69 High Street, Billericay

£1,500,000.00 / For Sale
Address: 69, High Street, Billericay, Essex, CM12 9AU

Property Description

FREEHOLD BANK
INVESTMENT
FOR SALE

69 High Street, Billericay,
Essex, CM12 9AU

Let to Barclays Bank PLC passing rent £88,000 pax
Rent Review due 29th September 2020

PRICE: £1.5M

LOCATION
Billericay is situated approximately 9 miles south of Chelmsford and 6 miles east of Brentwood in the County of Essex and within close proximity to the A12 and A127. The resident population of Billericay is circa 32,500. It is an affluent commuter town with approximately 73% of the population having a demographic profile within social class A, B and C1. The subject property is located in a prime retail trading position along the north side of the High Street occupying a prominent position directly adjacent to the pedestrian crossing. Occupiers close by in Pizza Express, WH Smith, Boots, Holland & Barratt, Costa, Ask Restaurant, Argos Lloyds TSB and is within close proximately to the main railway station with direct links to London Liverpool Street Station travel time of circa 30 minutes

DESCRIPTION
The property comprises an attractive purpose-built banking hall built in the 1950s and arranged over basement, ground and first floor levels with a self-contained secure gated car park to the rear accommodating 14 cars.

ACCOMMODATION
The areas agreed at the last Rent Review dated 29th September 2010 were as follows: -

Ground Floor Retail Area 1,549.00 sq ft
Ground Floor Rear 213.00 sq ft
Basement 467.50 sq ft
First Floor Offices 725.00 sq ft

14 Parking Spaces.

TERMS
The property is available to purchase Freehold subject to the commercial tenancy to BARCLAYS BANK PLC at £1.5M subject to contract.

LEASE TERMS
The entire property is let to BARCLAYS BANK PLC lease dated 3rd August 2006 for a term of 20 years from 23rd August 2006 expiring 23rd August 2026. There are Rent Reviews every fifth anniversary of the term upwards only to market rent. The next Rent Review due is 29th September 2020. The current passing rent equates to £88,000 per annum as set at the last review 29th September 2015. There is a tenant’s only option to break the lease on the 15th anniversary of the term.

OUTGOINGS
69 High Street, Billericay, Essex, CM12 9AU Bank and Premises £79,000

Floor Description Area M² Area Sq Ft Floor Description Area M² Area Sq Ft
Ground Retail Zone A 87.37 904.47 First Office 10.95 117.87
Ground Retail Zone B 80.43 865.77 First Office 14.30 153.93
Ground Retail Zone C 63.51 683.64 First Mess/Staff Room 35.42 381.27
Ground Rear Lobby 11.20 120.56 First Kitchen 9.12 98,17
Ground Internal Storage 6.36 68.46 Basement Strong Room 14.98 161.24
Basement Internal storage 21.48 231.21
Total Area 355.12 3,822.60

VAT
VAT is not applicable to this property.

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