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Lot 4

Town Centre Freehold Bank Investment – Gross Yield 11.6%
4 Week Completion

Situation

Located in the town's pedestrianised retail thoroughfare, opposite the entrance to The Boulevard Precinct, adjacent to WH Smith and amongst such other multiple retailers including Boots, Superdrug, Poundland, Specsavers, Costa, Betfred, Timpson, Santander and others.
In addition, there is a town centre public car park located to the rear of the property.
Waterlooville is a popular town lying approx. 7 miles north-east of Portsmouth and enjoying excellent road access via the A3 to the M27 motorway.

Property

A substantial end of terrace building comprising a Ground Floor Bank with Ancillary Accommodation on the first floor.
In addition, the property includes car parking to the rear for 6 cars.

VAT is NOT applicable to this Lot

FREEHOLD

Accommodation

Ground Floor Bank
Gross Frontage	58'0"
Built Depth	59'6"
Net Internal Area	Approx. 2,317 sq ft¹
First Floor Ancillary
Net Internal Area	Approx. 1,321 sq ft¹
Total Net Internal Area	Approx. 3,638 sq ft¹
Total Gross Internal Area	Approx. 4,779 sq ft²

¹Not inspected by Barnett Ross. Areas taken from VOA.
²Area taken from EPC

Tenancy

The entire property is let on a full repairing and insuring lease to Bank of Scotland plc (t/a Halifax) (T/O for Y/E 31.12.23 £12.39bn, Pre-Tax Profit £351m and Shareholders' Funds £16.59bn) for a term of 5 years from 4th December 2023 at a current rent of £46,500 per annum exclusive (see Note 1).

Tenant's Break December 2026

Note 1: The tenant has been in occupation for over 15 years and the current rent of £46,500 p.a. was rebased in 2023 from £62,500 p.a.

Note 2: There may be potential to convert the first floor to Residential Use and add an additional floor, 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.

109–111 London Road, Waterlooville, Hampshire PO7 7EQ