Freehold Bank Investment with Immediate Asset Management Opportunities
Let to Bank of Scotland Plc - a part of Lloyds Banking Group (tenant not in occupation)
Lease expires December 2031 (No breaks)
Tenant offered £200,000 in July 2024 for full and final lease surrender - please see legal pack
VAT-free investment
Prominent town centre location
Nearby occupiers include Aldi, B&M, Boots the Chemist, Superdrug, HSBC, Santander, Costa Coffee, Greggs and JD Wetherspoon
Lot 45
Auction 25th September 2024
Rent £36,400 per Annum Exclusive
Status Available
Guide* £350,000 - £375,000
Sector Bank
Auction Venue Live Streamed Auction
Property Information
Location
Miles
20 miles north-west of Lincoln, 26 miles south-east of Sheffield, 30 miles north-east of Nottingham
Roads
A1, A57, A620, A638
Rail
Retford Railway Station
Air
East Midlands Airport
Situation
The property is prominently situated on the east side of Market Place, in the heart of the town centre. Nearby occupiers include Aldi, B&M, Boots the Chemist, Superdrug, HSBC, Santander, Costa Coffee, Greggs and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
20 miles north-west of Lincoln, 26 miles south-east of Sheffield, 30 miles north-east of Nottingham
Roads
A1, A57, A620, A638
Rail
Retford Railway Station
Air
East Midlands Airport
Situation
The property is prominently situated on the east side of Market Place, in the heart of the town centre. Nearby occupiers include Aldi, B&M, Boots the Chemist, Superdrug, HSBC, Santander, Costa Coffee, Greggs and JD Wetherspoon.
Tenure
Freehold.
Description
The property comprises a former banking hall arranged on the ground floor with ancillary/office accommodation on the first floor.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band E
Description
The property comprises a former banking hall arranged on the ground floor with ancillary/office accommodation on the first floor.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band E
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas (Approx sq ft)
Tenant
Term
Rent p.a.x.
Rent Review
Ground First
Banking Hall Ancillary
211.73 77.67
(2,279) (836)
BANK OF SCOTLAND PLC (1) (t/a Halifax)
15 years from 29/12/2016 on a full repairing and insuring lease
£36,400
29/12/2026
Total
289.40
(3,115)
£36,400
(1) For the year ending 31/12/2023, Bank of Scotland Plc reported a turnover of £12,543,000,000, a pre-tax profit of £351,000,000 and a net worth of £16,139,000,000 (www.northrow.com). Please note the tenant is not currently in 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.
