LOT 45 - Taunton Commercial Auction - 23rd September 2021 - Freehold Bank and Retail Investment with Vacant Office/Residential Opportunity - LoopNet
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LOT 45 - Taunton Commercial Auction - 23rd September 2021 Freehold Bank and Retail Investment with Vacant Office/Residential Opportunity 30-32 Fore Street, 56 North Street and 2 & 5A Hammet Street, Taunton, Somerset, TA1 1HP
LOT 45 - Taunton
Freehold Bank and Retail Investment with Vacant Office/Residential Opportunity
30-32 Fore Street, 56 North Street and 2 & 5A Hammet Street, Taunton, Somerset, TA1 1HP
GUIDE PRICE *
£1.785M+
Gross Initial Yield 10.81%
Commercial - 23rd September 2021
Online
Bidding will open at 11.00 am for ALL lots. Lot 1 closes from 12.00 midday
Key Features Location
• Comprising a prominent bank, 2 shops and vacant offices above which benefit from Taunton, the county town of Somerset, is a major retail centre located 40 miles south-
change of use to residential (up to 43 studio apartments) west of Bristol and 30 miles north-east of Exeter
• Part let to Lloyds Bank Plc on a lease expiring in December 2026 (no breaks) The A3065 provides access to the A38 and A358 which in turn links with the M5
• Town centre location close to Barclays, Nandos and Greggs motorway (J25) to the east of the town
The property is prominently situated on the east side of Fore Street, at its junction with
• Accommodation extending to 3,582.24 sq m (38,559 sq ft)
Hammet Street, in the heart of the town centre
• VAT is applicable
Occupiers close by include Barclays, Nandos, Greggs, Cancer Research, Lush and Fat
• Six Week Completion Available Face amongst others
Total Current Rent Reserved
Additional Information
£193,000 p.a.
• The property is arranged on basement, ground and three upper floors to provide a
Plus Vacant Uppers
banking hall and two shops on the ground floor with basement storage accommodation
By Order of • No.30-32 (Lloyds) and No.56 (River Island) benefit from staff office/ancillary and storage
A Major Fund Manager accommodation on the first floor
• The second and third floors provide vacant self-contained offices with potential for
Tenure
residential conversion, accessible from an entrance on Hammet Street
Freehold
Planning
• The second and third floors benefit from prior approval dated 20th November 2020 (ref:
38/20/0230/CO) for change of use of upper floors from office use (Class B1(a)) to up to
43 No. studio apartments (Class C3). Floor plans and further information are available
from the local authority: www.somersetwestandtaunton.gov.uk
VAT - VAT is applicable to this lot.
Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 2 of 17
Viewing Allsop Sellers Solicitor
There will be a single viewing held prior to the auction. If you would like to attend you must Chris Childs. Clare Spokes.
register with us in advance no later than 5pm on Tuesday 14th September. Please email Tel: 02075436817 Penningtons Manches Cooper LLP
viewings@allsop.co.uk with the name and mobile number of the party wishing to attend, Email: chris.childs@allsop.co.uk Tel: +44 (0)20 7753 7514
photographic ID will be required on the day. In the subject box of your email please enter - Email: clare.spokes@penningtonslaw.com
Lot 45 Taunton Viewing
Address Present Lessee Accommodation Lease Details Current Rent Next Review /
(PA) Reversion
30-31 Fore Lloyds Bank Plc (1) Ground 452.25 sq m 4,868 sq ft 15 years from 25.12.2011 £152,000 p.a. Rent review 2021
Street Rent review every 5th year
(www.lloydsbank.com) Basement 424.34 sq m 4,568 sq ft FR& I by way of service charge subject to a cap of £43,500
First 326.6 sq m 3,515 sq ft p.a. (annual CPI increases)
Subtotal 1,203.19 sq m 12,951 sq ft
32 Fore Street The Perfume Shop Ground 43.6 sq m 469 sq ft 10 years from 21.11.2012 £41,000 p.a. Reversion 2022
Limited FR& I by way of service charge subject to a cap of £2,000
Basement 36.62 sq m 394 sq ft p.a. (annual RPI increases)
(www.theperfumeshop.com)
Subtotal 80.22 sq m 863 sq ft
56 North Street River Island Fashion Ground 257.91 sq m 2,776 sq ft 3 years from 16.01.2021 £0 p.a. Reversion 2024
Limited Rolling mutual break option on 3 months notice
(www.riverisland.com) Basement 318.05 sq m 3,423 sq ft FR& I by way of service charge
First 182.87 sq m 1,968 sq ft
Subtotal 758.83 sq m 8,168 sq ft
Offices Vacant Second/Third - see 1,540 sq m 16,576 sq ft
planning
Total 3,582.24 sq m 38,559 sq ft Total £193,000 p.a.
