4 Athenaeum Street, Sunderland City Centre

Location

Located within Sunderland city centre at the intersection of Athenaeum Street and John Street which is a busy thoroughfare linking through to Fawcett Street.

The City of Sunderland is a port city, located in the Northeast of England. The subject property benefits from being in the heart of the city centre, with excellent transport links to neighbouring cities Newcastle Upon Tyne and Durham, via the A690 and A19.

The office is arranged over 4 floors and has been occupied as a bank for over 30 years having been refitted and rebranded after the separation from Lloyds.

Accommodation

The property briefly comprises as follows;

GROUND FLOOR Banking Hall/Offices 2286 ft2 212.37 m2

FIRST FLOOR Offices 1913 ft2 177.72 m2

SECOND FLOOR Offices 1728 ft2 160.53 m2

BASEMENT Vaults/Ancillary 1421 ft2 132.01 m2

Tenure

The property is to Lloyds TSB Bank Plc (now TSB) for a term of 10 years from 16th Oct 2012 expiring Oct 2022. The new lease is on a tenant FRI basis for a term of 10 years from 16th Oct 2022 with tenant options to break at the 5th and 7th anniversaries (Oct 2027 and 2029). The lease contains a rent review at the 5 th anniversary. The current annual rental is £44,300. The tenant has been granted a 9- month rent free period by way of a 75% rent reduction in the first year.