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Lot 2

Freehold Commercial/Residential Investment
By order of Trustees
6 Week Completion

Situation

In the heart of the Town Centre of this densely populated residential area, amongst such multiple traders as McDonald's, SpecSavers, Costa Coffee, Nationwide and others.
Hayes is approximately 4 miles from Heathrow Airport and 13 miles west of central London via the A40 and 2½ miles from the M25 (Junction 3).

Property

A mid terrace property, probably erected in the 1930's, comprising a Ground Floor Bank (see Notes 2, 3 & 4) with separate rear access via a service road to a Self-Contained Flat on two upper floors and a post-war built Double Garage.

Accommodation

Ground Floor Bank
Gross Frontage 19'2"
Internal Width 18'2"
Shop Depth 28'4"
Built Depth 43'0"
First & Second Floor Flat
Not inspected - believed to be 4 Rooms, Kitchen, Bathroom/WC
Double Garage
Frontage 18'10"
Built Depth 19'0"

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Lloyds Bank plc (having approx. 1,100 branches) (T/O for Y/E 31/12/2020 £18.5bn, Pre-Tax Profit £1.32bn and Shareholders' Funds £41.04bn) for a term of 14 years, 2 months and 29 days from 25th March 2007 (Holding Over - See Note 1) at a current rent of £18,750 per annum exclusive.

Note 1: The Freeholders served a Section 25 Notice on 23rd September 2021 terminating the Lease on 31st March 2022 on the whole demise and offering a new lease for 10 years from 1st April 2022 with upward Rent Review on 1st April 2027 at a commencing rent of £22,000 p.a. exclusive.
The rental offer is not binding and as Lloyds Bank do not currently occupy the Flat and the Garage for business purposes, the possibility exists of obtaining vacant possession of these. Purchasers must take their own advice in this respect.

Note 2: The Tenant also trades from the adjoining double unit (Nos. 1-3) which interconnects with No. 5 at ground floor level only. For the avoidance of doubt, Nos. 1-3 are not included in this sale.

Note 3: No. 5 has no front entrance. The Bank's entrance is via No. 3. There may be a Reinstatement Clause (re: shopfront, WC etc…) in the event of Lloyds Bank not renewing their Lease.

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*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 East Avenue, Hayes, Middlesex UB3 2HW