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
  • Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    70
  • Auction
    7th July 2016
  • Rent
    £17,250 per Annum Exclusive
  • Status
    Sold Post
  • Price
     
  • Sector
    Bank
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
Important Update
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* 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
  • Nearby occupiers include HSBC, Lloyds Bank, Boots Chemist and McColl’s
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 70
  • Auction 7th July 2016
  • Rent
  • Status Sold Post
  • Price  
  • Sector
    Bank
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG

Property Information

Location
Miles
16 miles north-east of Lincoln, 53 miles east of Sheffield
Roads
A46, A631
Rail
Market Rasen Railway Station
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, 53 miles east of Sheffield
Roads
A46, A631
Rail
Market Rasen Railway Station
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 floor. The first and second floors provide residential accommodation which has been let on a long lease. The property benefits from rear access and car parking for approximately 12 cars.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Alec Linfield.
Telephone: +44 (0)20 7034 4860.

Completion Period

Six Week Completion

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 floor. The first and second floors provide residential accommodation which has been let on a long lease. The property benefits from rear access and car parking for approximately 12 cars.

VAT

VAT is not applicable to this lot.

Viewings

There will be a single block viewing for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Alec Linfield.
Telephone: +44 (0)20 7034 4860.

Completion Period

Six Week Completion

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 Banking Hall/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 11/12/2026 (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 as at 31/12/2015 have a market capitalisation of £35.1bn and are 72.6% owned by HM Government. (Source: www.natwest.com & www.investors.rbs.com 01/06/2016)
(2)National Westminster Bank is not currently in occupation of the property.
(3)There is a service charge cap rising annually in line with RPI.
(4)The lease provides for the rent to be reviewed at the next rent review on 11th December 2021 to the higher of Open Market Rental Value or a fixed rental increase of 3.75%.

Property Documents

  • Site Plan
    Updated Date
    15.06.16
    File Size
    44 KB
    View PDF
  • Catalogue Page
    Updated Date
    15.06.16
    File Size
    619 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

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
Shulmans LLP 10 Wellington Place
Leeds
LS1 4AP
Kieran Wilkinson 0113 2452833kwilkinson@shulmans.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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