(1) For the year ended 31st December 2020 Lloyds Bank plc did not report a turnover, but reported a pre-tax profit of £1,466,000, shareholders funds of £41,118,000 and a net worth of £36,536,000
(Source: Experian 24.08.2021)
N.B. The property has not been measured by Allsop and the retail floor areas sourced from www.voa.gov.uk. The second/third floor area is a Gross Floor Area sourced from the change of use application
Technical Note (copy on planning website)
Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 3 of 17
Featured 1 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 4 of 17
Featured 2 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 5 of 17
Featured 3 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 6 of 17
Featured 4 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 7 of 17
Featured 5 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 8 of 17
Featured 6 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 9 of 17
Pro map Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 10 of 17
GOAD Map Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 11 of 17
Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 12 of 17
Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 13 of 17
Floorplan 1 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 14 of 17
Floorplan 2 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 15 of 17
Addendum On Completion of the Sale and in addition to the purchase price, the Buyer shall reimburse the Seller the costs of the Searches being £1,184.29 + VAT together with a contribution towards the Seller's legal fees of £1,200 + VAT Disclaimer --- Important notice - Pre-registration approval to bid, guide prices, reserves, additional charges and other matters Pre-registration approval to bid Allsop now require all bidders who wish to bid at our Auctions to register beforehand. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this process before prior approval to bid will be given. Please use the links on our website to pre-register. Following approval to bid, the buyer named in your registration cannot be changed without consent (for which a charge might be made). Guide Prices 1. A guide price (to include a range of prices), is not an indication of the anticipated eventual selling price or a valuation; it is an indication of the minimum price ( “the Reserve” ) at which (or range of prices within which) the seller might be prepared to sell. The eventual sale price can and frequently does, exceed the guide price. 2. Where a range is given, the Reserve will sit within that range and will not exceed the top end of the range. Where a single figure Guide Price is given, the Reserve will be within 10%, upwards or downwards, of that figure. 3. The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website and you should check the website regularly for updates and on the day of the auction. 4. All guide prices are quoted "subject to contract". 5. Please note the guide price for the Lot does not include: - any Buyers' Fee charged by the auctioneers; - VAT on the sale price; - SDLT or any other Government taxes; - additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers. 6. If a guide price is listed as "TBA", it means no guide price has been set at present. Please do not call our office about this - the guide price, or range of prices, will be published online immediately it becomes available and you should check the auction website regularly for updates and on the day of the auction. Reserve Prices 7. The reserve price is the minimum price at which the Lot can be sold. 8. Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price just before the Lot is offered for sale and you should check the website regularly for updates and on the day of the auction. Buyers' fees, Seller's fees and additional charges 9. For each Lot, a Buyers' Fee is payable on the fall of the hammer to Allsop LLP as follows: Residential Auctions - Lots sold for £10,000 or more: Buyers' Fee of £1,250 inclusive of VAT - Lots sold for less than £10,000: Buyers' Fee of £250 inclusive of VAT Commercial Auctions - All Lots: Buyers Fee £1,000 inclusive of VAT 10. Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts. 11. VAT may be chargeable in addition to the sale price for the Lot. The Lot Particulars and/or the Special Conditions of Sale will indicate whether VAT applies. Other Matters 12. Please note that Lots may be sold or withdrawn at any time prior to auction. 13. Please note that the amount of Bidder Security (payable on application to bid at the auction) and the Buyer's Fee may each be varied from the standard amounts quoted. Please refer to the addendum, the Particulars and/or the conditions of sale. 14. Street trader plans are reproduced with the consent of Experian Goad Limited. Experian Goad Digital Plans include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright and Experian Copyright. All rights reserved. Licence number PU 100017316. Location plans are reproduced from the Ordnance Survey mapping with the permission of Ordnance Survey on behalf of the Controller of Her Majesty's Stationery Office, © Crown copyright and Database Rights 2018 OS 100060020 Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 16 of 17
15. The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not to be taken as drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or which direction the lot is facing. The Auctioneers do not warrant or represent that any plans or photographs show the up to date position with regard to occupiers either for the Lot or for any other properties shown in such plans or photographs. Lot 45, Commercial Auction - 23rd September 2021 Date Printed: 21/09/2021 | Page 17 of 17
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