Highly Secure Bank Investment Let to Santander
24 High Street | Christchurch | Dorset | BH23 1DH
subject to contract
Undoubted Income - Let to Santander UK PLC
In excess of 5.5 years unexpired lease term
Prime retailing pitch opposite Marks & Spencer and close to a Waitrose store
Affluent town and popular tourist destination
Tenant been in occupation since 2000
£625,000, subject to contract
6.5% Net Initial Yield
The historic town of Christchurch lies approximately 6 miles east of Bournemouth, 23 miles south-west of Southampton and 100 miles south-west of London.
The town benefits from good road communications being served by the A35 which runs from Devon through to Southampton via Poole, Bournemouth and the New Forest. To the north of the town the A338 connects with the A31 which provides access to the M27 Motorway. The town is well connected to the national railway network with a fastest journey time to London Waterloo of 1 hour 56 minutes. Bournemouth International Airport is approximately 4 miles to the north-west and offers regular flights to other European Countries.
Christchurch is positioned next to the New Forest which, along with the town’s award-winning beaches, coastal nature reserves and heritage attractions make it a very popular tourist destination.
The property occupies a prime retailing pitch on High Street, the town’s main retailing thoroughfare. Other nearby occupiers include Marks & Spencer (opposite), Waitrose, Greggs (adjacent), HSBC, Barclays and Caffe Nero.
The property also benefits from being next to the entrance to the Saxon Square Shopping Centre. Comprising 28 shops the centre is occupied by a mixture of national brands and independent retailers with occupiers including Holland & Barrett, Boots, WH Smith, Costa, Argos, Poundstretcher and The Works.
Housing association Aster Group has obtained full planning consent for a mixed used regeneration scheme on the site of the former magistrates’ court and police station near the Fountain Roundabout, a few minutes’ walk from the subject property. The development will provide 169 homes including a range of one, two, three and four-bedroom homes. For further information see www.asterchristchurch.co.uk.
The property comprises a ground floor retail unit configured as an open-plan banking area with office/meeting rooms on the first floor. The unit has been fitted out by the tenant, Santander, in their usual corporate style.
In accordance with the floor plans which are available to download, the property provides the following net internal floor areas;
|Gross Frontage||7.56 m||24 ft 10 in’s|
|Built Depth||28.24 m||92 ft 8 in’s|
|Retail Depth||21.56 m||70 ft 9 in’s|
|Zone A||39.6 sq m||426 sq ft|
|Zone B||39.5 sq m||425 sq ft|
|Zone C||39.0 sq m||420 sq ft|
|Zone D||14.4 sq m||155 sq ft|
|Total Retail||132.50 sq m||1,426 sq ft|
|Ancillary||20.0 sq m||215 sq ft|
|Total Ground Floor||152.5 sq m||1,641 sq ft|
|Ancillary||68.0 sq m||732 sq ft|
|TOTAL (Net Internal Area)||220.5 sq m||2,373 sq ft|
The property is entirely let to Santander UK PLC on a full repairing and insuring basis for a term of 10 years from 25th December 2015, expiring on 24th December 2025 at a current passing rent of £42,750 per annum. There is an upwards only rent review on 25th December 2020.
Santander UK PLC (Co No.02294747) has reported the following figures:
|31st December 2019||31st December 2018|
|Total Operating Income||£4,173 million||£4,534 million|
|Pre-Tax Profits||£1,012 million||£1,545 million|
|Shareholders’ Equity||£15,857 million||£15,758 million|
Santander UK is a large retail and commercial bank based in the UK and a wholly owned subsidiary of the major global bank Banco Santander. In 2019 the company had 14.4 million active customers and provided £205 billion customer loans. For further information visit www.santander.co.uk.
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek a figure of £625,000 (Six Hundred and Twenty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 6.5%, assuming standard purchaser’s costs of 5.12%.
Please note that a purchaser will be re-charged the costs of the searches which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £2,500 + VAT.
An opportunity to acquire a highly secure retail investment let to the undoubted covenant of Santander UK PLC;
In excess of 5.5 years unexpired lease term;
The property occupies a prime retailing pitch in the town centre;
Christchurch is an affluent town and popular tourist destination;
A purchase at the asking price will provide an investor with an attractive net initial yield;
Attractive lot size to an investor.
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