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Under OfferFor sale: £900,000.00

Freehold Investment, High Street, Scunthorpe DN15 6LZ

Retail, Offices , 3613 Sq Ft
Property type: Retail, Offices
Tenure: Investment Opportunity, Under Offer, For Sale Freehold
Size: 3613 Sq Ft
Price: £900,000.00
Location: 79-81 High Street, Scunthorpe, DN15 6LZ
Quality Freehold Investment generating a rental income of £85,000 pax, net initial yield 8.94% after normal costs, prime High Street location, Let to Barclays Bank Plc on a 20 year lease

The property is essentially arranged over the ground and first floor and comprises ground floor retail area, a series of offices, strongroom, ancillary storage, plant room, staff toilets and staff room.

The property is situated in a prime position on the High Street, the town’s principal retailing thoroughfare. The property sits adjacent Marks & Spencer with other occupiers close by including Sports Direct, Topman, Ernest Jones Jewellers, Superdrug, Primark, Boots, New Look and B&M Bargains.

Scunthorpe has a population of circa 76,000 and is located approximately 30 miles south west of Hull and 21 miles east of Doncaster. The town is located at the junction of the A1077 with the A159, 5 miles north of the M180 which links with the M18 at Junction 5, 16 miles west of the town centre.

COVENANTS
Barclays Bank Plc reported a turnover of £27.224 billion and pre-tax profits of £4.383 billion for the year ending 31st December 2016.

TENANCY
The entire property is let to Barclays Bank Plc for a term of 20 years from 3rd May 2006 at a current rent of £85,000 pax.

The lease provides for rent reviews every fifth year of the term and contains Full Repairing and Insuring covenants.

There is a tenant only break clause in May 2021.

PROPOSAL
Offers are invited for the Freehold interest in excess of £900,000 reflecting an NIY of 8.94% allowing for normal purchaser’s costs.

VAT
VAT may be charged in addition to the rent at the prevailing rate.

LEGAL COSTS
Each party is to be responsible for their own legal costs incurred in documenting the transaction.

VIEWING
To view the premises and for any additional information please contact the sole agents.
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