10% South East Bank/Residential Investment

50-52 Calverley Road | Royal Tunbridge Wells | Kent | TN1 2TD


subject to contract

Click To Purchase


  • Very Affluent & Attractive South East Spa town

  • Double-fronted shop / banking unit with two self-contained maisonettes above

  • Undoubted income – entirely let to Bank of Scotland Plc (t/a Halifax)

  • Let until September 2025 (no breaks)

  • The only Halifax in Royal Tunbridge Wells

  • Self-contained upper parts with refurbishment/redevelopment potential

  • Potential for significant dilapidations claim against the tenant at lease expiry

  • Freehold

  • £1,835,000, subject to contract

  • 10.0% Net Initial Yield



One of the United Kingdom’s most affluent towns Royal Tunbridge Wells is an attractive Spa town on the Kent Sussex border located approximately 48 km (30 miles) south east of Central London, 27 km (17 miles) south west of Maidstone and 35 km (22 miles) east of Crawley.

The town benefits from good road communications with the A21 dual carriageway linking to Junction 5 of the M25 Motorway approximately 22 km (14 miles) to the north. In addition, the A26 provides a link to Brighton and Eastbourne to the south.

The town is connected to the national railway network with regular services to London Charing Cross, Cannon Street, Waterloo East and London Bridge stations with a fastest journey time of approximately 50 minutes. Gatwick Airport is approximately 32 km (20 miles) to the west.

Royal Tunbridge Wells is an established commuter town given the attractiveness of the town and the surrounding countryside together with the strong transport links to Central London outlined above. The surrounding area is also popular with residents and tourists. Tunbridge Wells is located in the High Weald Area, designated an Area of Outstanding National Beauty boasting a large number of castles, gardens and stately homes in the area.


The subject property occupies a highly prominent position in the heart of the town centre on the southern side of the pedestrianised Calverley Road. Nearby occupiers include Marks & Spencer (opposite), Clarks (adjacent), Boots Opticians, Superdrug, Waterstones and Vision Express.

This is the only Halifax in Royal Tunbridge Wells with the closest other branch being in Tonbridge, some 5 miles (8 km) away.

The Calverley Road entrance to the Royal Victoria Place Shopping Centre is diagonally opposite the subject property. Anchored by Marks & Spencer and Fenwick, the Centre totals approximately 29,729 sq m (320,000 sq ft) with over 1,750 car parking spaces and is home to retailers including JD Sports, Next, Boots, L’Occitane, Hotel Chocolat, French Connection and Lush. In September 2020 renovation works totalling £11 million were completed by the centre’s owners, British Land.



The ground floor comprises a double shop unit fronting Calverley Road providing an open banking hall fitted out to the tenant’s usual corporate style with ancillary storage at basement level.

The first and second floors comprise two self-contained maisonettes which benefit from their own separate access via Newton Road, to the rear of the property.

The entire property is let to Bank of Scotland. The residential upper floors are currently not utilised. Since these floors have a separate entrance, it is suggested that there is potential for future refurbishment/redevelopment of the residential accommodation.

The property interconnects with 48 Calverley Road which is occupied by Halifax but
in separate ownership and does not form part of this sale.

The property is not listed.


The property has been measured by BKR Floor Plans and provides the following accommodation:

50-52 Calverley Road - Ground Floor & Basement (NIA)
Zone A 64.75 sq m 697 sq ft
Zone B 54.90 sq m 591 sq ft
Zone C 57.78 sq m 622 sq ft
Remainder 18.30 sq m 197 sq ft
ITZA   1,173
Ground Floor Total 195.74 sq m 2,107 sq ft
Basement 120.12 sq m 1,293 sq ft
50a Calverley Road – Residential Maisonette (GIA)
First Floor 60.39 sq m 650 sq ft
Second Floor 54.63 sq m 588 sq ft
Total 115.01 sq m 1,238 sq ft
52a Calverley Road – Residential Maisonette (GIA)
First Floor 57.41 sq m 618 sq ft
Second Floor 51.93 sq m 559 sq ft
Total 109.34 sq m 1,177 sq ft

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £425 + VAT.





The property is entirely let to Bank of Scotland Plc (t/a Halifax) on a full repairing and insuring lease from 15th May 2015, expiring on 28th September 2025.

The current passing rent is £195,000 per annum. There is an upwards only rent review on 29th September 2023. The rent increased from £175,000 per annum to £195,000 per annum at the last rent review.



Bank of Scotland Plc t/a Halifax Bank (Company No. SC327000) has reported the following figures:

  31st December 2020 31st December 2019
Total Income £5,147 million £6,033 million
Pre-Tax Profit £883 million £1,278 million
Total Assets £315,764 million £381,502 million

Bank of Scotland Plc is a wholly owned subsidiary of Lloyds Banking Group Plc which operates under Halifax, Lloyds Bank and Bank of Scotland. Lloyds Banking Group is the UK’s largest digital bank and financial services group, reporting Pre-Tax Profits of £1,226 million and Total Assets of £871,269 million for the year ending 2020. For further information visit www.lloydsbankinggroup.com.

Asset Management

Although the first and second floor maisonettes are demised to Bank of Scotland the tenant does not use them.

The residential accommodation is in a dilapidated condition and as a result there is prospect for a significant claim against the tenant in respect of terminal dilapidations at the end of the lease.

There is potential to refurbish/redevelop the first and second floors.

By assessing the rental value in relation to the ground floor and basement area at £171,000 per annum and allowing a rental of £1,000 per month per flat, the pro-rata value for the upper areas of the property (based upon our asking price) is £279,000, equating to only £116 per sq ft, hence a significant discount to the vacant possession value. In comparison, the average current value for flats in Royal Tunbridge Wells is £300,000 and £398 per sq ft (Source: www.zoopla.co.uk).

As a result, we suggest that there exists potential to enhance value in relation to the upper floors.



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


We are instructed to seek a figure of £1,835,000 (One Million, Eight Hundred and Thirty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 10.0%, assuming purchaser’s costs of 6.23%.

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

Please note a purchaser will be charged a Transaction Fee of £10,000 + VAT.


Investment Considerations

  1. An opportunity to acquire a bank & residential investment in an affluent South-East town;

  2. Undoubted income – let to Bank of Scotland Plc (Pre-Tax Profits £883 million);

  3. Let until September 2025 (no breaks);

  4. The property occupies a prominent position in the heart of the town centre;

  5. The only Halifax in Royal Tunbridge Wells;

  6. Freehold;

  7. Potential to refurbish/redevelop the upper parts;

  8. Potential for a significant claim against the tenant in respect of dilapidations at the end of the lease;

  9. A purchase at the asking price reflects an attractive net initial yield of 10.0%.

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Daniel Elia daniel@singervielle.co.uk +44 (0) 203 701 1353
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120

Vendors Solicitor

Lodders LLP  +44 (0) 124 222 9084
Constantine Berry constantine.berry@lodders.co.uk
Hollie Smith hollie.smith@lodders.co.uk