FOR SALE RETAIL INVEST -MENT Freehold investment of 43-45 Victoria Street, Grimsby DN31 1UU
FOR SALE. RETAIL INVESTMENT. 43-45 Victoria Street, Grimsby DN31 1UU + High quality covenants of TSB Bank and Boots Opticians + Attractive net initial yield of 7.31% + Ideal lot value for private investor + Prime pedestrian retail location + Adjacent to Freshney Place Shopping Centre
Grimsby is the primary town of North East Lincolnshire and combined with Immingham has a population of approximately 160,000. Its commercial strength lies in its substantial port activity, agriculture, food manufacturing and general industry. It is expected to particularly benefit from the emerging wind and renewable energy industry. Grimsby has a direct road link to the motorway network via the A180, as well as the railway station and Humberside Airport nearby. These buildings are situated in the prime retail area of Grimsby Town Centre within its pedestrianised zone. Adjacent to one of the primary accesses to Freshney Place Shopping Centre via Brewery Street, other retailers nearby are Marks & Spencer, House of Fraser, McDonalds, Argos Extra and Body Shop as well as many others. A174 A171 LOCATION. Whitby LOCATION. A171 LOCATION. Kirbymoorside Scarborough Helmsley A168 A64 Malton Easingwold Harrogate A64 Driffield M1 A628 A616 A658 A61 A58 Leeds M1 1 Wakefield Rotherham Sheffield M1 A61 York A64 Selby A1 (M) Doncaster M18 A1 (M) A638 Pocklington A614 Beverley A63 Goole A15 Immingham M180 Epworth Scunthorpe M180 A1800 A46 Gainsborough Market Rasen A156 A15 A46 Lincoln Grimsby
NO. 43 & 45. THE BRICKS AND MORTAR. The property comprises of two buildings that provide retail space to the ground floor and office and amenity accommodation to upper floors. No. 43 is occupied by TSB Bank with a fully fitted retail bank to the ground floor, a cellar and offices and staff amenities to the upper two floors. This building has an independent access to the side elevation. No. 45 is occupied by Boots Opticians with a bespoke fit-out to the ground floor and storage, office and staff amenities to the first floor. This building was originally constructed to three storeys but in the mid 20th century reduced to two storeys, retaining the original frontage. ACCOMMODATION SQFT SQM 43 Victoria St Ground floor 1207 112.13 First floor 1237 114.92 Second floor 1026 95.32 Basement 242 22.48 45 Victoria St Ground floor 1254 116.5 First floor 1014 94.2 We have not measured the buildings and have obtained the above information from the VOA.
TENANCY INFORMATION & COVENANT. TENANCY INFORMATION No. 43 is let to TSB Bank Plc. for a term of 10 years from 27th April 2015 on a full repairing and insuring lease at a rent of 40,400 per annum. No. 45 is let to Boots Opticians Limited who are holding over at a rent of 42,000 per annum but have agreed a new term of 10 years with a 5 year break on full repairing and insuring terms at a rent of 33,400 per annum. The above tenancies provide a total income of 73,800 per annum exclusive assuming the new lease is implemented. TENANCY COVENANT TSB Banks PLC Boots Opticians Limited 31/12/2015 Turnover Profit Before Tax Shareholder funds 1,174,400,000 67,600,000 1,746,300,000 31/07/2015 Turnover Profit Before Tax Shareholder funds 391,067,000 39,176,000 131,355,000 PROPOSAL The freehold interest is available at offers in excess of 950,000 which provides a net initial yield of 7.31% when allowing for purchaser s costs of 1.8% plus stamp duty land tax. This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
ENQUIRIES David Garness DDI: 01482 312360 david.garness@garnessjones.co.uk Paul White DDI:01482 312366 paul.white@garnessjones.co.uk 79 Beverley Road, Hull HU3 1XR T: 01482 564564 info@garnessjones.co.uk www.garnessjones.co.uk Garness Jones Ltd for themselves and for the vendors or lessors of the property whose agents they are, give notice that i) Particulars are set out as a general outline only intended for the guidance of intended purchasers or tenants and do not constitute, nor constitute part of, an offer or contract. ii) All descriptions, dimensions, references to conditions and necessary permission or use and occupation and other details are given in good faith and are believed to be correct, but any intended purchasers or tenants should not rely on them as statements or representations of or warranty whatsoever in relation to this property. Crown Copyright 2005. All rights reserved. Licence number 100010906. VALUE ADDED TAX Value Added Tax may be payable on the purchase price and/or the other charges or payments. All figures quoted are exclusive of VAT. Intending purchasers and lessors must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice.