Entirely let to William Hill Organization Limited on a new 20 year lease from 2016 (subject to option)
Prominent Town Centre location
Self-contained first floor with future residential conversion potential (subject to consents)
Full planning permission for a rear extension
Close to Marks & Spencer, Boots the Chemist, Holland & Barrett and Savers
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 28
Auction 25th May 2017
Rent
Status Sold
Price £382,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
34 miles south-east of Lincoln, 34 mile north-east of Peterborough, 55 miles east of Nottingham
Roads
A16, A52
Rail
Boston Railway Station
Air
East Midlands Airport
Situation
The property is situated in a prominent corner position on the east side of Market Place, at its junction with Cornhill Lane in the heart of Boston town centre. Nearby occupiers include Marks & Spencer, Boots the Chemist, Holland & Barrett and NatWest, Halifax and Lloyds banks. Market Place provides car parking for approximately 120 cars and Boston Market is held twice a week.
Tenure
Freehold.
Location
Miles
34 miles south-east of Lincoln, 34 mile north-east of Peterborough, 55 miles east of Nottingham
Roads
A16, A52
Rail
Boston Railway Station
Air
East Midlands Airport
Situation
The property is situated in a prominent corner position on the east side of Market Place, at its junction with Cornhill Lane in the heart of Boston town centre. Nearby occupiers include Marks & Spencer, Boots the Chemist, Holland & Barrett and NatWest, Halifax and Lloyds banks. Market Place provides car parking for approximately 120 cars and Boston Market is held twice a week.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation and self-contained ancillary accommodation on the first and second floors accessed only via an external staircase at the rear. The property was newly built in the 1980s with concrete floors throughout, which may be beneficial to any residential conversion potential of the upper floors (subject to consents). The second floor is currently accessed via a hatch and a ladder. The property further benefits from a large rear yard with planning permission for a ground floor extension.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation and self-contained ancillary accommodation on the first and second floors accessed only via an external staircase at the rear. The property was newly built in the 1980s with concrete floors throughout, which may be beneficial to any residential conversion potential of the upper floors (subject to consents). The second floor is currently accessed via a hatch and a ladder. The property further benefits from a large rear yard with planning permission for a ground floor extension.
VAT
VAT is not applicable to this lot.
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 First Second
Retail Ancillary Ancillary
107.60 sq m 59.80 sq m 32.50 sq m
(1,158 sq ft) (643 sq ft) (350 sq ft)
WILLIAM HILL ORGANIZATION LIMITED (1)
20 years from 31/03/2016 until 30/03/2036 (2) on a full repairing and insuring lease (3)
£27,500
31/03/2021 and 5 yearly
Total
199.90 sq m
(2,152 sq ft)
£27,500
(1) William Hill are the UK’s largest land-based bookmaker with 2,375 licensed betting shops in the UK and employ more than 16,000 people in nine countries (Source: www.williamhillplc.com 05/04/2017). For the year ending 29th December 2015, William Hill Organization Limited reported a turnover of £873,900,000, pre-tax profits of £246,400,000 and a total net worth of negative -625,000,000 (Source: Experian Group 03/04/2017). 2) The lease provides for a tenant option to determine the lease on 30/03/2021 subject to one year’s rental penalty. The lease further provides for a tenant option to determine the lease on 30/03/2026 and 30/03/2031. (3) Subject to clause 3.8(a) of the lease.