7 Market Place Market Rasen Lincolnshire LN8 3HP

7 Market Place
Market Rasen
Lincolnshire
LN8 3HP

Freehold Bank Investment

Ground floor let to National Westminster Bank until 2028 (no breaks)
Fixed minimum Rental increase in 2021
Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
70
Auction
7th July 2016
Rent
£17,250 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold Bank Investment

Ground floor let to National Westminster Bank until 2028 (no breaks)
Fixed minimum Rental increase in 2021
Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 70
Auction 7th July 2016
Rent £17,250 per Annum Exclusive
Status Sold Post
Price
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 16 miles north-east of Lincoln, 53 miles east of Sheffield
Roads: A46, A631
Rail: Market Rasen Railway Station
Air: Robin Hood Airport Doncaster/Sheffield

Situation

Market Rasen is a prosperous market town in Lincolnshire and home to the Market Rasen Racecourse. The property is prominently situated within the town centre on the southern side of Market Place, directly opposite the car park. Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s.

Tenure

Freehold.

Location

Miles: 16 miles north-east of Lincoln, 53 miles east of Sheffield
Roads: A46, A631
Rail: Market Rasen Railway Station
Air: Robin Hood Airport Doncaster/Sheffield

Situation

Tenure

Freehold.

Description

The property comprises a banking hall and ancillary accommodation on the ground floor. The first and second floors provide residential accommodation which has been let on a long lease. The property benefits from rear access and car parking for approximately 12 cars.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Alec Linfield.
Telephone: +44 (0)20 7034 4860.

Completion Period

Six Week Completion

EPC

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

Description

VAT

VAT is not applicable to this lot.

Viewings

Completion Period

Six Week Completion

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	Reviews
Ground	Banking Hall/Ancillary	185.90 sq m	(2,001 sq ft)	NATIONAL WESTMINSTER BANK (1) (2)	22 years from 13/12/2006 until 11/12/2028 on a full repairing and insuring lease (3)	£17,000	11/12/2026 (4)
First Second	Residential Residential	– –	– –	INDIVIDUAL	125 years from 27/01/2015 until 26/01/2140	£250	27/01/2040 and 25 yearly
Total Commercial Floor Area		185.90 sq m	(2,001 sq ft)			£17,250

(1) National Westminster Bank plc is a wholly owned subsidiary of Royal Bank of Scotland plc who as at 31/12/2015 have a market capitalisation of £35.1bn and are 72.6% owned by HM Government. (Source: www.natwest.com & www.investors.rbs.com 01/06/2016)
(2)National Westminster Bank is not currently in occupation of the property.
(3)There is a service charge cap rising annually in line with RPI.
(4)The lease provides for the rent to be reviewed at the next rent review on 11th December 2021 to the higher of Open Market Rental Value or a fixed rental increase of 3.75%.