Description
The property comprises of a modern regular shaped retail unit with
office and ancillary accommodation on the basement and upper
floors. The property has been measured in accordance with the Code
of Measuring practice and provides the following approximate net
floor areas:
| Floor |
|
Sqm |
Sq ft |
| Basement |
Ancillary |
86.86 |
935 |
| Ground Floor |
Bank |
357.49 |
3,848 |
| Ground Floor |
ITZA |
170.94 |
1,840 |
| First Floor |
Offices |
179.86 |
1,936 |
| Second Floor |
Offices/Ancillary |
203.92 |
2,195 |
| TOTAL |
|
828.13 |
8,914 |
Tenure
The property is FREEHOLD.
Tenancy
The entire
property is let on a 10 year FR&I lease from 01/12/2010, to
Lloyds TSB Bank PLC who are in full occupation, at the present net
annual rent of £305,000 per annum, (£150 za). There is a tenants
option to break as of 01/12/2015, and therefore there is
approximately 4.5 years term certain.
Covenant
Lloyds TSB Bank
PLC are the retail banking subsidiary of Lloyds Banking Group plc
and over 40% owned by the UK tax payer.
The Bank produced for the year ending December
2010 improved results with a pre tax profit of £725m and a trading
surplus of £12,130m.
Dun and Bradstreet rate Lloyds TSB Bank PLC
5A1 their lowest risk of business failure.