REFURB ADDS VALUE TO LLOYDS BANK SALE
The long leasehold interest in a bank let to Lloyds Bank in Walton-on-Thames, Surrey, has been sold by a property company for £1.18m, reflecting a net initial yield of 5.2%.
The banking hall is the focus of an extensive refurbishment which includes the creation of 10 self-contained flats on the upper floors that are not part of the sale. Lloyds has an agreement to lease the bank for 10 years at a commencing rent of £65,000 per annum following practical completion.
HRH Retail and Ward Property Consultants advised the vendor.