Property Auctions 11/Feb/2016 | 266 High Street and Units 2, 3 and 4 The Strait, Lincoln, Lincolnshire, LN2 1JD

Freehold Leisure and Retail Investment

Comprises a public house and two retail units
Majority let to Unique Pub Properties Limited
Prominent position in pedestrianised location
Nearby occupiers include House of Fraser, Pizza Express, Carluccio’s, Slug & Lettuce, Patisserie Valerie, Walkabout and Caffè Nero
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 45
Auction 11th February 2016
Rent £55,500 per Annum Exclusive
Status Sold
Price £755,000
Sector
Leisure
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers CBRE

Property Information

Location

Miles: 36 miles north-east of Nottingham, 46 miles south-east of Sheffield
Roads: A15, A46, A57, A158, A1(M)
Rail: Lincoln Central Railway Station
Air: Humberside Airport, Robin Hood Doncaster Sheffield Airport

Situation

The property is located in the historic cathedral city of Lincoln, in a prominent corner position on the north side of the pedestrianised High Street at its junction with The Strait. Nearby occupiers include House of Fraser, Pizza Express, Carluccio’s, Slug & Lettuce, Patisserie Valerie, Walkabout and Caffè Nero.

Tenure

Freehold.

Location

Miles: 36 miles north-east of Nottingham, 46 miles south-east of Sheffield
Roads: A15, A46, A57, A158, A1(M)
Rail: Lincoln Central Railway Station
Air: Humberside Airport, Robin Hood Doncaster Sheffield Airport

Situation

The property is located in the historic cathedral city of Lincoln, in a prominent corner position on the north side of the pedestrianised High Street at its junction with The Strait. Nearby occupiers include House of Fraser, Pizza Express, Carluccio’s, Slug & Lettuce, Patisserie Valerie, Walkabout and Caffè Nero.

Tenure

Freehold.

Description

The property comprises a public house fronting the High Street and is arranged over ground, first and second floors. Additionally there are two retail units fronting The Strait, which provide ground floor retail accommodation and ancillary accommodation on the first and second floors.

Six Week Completion

Note
This property is being marketed for sale on behalf of Fixed Charge 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 Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge 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

The property comprises a public house fronting the High Street and is arranged over ground, first and second floors. Additionally there are two retail units fronting The Strait, which provide ground floor retail accommodation and ancillary accommodation on the first and second floors.

Six Week Completion

Note
This property is being marketed for sale on behalf of Fixed Charge 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 Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge 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.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
266 High Street	Ground, First & Second	Public House	312.15 sq m	(3,360 sq ft)	UNIQUE PUB PROPERTIES LIMITED (1) (sublet to Kind Bars Limited) (t/a Kind Bar)	25 years from 28/02/1997 until 27/02/2022	£38,000	28/02/2017
2 The Strait	Ground First	Retail Ancillary	31.74 sq m 59.00 sq m	(342 sq ft) (635 sq ft)	INDIVIDUAL (t/a Ego)	20 years from 08/11/2014 until 07/11/2034 (2)	£6,750	08/11/2019 and five yearly
3 & 4 The Strait	Ground First Second	Retail Ancillary Ancillary	34.26 sq m 14.70 sq m 28.30 sq m	(369 sq ft) (158 sq ft) (305 sq ft)	JAVELIN IRRIGATION SYSTEMS LIMITED (on assignment) (3) (t/a Bluebird Arts & Crafts)	5 years from 12/03/2013 until 11/03/2018	£10,750
Totals			480.15 sq m	(5,169 sq ft)			£55,500

(1) For the year ending 30/09/2014, Unique Pub Properties Limited reported a turnover of £153,925,000, pre-tax profits of £39,700,000 and a total net worth of £911,008,000. (Source: Experian Group 14/01/2016)
(2) The lease provides for tenant options to determine on 8th November 2019, 8th November 2024 and 8th November 2029.
(3) For the year ending 31st December 2014, Javelin Irrigation Systems Limited reported a net worth of £369,893 (Source: Experian Group 15/01/2016). Javelin Irrigation Systems is a specialist and major importer, stockist and national distributor of irrigation and pumping machinery for use in agriculture, horticulture, amenity, environmental and industrial applications. (Source: www. javelinirrigation.co.uk)