FOR SALE - CITY CENTRE BANK INVESTENT LET TO CO OP BANK
SUMMARY
Prime city centre bank premises let to the undoubted covenant of The Co Operative Bank Plc until September 2026, with various asset management and long term redevelopment opportunities.
-Prime city centre bank investment
-383.80 Sq (4,131 Sq Ft) NIA
-Characterful, well-presented property
-Well located opposite the Frenchgate Centre
-Nearby occupiers include Virgin Money, Natwest, Halifax Bank, Costa, Santander Caf� Nero
-Long term redevelopment potential due to extensive uppers
-Excellent covenant strength - net worth over £1bn, cash of £2bn and assets of £25bn.
Inviting offers in excess of £450,000 reflecting an attractive NIY of 8.57% after purchaser's costs of 4.47%
DESCRIPTION
A characterful, well presented bank premises situated over ground, first and second floors. The ground floor provides the banking hall with counter area, meeting rooms and open plan store layout. The upper floors provide office, meeting and store rooms via two staircases.
LOCATION
The property is situated in a prime retail area of Doncaster, directly opposite the entrance to the Frenchgate Shopping Centre. It is surrounded by prominent businesses such as Nationwide, Savers, Virgin Money, Halifax, HSBC, Specsavers, and Caf� Nero, all of which enhance the area's connectivity.
Doncaster is a thriving city in South Yorkshire, located 32 miles southeast of Leeds and 22 miles northeast of Sheffield. Junction 3 of the M18 Motorway and Junction 38 of the A1 (M) are both within 3 miles of the town centre. This location offers an outstanding opportunity for redevelopment. With its prime position and excellent transport links, this property is ideal for a variety of redevelopment projects.
ACCOMMODATION
Ground Floor
181 Sq M (1,948 Sq Ft)
First Floor
87.20 Sq M (939 Sq Ft)
Second Floor
66.62 Sq M (718 Sq Ft)
Lower Ground
48.90 Sq M (526 Sq Ft)
Total 383.80 Sq M (4,131 Sq Ft)
Measurements provided by the VOA and on a NIA basis.
TENANCY INFORMATION
Tenant: The Co Operative Bank Plc
Term: 5 years from 29th September 2021 (approx. 2+ years remaining)
Repairs: Full repairing and insuring
Rent: £40,300 per annum exclusive
Co Op have occupied the premises for over 13 years.
COVENANT INFORMATION
The Bank has 50 branches throughout the UK and is the only high street bank in the UK with a customer led Ethical Policy. Undoubted excellent covenant strength, providing low risk, guaranteed income. Net worth over £1.26bn, cash in the bank of £2.7bn and assets of £25bn.
INVESTMENT PROPOSAL
Inviting offers in excess of £450,000 reflecting an attractive NIY of 8.57% after purchaser's costs of 4.47%
REDEVELOPMENT POTENTIAL
We consider the property to have medium to long term redevelopment potential of the upper floors to provide residential accommodation.
TENETURE
Freehold.
ANTI MONEY LAUNDERING
Purchasers are required to comply with Anti Money Laundering Regulations.
EPC
C (73)
VAT
The property is subject to VAT but we anticipate the sale will be treated as a TOGC.
VIEWINGS
By appointment with the agents below:
Ben Flint
E: ben@flintrealestate.co.uk
T: 01302 639838 / 07494735001
Alexandra De Freitas
E: alexandra@flintrealestate.co.uk
T: 01302 639838 / 07538 844869
( Agency Pilot Software ref: 114 )
