Commercial Property for sale

High Street, Scunthorpe, Lincolnshire, DN15

Guide Price £800,000
3,613 sq. ft.

Property Description

Commercial information

  • 3,613 sq ft (335 sq m)

Key features

  • Quality Freehold Investment
  • Generating Rental Income of 85,000 pax
  • Prime High Street location
  • Let to Barclays Bank plc on 20 year lease
  • Guide Price: 800,000
  • Net Initial Yield 10.07% after normal costs

Full description

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.

PRICE

Guide Price of £800,000

Net initial yield 10.07% after normal costs

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.


More information from this agent

Nearest stations

  • Scunthorpe (0.4 mi)
  • Althorpe (3.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Banks Long & Co Ltd, Lincoln

26 Westgate Lincoln LN1 3BD

01522 418032 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Scunthorpe (0.4 mi)
  • Althorpe (3.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Banks Long & Co Ltd, Lincoln

26 Westgate Lincoln LN1 3BD

01522 418032 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference LMC6888. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Banks Long & Co Ltd, Lincoln. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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