last few years.
•
Prominent corner location on London Road, the main shopping street.
•
Freehold.
•
5,642.4 sq ft (524.2 sq m) self contained bank with ancillary offices.
•
Let to Lloyds Bank Plc, with a low risk Dun & Bradstreet rating of 5A1.
•
FRI lease, for 10 years from 5 November 2012 (approx. 5.4 years unexpired).
•
November 2017 break has not been exercised.
•
Not elected for VAT.
•
Rental income of £62,500 pa.
•
Price: £815,000 (Eight Hundred and Fifteen Thousand Pounds), subject to contract.
•
A purchase at this price reflects a Net Initial Yield of 7.25% after purchaser’s costs of 5.51%.
272-276 London Road, Waterlooville, PO7 7HN
Location Waterlooville is a small town approximately five miles north of Portsmouth, a short distance from Junction 3 of the A3(M). It falls within the Borough of Havant, which has a district population of approximately 115,000. Road communications are good, with the A27 and M27 running east to west and connecting to the M3, approximately 20 miles to the west. The A3 gives good access to London approximately 70 miles to the north east. Other important centres within easy reach are Portsmouth (7 miles), Fareham (11 miles), Petersfield (12 miles) and Southampton (22 miles).
Situation
Waterlooviille
The property is situated on the corner of London Road and Stokes Hill Road. London Road is one of main routes out of the town centre and becomes the A3 trunk road running northwards from Waterlooville towards Petersfield and London. It is located in a prominent corner location a short distance from the pedestrianised retail pitch of London Road where there are multiple national traders. Local occupiers nearby include Waitrose, NatWest, Subway, Dorothy Perkins, EE, Boots and Superdrug.
272-276 London Road, Waterlooville, PO7 7HN
Description The property comprises a 5,642.4 sq ft (524.2 sq m) bank with ancillary office and staff accommodation arranged over ground, first and second floors. There is a basement with restricted height of 1.5m. The building is of traditional brick construction beneath a pitched slate tiled roof. The property comprises two buildings, one of which is a two storey and the other three storey. The two properties are interconnected at ground and first floor levels. There is a rear enclosed car park area providing ten car parking spaces if double parked.
Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) on an NIA basis. Description
Areas
Ground Floor – Banking Hall and Offices
294.0 m
(3,164.6 sq ft)
First floor - Offices
182.1 m
(1,960.1 sq ft)
Second Floor – Offices/Staff
48.1 m2
(517.74 sq ft)
Total
524.2 m2
(5,642.4 sq ft)
272-276 London Road, Waterlooville, PO7 7HN
Tenure Freehold.
Tenancy The entire property is let to Lloyds Bank plc for a term of ten years from 5 November 2012. The lease is drawn on standard FRI terms with a rent review and break clause in year five (5 November 2017) The break clause which was subject to 6 months notice has not been exercised. Lloyds have been in occupation of these premises for over 50 years. The current rent is £62,500 pa.
Covenant Information Lloyds Bank plc (00002065) is a British retail and commercial bank with multiple branches across England and Wales. Founded in Birmingham in 1765 Lloyds is now considered one of the ‘big four’ and is the largest retail bank in Britain. Lloyds had a turnover of £20,900,000,000 and a pre-tax profit of £1,977,000,000 in 2016 and have a Dun & Bradstreet Rating of 5A1.
272-276 London Road, Waterlooville, PO7 7HN
Further Information To arrange inspections contact:
Robert Lee [email protected] 023 8082 0920 07880 362 951
Julian Walker [email protected] 023 8082 0905 07836 774 406
EPC The property has an EPC rating of C with a score of 72. A copy of the Energy Performance Certificate is available in the data room.
VAT The property is not elected for VAT.
Data Room
Price: £815,000 (Eight Hundred and Fifteen Thousand Pounds), subject to contract, for the freehold interest. A purchase at this level reflects a net initial yield of 7.25% assuming purchaser’s costs of 5.51%.
Supporting documentation relating to the property is available in the Data Room, for access please contact Liz Dixon on [email protected] MISREPRESENTATION ACT 1967 Vail Williams as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. June 2017.
