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Retail Property (high street) for sale

Market Place, Market Rasen, Lincolnshire

Guide Price £205,000
1,927 sq. ft.

Property Description

Commercial information

  • 1,927 sq ft (179 sq m)
  • Use class orders: A2 Financial and Professional Services

Full description

Retail investment opportunity - Currently let to Lloyds Bank plc - 10 year FRI lease from September 2012 - Located within a Portas pilot town - Rent passing £14,750 per annum

Location - Market Rasen is a traditional town in Lincolnshire approximately midway between Lincoln and Grimsby. Retailing in the town centre is around Market Place with a range of local and national retailers including main clearing banks, Boots, Lincolnshire Co-op and McColls.

The town is best known for its racecourse which attracts leisure visitors to the area. There are a number of employment uses on the Gallimore Road Industrial Estate and a range of other facilities including secondary and primary schooling.

Description - A mid terraced two storey building currently arranged as retail and storage at ground floor level with ancillary accommodation at first floor level. There is an area currently used for parking to the rear.

Accommodation - Measured on a net internal area basis, the property provides the following accommodation:
Ground floor retail sales1,121 sq ft.
Ground floor storage 188 sq ft.
First floor ancillary 618 sq ft.

Total 1,927 sq ft

Planning - We understand that the property benefits from planning consent for its existing use within Class A2 of the Town and Country Planning (Use Classes) Order 1987 (as amended). Interested parties should make their own enquiries with regard to planning to West Lindsey District Council on 01427 676676.

Tenure - Freehold subject to a fully repairing and insuring lease to Lloyds Bank plc for a term of 10 years from September 2012 at a current rent of £14,750 per annum. The lease provides for a rent review on the fifth anniversary of the lease commencement.

Guide Price - £205,000. A purchase at this level will reflect a net initial yield of 7% having deducted standard purchasers' costs of 2%.

Vat - We understand that VAT will not be applicable to the sale price.

Energy Performance Certificate - The full EPC and Recommendation Report is available to interested parties upon request.

Legal Costs - Each party is to be responsible for their own costs.

Viewing - For further information or to arrange a viewing please contact sole agents JHWalter LLP.

Andrew France BSc (Hons) MRICS
01522 504319 / 07795 657792

John Elliott BSc(Hons) MRICS ACIArb MNAVA
Tel: 01522 504304

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Energy Performance Certificates (EPCs)

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