Barkingside – 72 High Street, Essex IG6 2DN
1 November 2024Tenant: HSBC plc
Ground floor banking hall, first floor ancillary offices, on-site parking at the rear.
Occupied by my client’s family since circa 1950 for their multiple retailer bakers. In 1973 let to Midland Bank plc on two leases: for 20 years until 1993, and a reversionary lease from 1993 to 2013. RR-5 yearly, upward only. No breaks. In 2008, revised rent £20,000 pax.
The first time an expired Lease involved LTA54 on renewal in 2021. s26 notice request at £15,000 pa for 5 years, 6 months rent-free, TB at year 3. Agreed £21,000 pa, no rent-free, term 5 years, TB at year 3. ITZA 441.46 equating to Zone A £47.57 including parking space.
Having acted for the freeholder since 1993, I sold the freehold investment for approximately 20 YP (just under 5%). In August 2023, 74 High Street (also let to HSBC plc) sold for 5.85%.
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