272-276 London Road, Waterlooville, PO7 7HN
272-276 London Road, Waterlooville, PO7 7HN
Investment Summary •
Waterlooville is a popular suburban town which has seen significant residential development over the last few years.
•
Prominent corner location on London Road, the main shopping street.
•
Freehold.
•
5,642.4 sq ft (524.2 sq m) self contained bank with ancillary offices.
•
Let to Lloyds Bank Plc, with a low risk Dun & Bradstreet rating of 5A1.
•
FRI lease, for 10 years from 5 November 2012 (approx. 5.4 years unexpired).
•
November 2017 break has not been exercised.
•
Not elected for VAT.
•
Rental income of £62,500 pa.
•
Price: £815,000 (Eight Hundred and Fifteen Thousand Pounds), subject to contract.
•
A purchase at this price reflects a Net Initial Yield of 7.25% after purchaser’s costs of 5.51%.
272-276 London Road, Waterlooville, PO7 7HN
Location Waterlooville is a small town approximately five miles north of Portsmouth, a short distance from Junction 3 of the A3(M). It falls within the Borough of Havant, which has a district population of approximately 115,000. Road communications are good, with the A27 and M27 running east to west and connecting to the M3, approximately 20 miles to the west. The A3 gives good access to London approximately 70 miles to the north east. Other important centres within easy reach are Portsmouth (7 miles), Fareham (11 miles), Petersfield (12 miles) and Southampton (22 miles).
Situation
Waterlooviille
The property is situated on the corner of London Road and Stokes Hill Road. London Road is one of main routes out of the town centre and becomes the A3 trunk road running northwards from Waterlooville towards Petersfield and London. It is located in a prominent corner location a short distance from the pedestrianised retail pitch of London Road where there are multiple national traders. Local occupiers nearby include Waitrose, NatWest, Subway, Dorothy Perkins, EE, Boots and Superdrug.
272-276 London Road, Waterlooville, PO7 7HN
Description The property comprises a 5,642.4 sq ft (524.2 sq m) bank with ancillary office and staff accommodation arranged over ground, first and second floors. There is a basement with restricted height of 1.5m. The building is of traditional brick construction beneath a pitched slate tiled roof. The property comprises two buildings, one of which is a two storey and the other three storey. The two properties are interconnected at ground and first floor levels. There is a rear enclosed car park area providing ten car parking spaces if double parked.
Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) on an NIA basis. Description
Areas
Ground Floor – Banking Hall and Offices
294.0 m
(3,164.6 sq ft)
First floor - Offices
182.1 m
(1,960.1 sq ft)
Second Floor – Offices/Staff
48.1 m2
(517.74 sq ft)
Total
524.2 m2
(5,642.4 sq ft)
272-276 London Road, Waterlooville, PO7 7HN
Tenure Freehold.
Tenancy The entire property is let to Lloyds Bank plc for a term of ten years from 5 November 2012. The lease is drawn on standard FRI terms with a rent review and break clause in year five (5 November 2017) The break clause which was subject to 6 months notice has not been exercised. Lloyds have been in occupation of these premises for over 50 years. The current rent is £62,500 pa.
Covenant Information Lloyds Bank plc (00002065) is a British retail and commercial bank with multiple branches across England and Wales. Founded in Birmingham in 1765 Lloyds is now considered one of the ‘big four’ and is the largest retail bank in Britain. Lloyds had a turnover of £20,900,000,000 and a pre-tax profit of £1,977,000,000 in 2016 and have a Dun & Bradstreet Rating of 5A1.
272-276 London Road, Waterlooville, PO7 7HN
Further Information To arrange inspections contact:
Robert Lee [email protected] 023 8082 0920 07880 362 951
Julian Walker [email protected] 023 8082 0905 07836 774 406
EPC The property has an EPC rating of C with a score of 72. A copy of the Energy Performance Certificate is available in the data room.
VAT The property is not elected for VAT.
Data Room
Price: £815,000 (Eight Hundred and Fifteen Thousand Pounds), subject to contract, for the freehold interest. A purchase at this level reflects a net initial yield of 7.25% assuming purchaser’s costs of 5.51%.
Supporting documentation relating to the property is available in the Data Room, for access please contact Liz Dixon on [email protected] MISREPRESENTATION ACT 1967 Vail Williams as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. June 2017.
