40 - 42 Market Place Great Yarmouth Norfolk NR30 1LX

  • 40 - 42 Market Place<br>Great Yarmouth<br>Norfolk<br>NR30 1LX

40 - 42 Market Place
Great Yarmouth
Norfolk
NR30 1LX

Freehold Bank Investment with Residential Potential

  • Bank Let to Barclays Bank plc on new FRI lease until 2029 (subject to option) with Residential Redevelopment Potential of upper floors (subject to consents)
  • Barclays Bank consolidated two banks in the town into this property
  • Prime pedestrianised position opposite the Market Gates Shopping Centre and nearby occupiers include Boots the Chemist, New Look, River Island and HSBC
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    17
  • Auction
    11th February 2016
  • Rent
    £125,005 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,500,000
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important UpdateInterested?
  • Expand
  • Photos
  • Map

Freehold Bank Investment with Residential Potential

  • Bank Let to Barclays Bank plc on new FRI lease until 2029 (subject to option) with Residential Redevelopment Potential of upper floors (subject to consents)
  • Barclays Bank consolidated two banks in the town into this property
  • Prime pedestrianised position opposite the Market Gates Shopping Centre and nearby occupiers include Boots the Chemist, New Look, River Island and HSBC
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 17
  • Auction 11th February 2016
  • Rent £125,005 per Annum Exclusive
  • Status Sold
  • Price £1,500,000
  • Sector
    Bank
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
19 miles east of Norwich, 74 miles north of Colchester
Roads
A12, A47, A143
Rail
Great Yarmouth Railway Station
Air
Norwich International Airport
Situation

Great Yarmouth is a popular and historic seaside and holiday town some 19 miles east of Norwich. The town benefits from a substantial seasonal increase in population, with approximately 4 million day trippers and over 1.1 million staying visitors per year (2011 figure). The property is situated in a prominent position on the western side of pedestrianised Market Place, the prime retailing pitch in Great Yarmouth town centre. The Market Gates Shopping Centre and outdoor market is opposite and nearby occupiers include Boots the Chemist, New Look, WH Smith, River Island and HSBC.

Tenure

Freehold.

Location
Miles
19 miles east of Norwich, 74 miles north of Colchester
Roads
A12, A47, A143
Rail
Great Yarmouth Railway Station
Air
Norwich International Airport
Situation

Great Yarmouth is a popular and historic seaside and holiday town some 19 miles east of Norwich. The town benefits from a substantial seasonal increase in population, with approximately 4 million day trippers and over 1.1 million staying visitors per year (2011 figure). The property is situated in a prominent position on the western side of pedestrianised Market Place, the prime retailing pitch in Great Yarmouth town centre. The Market Gates Shopping Centre and outdoor market is opposite and nearby occupiers include Boots the Chemist, New Look, WH Smith, River Island and HSBC.

Tenure

Freehold.

Description

The property comprises a ground floor banking hall and self-contained former office accommodation on the first and second floors, accessed from Market Place at the front and at the rear of the property. The upper floors may be suitable for alternative uses including residential redevelopment, subject to consents. The basement is used by and accessed from the adjoining department store. The property benefits from rear private car parking and from having the town’s 170 space public car park adjoining at the rear of the property.

Six Week Completion

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

The property comprises a ground floor banking hall and self-contained former office accommodation on the first and second floors, accessed from Market Place at the front and at the rear of the property. The upper floors may be suitable for alternative uses including residential redevelopment, subject to consents. The basement is used by and accessed from the adjoining department store. The property benefits from rear private car parking and from having the town’s 170 space public car park adjoining at the rear of the property.

Six Week Completion

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.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review
Ground Banking Hall/Ancillary
635.82 sq m
(6,844 sq ft)
 BARCLAYS BANK PLC
(1)		 15 years from 06/02/2014
until 05/02/2029 on a full
repairing and insuring lease (2)		 £125,000 05/02/2019
05/02/2024
First & Second Office
791.34 sq m
(8,518 sq ft)
 VACANT
POSSESSION		    
Basement Ancillary
Not measured
 PALMERS
(GT YARMOUTH) LTD		 99 years from 31/08/1965 £5
Totals  
1,427.16 sq m (15,362 sq ft)
     £125,005

(1) For the year ending 31st December 2014, Barclays Bank plc reported a pre-tax profit of £2,309,000,000 and a total net worth of £55,576,000,000. (Source: www.riskdisk.com 11/01/2016).
(2) The lease provides for a tenant’s option to determine the lease on 5th February 2024 subject to 6 months’ prior written notice.

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Gunner Cooke LLP 1 Cornhill
London
EC3V 3ND
Stephen Kingsley 020 7118 8119stephen.kingsley@gunnercooke.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

You may also be interested in

By clicking the Submit button I confirm that I would like to get updates on this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

We will keep you updated about lot xthis property.

In the meantime, if you would like to speak to the Surveyor about this property, please call on .

Are you sure you want to remove this property from your Watch List?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?