52 Market Place Boston Lincolnshire PE21 6LU

52 Market Place
Boston
Lincolnshire
PE21 6LU

Freehold Bank Investment

Let to Barclays Bank UK Plc
Lease expires in June 2026
June 2021 tenant break option recently removed
Branch currently being refurbished
Nearby occupiers include Marks & Spencer and branches of NatWest, Halifax and Lloyds banks
VAT-free bank investment

Lot
56
Auction
18th October 2018
Rent
£52,500 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Joint LPA Receivers

Important Update Interested?

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Freehold Bank Investment

Let to Barclays Bank UK Plc
Lease expires in June 2026
June 2021 tenant break option recently removed
Branch currently being refurbished
Nearby occupiers include Marks & Spencer and branches of NatWest, Halifax and Lloyds banks
VAT-free bank investment

Lot 56
Auction 18th October 2018
Rent £52,500 per Annum Exclusive
Status Sold Post
Price
Sector
Bank
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Joint LPA Receivers

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 northern 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

Tenure

Freehold.

Description

The property comprises a ground floor banking hall with basement ancillary accommodation and office/ancillary accommodation on the first and second floors. There is also a mezzanine level accessed from the rear of the property.

VAT

VAT is not applicable to this lot.

Note

Note This property is being marketed for sale on behalf of Joint Law of Property Act 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 Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

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.

Note

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 Basement Mezzanine First Second	Banking Hall Ancillary Ancillary Offices/Ancillary Offices/Ancillary	242.58 sq m 9.55 sq m 24.99 sq m 179.18 sq m 165.50 sq m	(2,611 sq ft) (103 sq ft) (269 sq ft) (1,929 sq ft) (1,781 sq ft)	BARCLAYS BANK UK PLC (1)	20 years from 29/06/2006 until 28/06/2026 on a full repairing and insuring lease (2)	£52,500 (3)	29/06/2021
Total		621.80 sq m	(6,693 sq ft)			£52,500 (3)

(1) For the year ending 31st December 2017, Barclays Bank UK Plc reported a total net worth of £159,269,000 (Source: Experian Group 03/09/2018).
(2) The lease is full repairing and insuring subject to a Schedule of Condition.
(3) As a result of the tenant break option being removed, the tenant is currently benefitting from a six month rent-free period due to expire 29th March 2019. The Receivers have agreed to adjust the completion monies so that the property will effectively produce £52,500 p.a. until the expiry of the rent free period.