Retail let to Nero Holdings Limited (t/a Caffè Nero)
Vacant possession of self-contained upper parts (approx. 2,666 sq ft)
Potential to convert vacant upper parts to residential (subject to consents)
Nearby occupiers include Marks & Spencer, Boots the Chemist, Argos, WH Smith and branches of Nationwide, Lloyds and Halifax banks
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 61
Auction 23rd March 2016
Rent £55,000 per Annum Exclusive
Status Sold
Price £700,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
47 miles east of Nottingham, 34 miles south-east of Lincoln
Roads
A16, A52
Rail
Boston Railway Station
Air
East Midlands Airport
Situation
The property is situated in an excellent trading location on the western side of Strait Bargate, the prime retailing pitch in Boston town centre. Pescod Square Shopping Centre, housing retailers
such as Next, Waterstones and Wilko is located close by with other neighbouring occupiers including Marks & Spencer, New Look, WHSmith, Argos, Poundstretcher and branches of Nationwide, Lloyds and Halifax banks.
Tenure
Freehold.
Location
Miles
47 miles east of Nottingham, 34 miles south-east of Lincoln
Roads
A16, A52
Rail
Boston Railway Station
Air
East Midlands Airport
Situation
The property is situated in an excellent trading location on the western side of Strait Bargate, the prime retailing pitch in Boston town centre. Pescod Square Shopping Centre, housing retailers
such as Next, Waterstones and Wilko is located close by with other neighbouring occupiers including Marks & Spencer, New Look, WHSmith, Argos, Poundstretcher and branches of Nationwide, Lloyds and Halifax banks.
Tenure
Freehold.
Description
The property comprises a prominent corner unit arranged as a coffee shop on the ground floor, with self-contained accommodation on the first, second and third floors, accessed from New Street.
Six Week Completion
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 prominent corner unit arranged as a coffee shop on the ground floor, with self-contained accommodation on the first, second and third floors, accessed from New Street.
Six Week Completion
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/(Reversion)
Ground
Retail/Ancillary
175.08 sq m
(1,885 sq ft)
NERO HOLDINGS LIMITED (1) (t/a Caffè Nero)
10 years from 03/09/2010
£55,000
(02/09/2020)
First Second Third
Former Offices Former Residential Ancillary
133.29 sq m 63.42 sq m 50.88 sq m
(1,435 sq ft) (683 sq ft) (548 sq ft)
VACANT POSSESSION
Totals
422.67 sq m
(4,550 sq ft)
£55,000
(1) For the year ending 31st May 2014, Nero Holdings Limited reported a turnover of £215,496,000, pre-tax profits of £22,538,000 and a total net worth of £144,677,000 (Source: Experian Group 16/02/2015).
