5/5a & 7 Sherrard Street Melton Mowbray Leicestershire LE13 1XR

5/5a & 7 Sherrard Street
Melton Mowbray
Leicestershire
LE13 1XR

Freehold Bank Investment

Let to Lloyds Bank Plc
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
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Bank Investment

Let to Lloyds Bank Plc
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

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

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

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.