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Lot 6

Freehold Commercial Investment
By order of Executors
6 Week Completion

Situation

Located on a prominent corner position in the Town Centre opposite the junction with the main pedestrianised shopping in Victoria Street where multiples such as WH Smith, New Look and Savers are represented and approximately ½ a mile from Paignton Railway Station.
Paignton is a popular Seaside Town on the coast of Tor Bay in Devon.

Property

An imposing late Victorian corner building with a curved Total Return Frontage of 145 feet, comprising a Ground Floor Bank with a Basement and internal access to Ancillary Office Accommodation planned on the first and second floors.
There is a large gated access from Totnes Road.

Accommodation¹

Ground Floor
Banking Hall & Offices
Area Approx. 2,800 sq ft
First Floor
Offices Area Approx. 1,375 sq ft
Second Floor
Offices Area Approx. 405 sq ft
Basement
Vaults & WCs Area Approx. 445 sq ft

Total Area Approx 5,025 sq ft

¹Measurements taken from VOA

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 31/12/20 £18.5bn, Pre-Tax Profit £1.32bn and Shareholders' Funds £41.04bn) for a term from 7th May 2012 to 6th May 2025 (by way of a reversionary lease) at a current rent of £38,000 per annum exclusive (see Note).

Rent Review 26th May 2022 to market rental value.

Note: The tenant has a rent free period from 25th December 2021 which expires on 24th May 2022 and the Vendor will top-up this rent shortfall on completion.

*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.

2 Palace Avenue, Paignton, Devon TQ3 3ER