SHOP & OFFICES FOR SALE

c. 5,909 ft² / 549 m²

INVESTMENT SUMMARY:

• Freehold
• Let to Lloyds TSB Bank Plc
• Lease without breaks to 25th December 2022 (circa 12 years unexpired)
• 549 m2 / 5,909 sq ft
• Possibility of rental growth at 2012 rent review
• FRI lease not limited by a Schedule of Condition
• £80,000 per annum
• Price £1.4 million, subject to contract and exclusive of VAT
• Net initial yield of 5.4% after purchaser’s costs of 5.7625%

LOCATION:

Boston is a prosperous market town situated near the south‐]east coast of Lincolnshire.

It is 120 miles north of Central London (2 hours 10 minutes train journey), 35 miles south east of Lincoln and 35 miles north of Peterborough.

Boston is the largest town within the Borough of Boston which has a population of 58,000 covering an area of c.139 square miles (35,992 ha).

The property occupies a central location on the town’s market square.

ACCOMMODATION:

This attractive Victorian Grade II Listed Building is arranged over ground and two upper floors to provide a ground floor banking hall with ancillary office accommodation.

It is the best quality bank building in Boston due to it’s construction and prominence within the town.

The property benefits from two staircases to the front and rear and a lift serving ground to second floors.

The building was substantially refurbished internally in 2009 when the TSB and Lloyds operations in Boston merged into 51 Market Place.

RENTAL COMMENT:

• The next rent review (upward only) is due on 24 June 2012
• The rent for the premises has not been reviewed since 25th December 2005, due to the lease term being extended in 2007 with new 5‐]yearly rent reviews thereafter
• There was no agreed analysis of the rent review completed in 2005, however we believe the rent of £80,000 per annum equates to circa £57 zone A. Rents in excess of £70 zone A have been achieved in Market Place closer to Strait Bargate, the prime retail street for the town
• Therefore there may be growth at the next review

VAT:

The property is not elected for VAT.

ACCOMODATION:

PROPOSAL:

We are instructed to seek a price in excess of £1,400,000 (One Million Four Hundred Thousand Pounds) which reflects a net initial yield of 5.4% after allowing for purchaser’s costs of 5.7625%.

VIEWING:

If you want more information regarding this property or wish to arrange a viewing please complete the contact form below: