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Lot 7

Freehold Commercial Investment let to Bank of Scotland plc
In same family ownership for over 50 years
6 Week Completion

Situation

Located close to the junction with Shirley Avenue, adjacent to Savers and amongst such other multiple retailers as Lidl, Barclays, Post Office, Coffee #1, Santander, Poundland, Boots, Specsavers and many more.
Shirley is a popular residential suburb less than 2 miles from Southampton city centre and within easy access of the M27 and M3.

Property

A single storey mid terraced building comprising a Deep Ground Floor Shop/Bank which benefits from use of a rear service road.

Accommodation

Ground Floor Shop/Bank
Gross Frontage 19'10”
Internal Width 19'5”
Built Depth 72'8”
Area Approx. 1,120 sq ft
WC

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Bank of Scotland PLC (T/O for Y/E 31/12/19 £9.51bn, Pre-Tax Profit £1.28bn and Shareholders' Funds £13.08bn) for a term of 10 years from 13th December 2019 (renewal of a previous lease - in occupation for over 30 years) at a current rent of £19,500 per annum exclusive.

Rent Review 2024

Tenant's Breaks December 2022 and December 2025

Note 1: The tenant also trades from the two adjoining units (Nos. 6 & 7 Gordon Buildings) which all intercommunicate with each other, but are not included in this sale.

Note 2: There may be future potential to construct an additional floor for residential use, subject to obtaining possession and the necessary consents.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

5 Gordon Buildings, Shirley High Street, Southampton, Hampshire SO15 3LS