307 High Street Lincoln Lincolnshire LN5 7DR

307 High Street
Lincoln
Lincolnshire
LN5 7DR

Prime Freehold Retail Opportunity in Charismatic Cathedral City

Let to AG Retail Card Limited (in Administration) previously producing £155,000 pax (1)
Prime pedestrianised retailing location between Primark, Boots the Chemist and Marks & Spencer
Opposite St Benedicts Square with other nearby retailers including Pandora, Fat Face, Starbucks and Ernest Jones
Attractive period building comprising approximately 5,639 sq ft
Of interest to Owner Occupiers, Developers and Investors
Immediate asset management opportunities

Lot
5
Auction
31st March 2022
Rent
See footnote (1)
Status
Sold Prior
Price
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Prime Freehold Retail Opportunity in Charismatic Cathedral City

Let to AG Retail Card Limited (in Administration) previously producing £155,000 pax (1)
Prime pedestrianised retailing location between Primark, Boots the Chemist and Marks & Spencer
Opposite St Benedicts Square with other nearby retailers including Pandora, Fat Face, Starbucks and Ernest Jones
Attractive period building comprising approximately 5,639 sq ft
Of interest to Owner Occupiers, Developers and Investors
Immediate asset management opportunities

Lot 5
Auction 31st March 2022
Rent See footnote (1)
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

Property Information

Location

Miles: 36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads: A1 (M), A15, A46
Rail: Lincoln Central Station
Air: East Midlands Airport

Situation

Lincoln is a charismatic Cathedral City which is the retailing and administrative Capital of Lincolnshire. The property sits in a prime location on the pedestrianised High Street opposite St Benedicts Square. Nearby occupiers include Primark, Marks & Spencer, Starbucks, Boots the Chemist, Holland & Barrett, Fat Face, Pandora, Greggs, McDonald's, Superdry & WHSmith.

Tenure

Freehold.

Location

Miles: 36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads: A1 (M), A15, A46
Rail: Lincoln Central Station
Air: East Midlands Airport

Situation

Tenure

Freehold.

Description

The property comprises a shop arranged on the ground, first, second and third floors.

VAT

VAT is applicable to this lot.

Completion Period

6 Week Completion

EPC

Band C.

Description

The property comprises a shop arranged on the ground, first, second and third floors.

VAT

VAT is applicable to this lot.

Completion Period

6 Week Completion

EPC

Band C.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx sq m)	Floor Areas (Approx sq ft)	Tenant	Term	Rent p.a.x.
Ground First Second Third	Retail/Ancillary Ancillary Ancillary Ancillary	208.50 sq m 207.00 sq m 48.30 sq m 62.10 sq m	(2,244 sq ft) (2,228 sq ft) (520 sq ft) (668 sq ft)	AG RETAIL CARDS LIMITED (In Administration) (1) (t/a Clintons)	- (1)	- (1)
Total		525.90 sq m	(5,661 sq ft)			-

(1) The property is let to AG Retail Cards Limited (in Administration) on a lease which contractually expires on 23 June 2025 at an annual rent of £135,000. AG Retail Cards Limited is not currently in occupation of the premises or using this for the purposes of the Administration and therefore no rent is currently payable. Terms have been agreed (although subject to contract and no documents will be completed prior to completion to allow a Buyer flexibility) for a surrender of the lease and the grant of a new lease to Esquire Retail Limited for a term of three years from 25 April 2020 with an annual rent of £50,000. Esquire Retail Limited is currently in occupation of the premises as the buyer of AG Retail Cards Limited's business. It has not been paying any rent or other sums to the Seller in relation to its occupation.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.