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

Offers in region of £625,000 (£439.83/sq. ft)
Interested in this property? Call +44 191 723 0021 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Office for sale

From 1,421 - 2,286 sq. ft*

Property features

  • City centre Bank Investment
  • Let to TSB Bank until October 2032*
  • Current rent £44,300 per annum
  • Secure income until Oct 2027
  • Busy thoroughfare close to Fawcett Street
  • Gross Initial Yield 7.45%
  • Non - VAT registered property

Property description

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.

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

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


Vaults/Ancillary 1421 132.01

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%

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

Contact – Mario Jaconelli or Alexa Reavley

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

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Lofthouse and Partners Ltd, SR1 on +44 191 723 0021 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Lofthouse and Partners Ltd, and do not constitute property particulars. Please contact Lofthouse and Partners Ltd for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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