FOR SALE - Classic Bank Investment, Market Street, Lancaster

FOR SALE - DEVELOPMENT OPPORTUNITY. Stunning looking grade 2 listed property on the corner of Market Street and New Street.

Let to Barclays Bank plc on the remainder of a 20 year FRI lease from 17/05/2007 with a current rent passing of £92,678 p.a.

Numbered 38 Market Street and 34 New Street. Also included in the sale is the adjoining building 30/32 New Street, the bag shop let on a peppercorn rent.

Recent external and internal refurbishment works carried out in the region of £500,000.

This sale offers a rare chance today to purchase a landmark building in the centre of Lancaster.

INCENTIVES AVAILABLE - PRICED TO SELL.

Location - Lancaster is a vibrant university city with a wealth of history and is the principal town of North Lancashire. The M6 motorway passes to the East of Lancaster, with junctions 33 and 34 to the south and north respectively.

The population for the district is in excess of 130,000 which includes students.

The Barclays Bank Investment is situated in the heart of the city centre on the premier trading Street, Market Street.

Description - A classic looking bank building, grade 2 listed, in a highly prominent corner location at the junction of Market Street and New Street together with adjoining modern shop fronted building.

Listed on the Historic England website which shows all the listed buildings.

Viewing essential to fully appreciate its overall character, quality of tenant and income generated.

This sale offers a rare opportunity today to purchase a landmark building in the centre of Lancaster.

Accommodation - Substantial and particularly spacious banking hall accommodation to the ground floor with ancillary offices and staff accommodation on the upper floors together with a self contained flat above. Basement vaults. 38 Market Street and 34 New Street offer basement, ground and two upper floors. The vaults extend under 30/32 New Street.

Adjoining accommodation 30/32 New Street has ground floor and two upper floors which has been sold off on a long lease, 999 years from 30/03/2012 at a peppercorn rent.

Services - All mains services available in this location.

Tenure - We are advised that the bank building is freehold but subject to the current lease. The adjoining modern building is long leasehold.

Rateable Value - Of the banking premises 38-42 Market Street £71,500.

Of the adjoining shop 30 New Street £5,900 and 32 New Street £21,750.

Overall Floor Area - Of the substantial banking premises in excess of 7,000 square feet, in the region of 7,400 square feet or thereabouts.

Listing - Built as a branch of the Bank of Liverpool, this stands on a corner site. It is in stone with slate roofs, and is in Elizabethan style. There are three storeys with attics, and three bays on both Market Street and New Street fronts, with a bay between them containing the entrance. The doorway is round-headed with Ionic pilasters. At the top of this bay is a gabled dormer with a square finial. On both fronts are gables flanked by turrets. All the windows are mullioned and transomed.

Built circa 1900 the Barclays Bank building itself is grade 2 listed.

Schedule Of Works Carried Out - We have evidence of a Schedule of external Works carried out to the premises at the expense of Barclays Bank themselves. These works were supervised and managed by HPA (architects) and by Cube (project managers). Both firms including the contractor (Aura Conservation) are specialists in listed building refurbishment.

Further internal works were again carried out by Barclays Bank at their own expense including a full refurbishment and re-fit of the interior.

Rental Income - Current rental income from Barclays Bank £92,678 per annum.

Viewing Arrangements - Strictly by appointment with Fisher Wrathall Commercial, 82 Penny Street, Lancaster, LA1 1XN.
Please call to arrange or email: