The Property
Comprising a ground floor commercial unit within a mixed-use building, let to a business trading as Banking Hub and The Post Office.
Occupying a prominent position on the busiest stretch of Sidcup’s High Street, the virtual freehold commercial unit was sold subject to an occupational lease to Cash Access UK (trading as Banking Hub and The Post Office). Cash Access UK is a not-for-profit organisation providing shared banking, cash and Post Office services on behalf of the UK’s major High Street banks. Since its establishment in 2023, Banking Hub has expanded rapidly, with more than 240 locations now open across the country.
The occupational lease is Fully Repairing and Insuring (FRI), granted for a 10-year term commencing in 2025, leaving approximately 9 years unexpired. The lease also provides for a tenant-only break option and RPI-linked rent review at the fifth anniversary.
The Transaction
Our client, the vendor, originally acquired the vacant freehold building, subsequently developing the upper parts and rear of the property to create 7 self-contained flats. The ground floor commercial unit was then let to Banking Hub, creating a fully income-producing investment.
Having completed the development and created an income-producing commercial investment, our client instructed us to act as sole agents on the disposal.
Terms were agreed off market with a cash purchaser, with the transaction completing at a price reflecting a Net Initial Yield of 7.57%.
Location