Brighton bank for sale for £1.8m

Posted On 27 Oct 2017 at 1:27 pm

A Brighton bank branch is being offered for sale for £1.8 million by a firm of online auctioneers.

The Halifax branch, in Western Road, is one of seven branches being sold by John Pye Property, of Nottingham, on behalf of LPA (Law of Property Act) receivers JLL (Jones Lang Lasalle).

The branch has no plans to close while the freehold is sold, with the online auction scheduled for Wednesday 15 November and Thursday 16 November.

The auctioneers said: “The property is let to Halifax PLC at a passing rent of £111,900 per annum, representing a gross initial yield of 6.22 per cent based on the guide price.

“The lease is full repairing and insuring from 15 June 2007 to 14 June 2022.”

The three-storey building has a rateable value of £85,000.

Richard Reed, head of property at John Pye Property, said: “This is a unique investment opportunity for this area and we expect to see massive interest from national and overseas investors.

“Along with the other branches, this is a significant portfolio of properties being sold.

“All are prime for investors looking to buy good-quality stock when there is not a great deal of top-quality investment properties coming to market.

“The properties are in fantastic high street locations in UK towns and cities.

“It is recognised that banks are secure tenants and there are long leases remaining on the buildings from longstanding tenants.”

Simon Hunt, of JLL, the receivers, said: “As LPA receiver, I need to ensure that I sell property assets for the best sale price.

“With John Pye’s extensive database of active buyers and their global reach, I am confident that they will generate a large amount of interest in these blue chip investment opportunities from a wide range of UK and overseas buyers.

“I am very much looking forward to some fantastic outcomes for our lender client.”

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