Devonshire House Bull Ring Lane Grimsby DN31 1EB

Devonshire House
Bull Ring Lane
Grimsby
DN31 1EB

Freehold Retail and Office Investment

Let to tenants including Lincolnshire Cooperative Limited, Rockford Trading CompanyLimited and Inspire 2 Independence (I2I) Limited
Substantial Building - approximately 17,769 sq ft
Asset management opportunities
Nearby occupiers include House of Fraser, BHS, Wilko, and TSB, Halifax, and Santander banks
Fronting Grimsby Town Market
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
67
Auction
22nd October 2015
Rent
£64,924 per Annum Exclusive
Status
Sold
Price
£495,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Joint LPA Receivers Knight Frank

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Freehold Retail and Office Investment

Let to tenants including Lincolnshire Cooperative Limited, Rockford Trading CompanyLimited and Inspire 2 Independence (I2I) Limited
Substantial Building - approximately 17,769 sq ft
Asset management opportunities
Nearby occupiers include House of Fraser, BHS, Wilko, and TSB, Halifax, and Santander banks
Fronting Grimsby Town Market
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 67
Auction 22nd October 2015
Rent £64,924 per Annum Exclusive
Status Sold
Price £495,000
Sector
Office
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Joint LPA Receivers Knight Frank

Property Information

Location

Miles: 34 miles north-east of Lincoln, 67 miles north-east of Sheffield, 74 miles south-east Leeds
Roads: A16, A46, A180, M180
Rail: Grimsby Town Railway Station
Air: Humberside Airport

Situation

The property is prominently situated on the pedestrianised Bull Ring Lane. To the rear is Grimsby Town Market which lies adjacent to Freshney Place Shopping Centre, housing retailers including House of Fraser and BHS. Other nearby occupiers include Wilko, Argos, Marks & Spencer and McDonald’s

Tenure

Freehold.

Location

Miles: 34 miles north-east of Lincoln, 67 miles north-east of Sheffield, 74 miles south-east Leeds
Roads: A16, A46, A180, M180
Rail: Grimsby Town Railway Station
Air: Humberside Airport

Situation

Tenure

Freehold.

Description

Devonshire House is a substantial retail and office building, comprising two ground floor retail units with five floors of self-contained office accommodation above, accessed from Bull Ring Lane. The office accommodation on the second and third floors have recently undergone a programme of refurbishment. The property further benefits from a passenger lift.

Six Week Completion

Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
Ground	Retail	82.50 sq m	(888 sq ft)	LINCOLNSHIRE CO-OPERATIVE LIMITED (1) (t/a Lincolnshire Co-op Travel)	From 06/12/2012	£12,250	05/03/2018
Ground	Retail	109.27 sq m	(1,176 sq ft)	ROCKFORD TRADING COMPANY LIMITED (2) (t/a Uniform Direct)	From 01/05/2014	£13,500	30/09/2017
First	Offices	300.20 sq m	(3,231 sq ft)	INSPIRE 2 INDEPENDENCE (I2I) LTD (3)	5 years from 06/01/2015 (4)	£23,424	05/01/2020
Second	Offices	300.20 sq m	(3,231 sq ft)	VACANT POSSESSION
Third	Offices	300.20 sq m	(3,231 sq ft)	VACANT POSSESSION
Fourth	Offices	300.20 sq m	(3,231 sq ft)	VACANT POSSESSION
Fifth	Offices	258.20 sq m	(2,779 sq ft)	VACANT POSSESSION
Roof Aerial	-			ONE 2 ONE PERSONAL COMMUNICATIONS LIMITED	10 years from 25/06/2000	£7,000	Holding over
Roof Aerial	-			VODAFONE LIMITED	10 years from 07/12/2004	£8,750	Holding over
Totals		1,650.55 sq m	(17,767 sq ft)			£64,924

(1) For the year ending 06/09/2014, Lincolnshire Co-operative Limited reported a turnover of £245,839,000, pre-tax profits of £15,261,000 and a total net worth of £264,716,000. (Source: www.experian.co.uk 03/09/2015).
(2) Rockford Trading Company Ltd was incorporated in 1996 and for the year ending 30/06/2014 reported a total net worth of £173,488. (Source: www.experian.co.uk 03/09/2015)
(3) For the year ending 30/04/2014, Inspire 2 Independence (I2I) Ltd reported a turnover of £101,188,870, pre-tax profits of £162,462 and a total net worth of £600,943. (Source: www.experian.co.uk 03/09/2015)
(4) The lease provides for tenant options to determine on the 24th June 2017 and 24th June 2018.
NB. The property was subject to an agreement with Orange Personal Communications Limited which terminated in December 2014. Their equipment is still on site and
the tenant has stated that they hope to complete removal of the equipment by the end of October 2015.