Lease extended in June 2018 with over 14 years until expiry (subject to option)
Recently refitted in Lloyds’ latest corporate style
Prominent town centre location close to pedestrianised Market Place
Nearby occupiers include Superdrug, Boots the Chemist, WHSmith and Pizza Express
VAT-free bank investment
Lot 38
Auction 18th October 2018
Rent £60,150 per Annum Exclusive
Status Sold
Price £912,500
Sector Bank
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
15 miles north-east of Leicester
15 miles east of Loughborough
19 miles south-east of Nottingham
Roads
M1, A46, A606, A607
Rail
Melton Mowbray Railway Station
Air
East Midlands Airport
Situation
Melton Mowbray is an affluent and historic market town. The property is prominently situated on the northern side of Sherrard Street, close to its junction with pedestrianised Market Place. Nearby occupiers include Superdrug, Greggs, Holland & Barrett, Spesavers, Boots the Chemist, WHSmith and Pizza Express. One of the town’s main car parks is
located to the rear of the property and there are a number of bus stops on Windsor Street.
Tenure
Freehold.
Location
Miles
15 miles north-east of Leicester
15 miles east of Loughborough
19 miles south-east of Nottingham
Roads
M1, A46, A606, A607
Rail
Melton Mowbray Railway Station
Air
East Midlands Airport
Situation
Melton Mowbray is an affluent and historic market town. The property is prominently situated on the northern side of Sherrard Street, close to its junction with pedestrianised Market Place. Nearby occupiers include Superdrug, Greggs, Holland & Barrett, Spesavers, Boots the Chemist, WHSmith and Pizza Express. One of the town’s main car parks is
located to the rear of the property and there are a number of bus stops on Windsor Street.
Tenure
Freehold.
Description
The property benefits from a substantial frontage to the busy Sherrard Street and comprises a ground floor banking hall with ancillary accommodation on the basement and first floors.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
E
Description
The property benefits from a substantial frontage to the busy Sherrard Street and comprises a ground floor banking hall with ancillary accommodation on the basement and first floors.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
E
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement First
Banking Hall Ancillary Ancillary
290.32 sq m 24.53 sq m 25.46 sq m
(3,125 sq ft) (264 sq ft) (274 sq ft)
LLOYDS BANK PLC (1)
Approximately 20 years from 24/06/2013 until 24/03/2033 (2) on a full repairing and insuring lease
£60,150 (3)
25/03/2023 25/03/2028
Total
340.31 sq m
(3,663 sq ft)
£60,150 (3)
(1) For the year ending 31st December 2017, Lloyds Bank Plc reported pre-tax profits of £5,035,000,000 and a total net worth of £47,675,000,000 (Source: Experian Group 04/09/2018). (2) The original lease was for a term of 10 years from 24/06/2013 until 23/06/2023. In June 2018, the term was extended by way of a reversionary lease until 24/06/2033, subject to a tenant option to determine on 24/03/2028. (3) The tenant is currently benefiting from a rent-free period from 29/09/2018 until 28/06/2019. The Vendor has agreed to adjust the completion monies so that the property effectively produces £60,150 per annum from completion of the sale until the expiry of the rent-free period.
