Office for sale in Bank Investment, 4 Athenaeum Street, Sunderland SR1

Location
Located within Sunderland city centre at the intersection of Athenaeum Street and John Street which is a busy thoroughfare linking through to Fawcett Street and Sunderland Railway Station, shortly to undergo a multi-million-pound redevelopment programme. The main estate agency pitch is also nearby with Your Move located immediately opposite and is shown for identification purposes only on the attached plan.

Description
The busy branch is arranged over 4 floors and has been occupied as a bank for over 30 years having been refitted and rebranded after the separation from Lloyds. TSB have recently agreed terms to extend the lease – see tenure

Accommodation
The property briefly comprises as follows:-
ft2 m2

Ground floor

Banking Hall/Offices 2286 212.37

First floor

Offices 1913 177.72

Second floor

Offices 1728 160.53

Basement

Vaults/Ancillary 1421 132.01

Tenure
The property is to Lloyds TSB Bank Plc (now TSB) for a term of 10 years from 16th Oct 2012 expiring Oct 2022. The new lease is on a tenant Fri basis for a term of 10 years from 16th Oct 2022 with tenant options to break at the 5th and 7th anniversaries (Oct 2027 and 2029). The lease contains a rent review at the 5th anniversary. The current annual rental is £44,300. The tenant has been granted a 9-month rent free period by way of a 75% rent reduction in the first year.
Asking Price
Offers are sought in the region of £595,000 based upon a Gross Initial Yield of 7.45%

Costs
Each party will be responsible for their own Legal Fees incurred in the transaction.

Viewing
Contact – Mario Jaconelli or Alexa Reavley

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• VAT
We are advised the property is not elected for VAT and therefore the sale price will not be subject to VAT.
Ref C4045

EPC Energy Rating D