Commercial property sale includes cash machines

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Two former branches of the National Westminster Bank are being sold in property auctions in South Devon, reported the Express & Star in November 2016.

The bank’s cash machines sites are included in the sale. Although the new owner will not own the ATMs, they will receive rent from the bank for having the machines on their premises.

The two properties are located in Exeter and Dartmouth National Park. The building in Dartmouth will receive a rent of £500 per year for the machines, and the ex-bank premises in Exeter receives a rent of £3,000 a year. Both rental agreements are fixed for five years.

The guide price for the properties is between £100,000 and £175,000 each. While owning the cash machine sites might not be a compelling reason to buy the commercial properties, the extra income produced by the cash machines can help pay for a portion of the commercial mortgage repayments.

The auctioneers Clive Emson are holding the sale in December. Auctioneer Scott Gray said:

“This is a rare opportunity to acquire substantial buildings both in prime locations.

“They offer continued commercial possibilities or residential development opportunities subject to the necessary consents.

“As well as being potential rent machines, these properties are quite literally cash machines too.”

Although they are sold as commercial properties, with suitable planning permissions, the auctioneers say that they could easily be converted to residential use. If any tenants move in they will have the added amenity of an ATM next to their front door.

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