• Located in an attractive, popular Somerset town

• Undoubted Income - let to Santander UK PLC

• New 5 year lease from December 2020

• Tenant has been in occupation since 1963

• 100% prime retailing pitch, adjoining the Orchard Shopping Centre

• The only Santander in Taunton

• Freehold

• £1,000,000, subject to contract

• 9.0% net initial yield

The property occupies a highly prominent position, 100% prime retailing position in Fore Street, in the heart of the town centre. The pedestrianised Paul Street runs alongside the property Nearby occupiers include WH Smith (opposite), JD Sports, Holland & Barrett, TK Maxx, Joules and Vision Express.

The subject property integrates with the Orchard Shopping Centre with direct access into the mall. Comprising 13,006 sq m / 140,000 sq ft, the centre has nearly 60 stores including a variety of shops and eateries. The scheme benefits from a 300+ space multi-storey car park. Occupiers include Superdrug, Vision Express, Ernest Jones, Greggs, Game, Jack Wills, Anytime Fitness, Hotel Chocolat and Bill’s.

A multimillion-pound re-development of Taunton Railway Station, which is situated 1.6 km (1 mile) to the north of the property, is nearing completion. Improvements to the station include a new multi-storey car park, a new ticket office and entrance, improved bus and taxi interchange and easier access to the town centre.

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. A staircase from the Fore Street side leads to the first floor where a combination of offices and ancillary accommodation is provided.

The property provides an extensive frontage along Paul Street. Furthermore, an entrance directly into the Orchard Shopping Centre adds to the unit’s visibility.

A servicing / rear access area is provided from the first floor to the car parking area of the shopping centre.

Freehold. The freeholder contributes 1.346% of the service charge costs for the shopping centre (£8,549.51); these costs are recovered from the tenant, Santander UK PLC.

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 lease is within the Landlord and Tenant Act 1954 and so has security of tenure.

The current passing rent is £95,000 per annum. We suggest that this equates to an overall Zone A rate of £60 per sq ft, after allowing £3.00 per sq ft on the first floor and 5% for the return fontage.

The tenant has been in occupation since 1963. 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.

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Parties are invited to refer to the following recent sales evidence for properties let to Santander:

1. An opportunity to acquire a freehold town centre investment;

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 1963 and renewed their lease during COVID-19, demonstrating their commitment to the property;

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

6. The property occupies a 100% prime retailing pitch, opening directly into the Orchard Shopping Centre;

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

8. Attractive lot size for an investor.

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