Attractive Bank Investment within Cathedral City

48 High Street | Canterbury | Kent | CT1 2SD


subject to contract

Click To Purchase


  • Located in a Cathedral City and major tourist destination

  • Undoubted Income - let to Santander UK PLC

  • New 5 year lease from December 2020

  • Tenant has been in occupation since 1960’s

  • Attractive building in the heart of the city centre

  • The only Santander in Canterbury

  • VAT free investment opportunity

  • Grade II listed (no empty rates payable)

  • Freehold

  • £1,070,000, subject to contract

  • 8.0% net initial yield



Canterbury is located approximately 96 km (60 miles) south east of Central London, 45 km (28 miles) east of Maidstone and 24 km (15 miles) north east of Ashford. The channel ports of Dover and Folkestone, together with the Channel Tunnel Rail Terminal are approximately 27 km (17 miles) to the south. The city benefits from good road communications being situated 11 km (7 miles) east of Junction 7 of the M2 Motorway, accessed via the A2 dual carriageway. The city is also served via the A28 dual carriageway which provides direct access to Junctions 9 & 10 of the M20 Motorway approximately 19 km (12 miles) to the south west.

Gatwick airport is approximately 104 km (65 miles) to the west. In addition, Canterbury is connected to the national railway network via Canterbury West and Canterbury East Stations with a fastest journey time to both London Charing Cross and London Victoria of 1 hour 25 minutes.

Canterbury is one of the United Kingdom's major tourist destinations and is a Cathedral City and UNESCO World Heritage site. The area’s economy is currently worth £3 billion with 60,000 people employed in the district (


The property occupies a prominent position at the heart of the pedestrianised southern sector of the city centre close to the junction of High Street, The Parade and St. Margaret Street.

The property is opposite Mercury Lane leading through to Christchurch Gate and to Canterbury Cathedral, therefore, providing significant pedestrian footfall in and around the property. Other nearby occupiers include Lloyds Bank (adjacent), Nationwide, Pret A Manger, Caffe Nero, Holland & Barrett, Jack Wills and Lush.

There are ambitious plans to redevelop the former Nasons department store immediately adjacent to the subject property at 46-47 High Street. The site has been acquired by development company Setha Group and the proposed scheme (reportedly circa £30 million) includes a mixture of shops, hotel/services apartments and residential.

In addition, planning permission has been obtained to redevelop the former Debenhams store diagonally opposite the subject property. Owners 90 North have obtained consent for a multi-million pound scheme ‘Guildhall Quarter’ comprising 12 retail units and 72 apartments.



An attractive Grade II listed building, the property comprises a ground floor retail unit configured as an open-plan banking area which has been fitted out by the tenant, Santander, in their usual corporate style. The first floor provides a combination of offices and staff/ancillary accommodation with further ancillary accommodation on basement, second and third floor levels.


The property has been measured by Plowman Craven and provides the following net internal floor areas;

Zone A   35.0 sq m 377 sq ft
Zone B   29.9 sq m 322 sq ft
Zone C   34.9 sq m 376 sq ft
Zone D   24.3 sq m 262 sq ft
Remainder   32.5 sq m 350 sq ft
ITZA     700
Total Ground Floor Retail 156.6 sq m 1,687 sq ft
Basement Ancillary 52.2 sq m 562 sq ft
First Floor Office 122.3 sq m 1,316 sq ft
First Floor Storage 7.8 sq m 84 sq ft
Second Floor Office 28.6 sq m 308 sq ft
Second Floor Ancillary 29.1 sq m 313 sq ft
Third Floor Ancillary 31.0 sq m 334 sq ft
Total   427.6 sq m 4,604 sq ft

A copy of the floor areas and floor plans is available to download.



The tenant has access across a rear site in the event of emergencies. This plot totals some 290 sq m (3,122 sq ft). A plan of this rear site is available to download, identifying Santander’s access right. This site is available to purchase by separate discussion.


The property is Grade II listed (hence empty rates are not payable).





The property is entirely let to Santander UK PLC on a full repairing and insuring basis for a term of 5 years from 25th December 2020, expiring on 24th December 2025. The rent commencement date was 25th March 2021.

The current passing rent is £90,000 per annum. We suggest that this equates to a Zone A rate of £108 per sq ft, after a 10% allowance for the hard frontage.

The tenant has been in occupation since the 1960’s. The most recent lease renewal took place in December 2020. The fact that the tenant has extended their lease during COVID-19 demonstrates their desire to remain in the property.



Santander UK PLC (Co No.02294747) has reported the following figures:

  31st December 2020 31st December 2019
Total Operating Income £3,958 million £4,170 million
Pre-Tax Profits £552 million £981 million
Shareholders’ Equity £15,848 million £15,946 million

Santander UK is a large retail and commercial bank based in the UK and a wholly owned subsidiary of the major global bank Banco Santander. In 2020 the company had 14.3 million active customers and provided £170 billion customer loans. For further information visit



The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.


Rental & Investment Evidence

The adjoining property, 49 High Street, was sold by Singer Vielle in January 2009 for £4,850,000 reflecting a net initial yield of 5.2%. Totalling 663 sq m (7,138 sq ft) the property is let to Lloyds TSB Bank Plc for a term expiring in June 2026. The passing rent at the time of sale was £270,000 per annum equating to £162 Zone A.

In comparison, the passing rent of £90,000 per annum for the subject property equates to a Zone A rate of £108, hence a significant discount to the previous level of some with the Lloyds rent being some 50% more than the current Santander rent.


Our client is seeking a figure of £1,070,000 (One Million and Seventy Thousand Pounds) subject to contract, reflecting a net initial yield of 8.0%, after allowing for standard purchaser’s costs of 5.82%.

Please note that a purchaser will be re-charged the cost of the searches which are provided in the data room.

The plot of land at the rear of the property is available to purchase by separate discussion.


Investment Considerations

  1. An opportunity to acquire a freehold investment in a Cathedral City;

  2. Undoubted income – let to Santander UK PLC (Pre-Tax Profits £552 million);

  3. New 5 year lease from December 2020;

  4. Santander has been in occupation since 1960’s and renewed their lease during COVID-19, demonstrating their commitment to the property;

  5. The property is the only Santander bank in Canterbury;

  6. The property occupies a prominent position within the heart of the city centre;

  7. VAT free investment opportunity;

  8. A purchase at the asking price reflects an attractive net initial yield;

  9. Attractive lot size for an investor.

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry +44 (0) 203 701 1356
Neil Singer +44 (0) 203 478 9120
Daniel Elia +44 (0) 203 701 1353

Vendors Solicitor

Addleshaw Goddard  +44 (0) 161 934 6241
Josh Bragg
Alasdair Jones