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
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.
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
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.
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
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.
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