7 Market Place Market Rasen Lincolnshire LN8 3HP

7 Market Place
Market Rasen
Lincolnshire
LN8 3HP

Freehold Bank Investment

  • Ground floor let to National Westminster Bank until 2028 (no breaks)
  • Fixed minimum rental increase in 2021
  • Located in the centre of prosperous market town
  • Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s
  • VAT-free investment
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    9
  • Auction
    9th July 2015
  • Rent
    £17,250 per Annum Exclusive
  • Status
    Sold
  • Price
    £249,000
  • Sector
    Bank
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Charity Trustees
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Bank Investment

  • Ground floor let to National Westminster Bank until 2028 (no breaks)
  • Fixed minimum rental increase in 2021
  • Located in the centre of prosperous market town
  • Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s
  • VAT-free investment
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 9
  • Auction 9th July 2015
  • Rent
  • Status Sold
  • Price £249,000
  • Sector
    Bank
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Charity Trustees

Property Information

Location
Miles
16 miles north-east of Lincoln, 20 miles south-west of Grimsby
Roads
A46, A631
Rail
Market Rasen Rail (approximately 20 mins to Lincoln Central)
Air
Robin Hood Airport Doncaster/Sheffield
Situation

Market Rasen is a prosperous market town in Lincolnshire and home to the Market Rasen Racecourse. The property is prominently situated within the town centre on the southern side of Market Place, directly opposite the car park. Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s.

Tenure

Freehold.

Location
Miles
16 miles north-east of Lincoln, 20 miles south-west of Grimsby
Roads
A46, A631
Rail
Market Rasen Rail (approximately 20 mins to Lincoln Central)
Air
Robin Hood Airport Doncaster/Sheffield
Situation

Market Rasen is a prosperous market town in Lincolnshire and home to the Market Rasen Racecourse. The property is prominently situated within the town centre on the southern side of Market Place, directly opposite the car park. Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s.

Tenure

Freehold.

Description

The property comprises a banking hall and ancillary accommodation on the ground with basement storage. The first and second floors provide residential accommodation which has been sold off on a long lease. The property benefits from rear access and car parking.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Telephone: +44 (0)20 7034 4858.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a banking hall and ancillary accommodation on the ground with basement storage. The first and second floors provide residential accommodation which has been sold off on a long lease. The property benefits from rear access and car parking.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Will Moore. Telephone: +44 (0)20 7034 4858.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews
Ground
Basement
Banking Hall/Ancillary
Ancillary
185.90 sq m
(2,001 sq ft)
NATIONAL WESTMINSTER
BANK (1) (2)
22 years from 13/12/2006 until 11/12/2028 on a full repairing and insuring lease (3) £17,000 11/12/2021 (4)
First
Second
Residential
Residential


INDIVIDUAL 125 years from 27/01/2015 until 26/01/2140 £250 27/01/2040 and 25 yearly
Total Commercial Floor Area
185.90 sq m
(2,001 sq ft)
    £17,250

(1) National Westminster Bank plc is a wholly owned subsidiary of Royal Bank of Scotland plc who have a market capitalisation of £43bn and are 81% owned by HM Government. (Source: www.natwest.com & www.rbs.com 03/06/2015)
(2)The agent for the tenant has confirmed that the branch will be closing from 01/09/2015. The Bank is aware of its on-going lease obligations until lease expiry in 2028. Please refer to the legal pack for further information.
(3)There is a service charge cap rising annually in line with RPI.
(4)The rent is reviewed to the higher of open market rental value or 3.75%.

Property Documents

  • Site Plan
    Updated Date
    16.06.15
    File Size
    54 KB
    View PDF
  • Catalogue Page
    Updated Date
    16.06.15
    File Size
    677 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard
London
EC4M 8AL
Lauren McLeod 0207 429 4959lauren.mcleod@shepwedd.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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