Entirely let to Boots UK Limited until June 2024 (No breaks)
Rebased rent from 2014 (previously £195,000 p.a.x.)
Part sublet to Cancer Research
Potential to Convert/Relet Unoccupied Second Floor (subject to lease and consents)
Rare Large Town Centre Site circa 0.8 acres - including 30,800 sq ft building
Close to Marks & Spencer, Caffè Nero, Greggs and branches of HSBC and NatWest Banks
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 15
Auction 30th March 2017
Rent £165,001 per Annum Exclusive
Status Sold
Price £2,100,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
34 miles south-east of Lincoln, 47 miles east of Nottingham
Roads
A16, A52
Rail
Boston Railway Station
Air
East Midlands Airport
Situation
The property is situated on the eastern side of Market Place, which connects to Strait Bargate to
the north, in the heart of Boston town centre. Nearby occupiers include Marks & Spencer and branches of NatWest, Halifax and Lloyds banks. Pescod Square Shopping Centre is a short walk away with occupiers including Costa, Wilko, Waterstones, Peacocks and Superdrug. Market Place provides street car parking for approximately 120 cars and is home to Boston Market that is held twice a week.
Tenure
Freehold.
Location
Miles
34 miles south-east of Lincoln, 47 miles east of Nottingham
Roads
A16, A52
Rail
Boston Railway Station
Air
East Midlands Airport
Situation
The property is situated on the eastern side of Market Place, which connects to Strait Bargate to
the north, in the heart of Boston town centre. Nearby occupiers include Marks & Spencer and branches of NatWest, Halifax and Lloyds banks. Pescod Square Shopping Centre is a short walk away with occupiers including Costa, Wilko, Waterstones, Peacocks and Superdrug. Market Place provides street car parking for approximately 120 cars and is home to Boston Market that is held twice a week.
Tenure
Freehold.
Description
The property comprises two ground floor shops with office/ancillary accommodation on the first and second floors. The first and second floors can be accessed via an entrance from Grant’s Lane. The property benefits from a large site totalling 0.8 acres.
VAT
VAT is applicable to this lot.
Viewings
There will be accompanied viewings for this property on Wednesday 15th March and
Wednesday 22nd March. If you would like to attend either of these viewings you will need to register
your details with the Auctioneers first. Please contact George Watkins - E: george.watkins@acuitus.co.uk
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor shops with office/ancillary accommodation on the first and second floors. The first and second floors can be accessed via an entrance from Grant’s Lane. The property benefits from a large site totalling 0.8 acres.
VAT
VAT is applicable to this lot.
Viewings
There will be accompanied viewings for this property on Wednesday 15th March and
Wednesday 22nd March. If you would like to attend either of these viewings you will need to register
your details with the Auctioneers first. Please contact George Watkins - E: george.watkins@acuitus.co.uk
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
Review
Ground Ground (sublet) First (sublet) Second (unoccupied)
10 years from and including 13/06/2014 to and including 12/06/2024 on a full repairing and insuring lease
£165,000
13/06/2019
Totals
2,862.07 sq m (1)
(30,807 sq ft) (1)
£165,000
(1) Floor Areas as agreed at 2008 Rent Review. (2) For the year ending 31st August 2015, Boots UK Limited reported a turnover of £9,198,000,000, pre-tax profits of £542,000,000 and a total net worth of £367,000,000 (Source: Experian Group 22/02/2017). Part of the property is sublet to a tenant trading as Cancer Research UK at a current rent of £25,000 per annum. NB: Please note that there is an electricity substation to the rear of the property currently let at a rent of £1.05 per annum.
