40 - 42 Market Place Great Yarmouth Norfolk NR30 1LX
40 - 42 Market Place Great Yarmouth Norfolk NR30 1LX
Freehold Bank Investment with Residential Potential
Bank Let to Barclays Bank plc on new FRI lease until 2029 (subject to option) with Residential Redevelopment Potential of upper floors (subject to consents)
Barclays Bank consolidated two banks in the town into this property
Prime pedestrianised position opposite the Market Gates Shopping Centre and nearby occupiers include Boots the Chemist, New Look, River Island and HSBC
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
Lot 17
Auction 11th February 2016
Rent £125,005 per Annum Exclusive
Status Sold
Price £1,500,000
Sector Bank
Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Freehold Bank Investment with Residential Potential
Bank Let to Barclays Bank plc on new FRI lease until 2029 (subject to option) with Residential Redevelopment Potential of upper floors (subject to consents)
Barclays Bank consolidated two banks in the town into this property
Prime pedestrianised position opposite the Market Gates Shopping Centre and nearby occupiers include Boots the Chemist, New Look, River Island and HSBC
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
Lot 17
Auction 11th February 2016
Rent £125,005 per Annum Exclusive
Status Sold
Price £1,500,000
Sector Bank
Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
19 miles east of Norwich, 74 miles north of Colchester
Roads
A12, A47, A143
Rail
Great Yarmouth Railway Station
Air
Norwich International Airport
Situation
Great Yarmouth is a popular and historic seaside and holiday town some 19 miles east of Norwich. The town benefits from a substantial seasonal increase in population, with approximately 4 million day trippers and over 1.1 million staying visitors per year (2011 figure). The property is situated in a prominent position on the western side of pedestrianised Market Place, the prime retailing pitch in Great Yarmouth town centre. The Market Gates Shopping Centre and outdoor market is opposite and nearby occupiers include Boots the Chemist, New Look, WH Smith, River Island and HSBC.
Tenure
Freehold.
Location
Miles
19 miles east of Norwich, 74 miles north of Colchester
Roads
A12, A47, A143
Rail
Great Yarmouth Railway Station
Air
Norwich International Airport
Situation
Great Yarmouth is a popular and historic seaside and holiday town some 19 miles east of Norwich. The town benefits from a substantial seasonal increase in population, with approximately 4 million day trippers and over 1.1 million staying visitors per year (2011 figure). The property is situated in a prominent position on the western side of pedestrianised Market Place, the prime retailing pitch in Great Yarmouth town centre. The Market Gates Shopping Centre and outdoor market is opposite and nearby occupiers include Boots the Chemist, New Look, WH Smith, River Island and HSBC.
Tenure
Freehold.
Description
The property comprises a ground floor banking hall and self-contained former office accommodation on the first and second floors, accessed from Market Place at the front and at the rear of the property. The upper floors may be suitable for alternative uses including residential redevelopment, subject to consents. The basement is used by and accessed from the adjoining department store. The property benefits from rear private car parking and from having the town’s 170 space public car park adjoining at the rear of the property.
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 applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor banking hall and self-contained former office accommodation on the first and second floors, accessed from Market Place at the front and at the rear of the property. The upper floors may be suitable for alternative uses including residential redevelopment, subject to consents. The basement is used by and accessed from the adjoining department store. The property benefits from rear private car parking and from having the town’s 170 space public car park adjoining at the rear of the property.
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 applicable to this lot.
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
Review
Ground
Banking Hall/Ancillary
635.82 sq m
(6,844 sq ft)
BARCLAYS BANK PLC (1)
15 years from 06/02/2014 until 05/02/2029 on a full repairing and insuring lease (2)
£125,000
05/02/2019 05/02/2024
First & Second
Office
791.34 sq m
(8,518 sq ft)
VACANT POSSESSION
Basement
Ancillary
Not measured
PALMERS (GT YARMOUTH) LTD
99 years from 31/08/1965
£5
Totals
1,427.16 sq m (15,362 sq ft)
£125,005
(1) For the year ending 31st December 2014, Barclays Bank plc reported a pre-tax profit of £2,309,000,000 and a total net worth of £55,576,000,000. (Source: www.riskdisk.com 11/01/2016). (2) The lease provides for a tenant’s option to determine the lease on 5th February 2024 subject to 6 months’ prior written notice.
