Prime Freehold Retail Opportunity in Charismatic Cathedral City
Let to AG Retail Card Limited (in Administration) previously producing £155,000 pax (1)
Prime pedestrianised retailing location between Primark, Boots the Chemist and Marks & Spencer
Opposite St Benedicts Square with other nearby retailers including Pandora, Fat Face, Starbucks and Ernest Jones
Attractive period building comprising approximately 5,639 sq ft
Of interest to Owner Occupiers, Developers and Investors
Immediate asset management opportunities
Lot 5
Auction 31st March 2022
Rent See footnote (1)
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads
A1 (M), A15, A46
Rail
Lincoln Central Station
Air
East Midlands Airport
Situation
Lincoln is a charismatic Cathedral City which is the retailing and administrative Capital of Lincolnshire. The property sits in a prime location on the pedestrianised High Street opposite St Benedicts Square. Nearby occupiers include Primark, Marks & Spencer, Starbucks, Boots the Chemist, Holland & Barrett, Fat Face, Pandora, Greggs, McDonald's, Superdry & WHSmith.
Tenure
Freehold.
Location
Miles
36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads
A1 (M), A15, A46
Rail
Lincoln Central Station
Air
East Midlands Airport
Situation
Lincoln is a charismatic Cathedral City which is the retailing and administrative Capital of Lincolnshire. The property sits in a prime location on the pedestrianised High Street opposite St Benedicts Square. Nearby occupiers include Primark, Marks & Spencer, Starbucks, Boots the Chemist, Holland & Barrett, Fat Face, Pandora, Greggs, McDonald's, Superdry & WHSmith.
Tenure
Freehold.
Description
The property comprises a shop arranged on the ground, first, second and third floors.
VAT
VAT is applicable to this lot.
Completion Period
6 Week Completion
EPC
Band C.
Description
The property comprises a shop arranged on the ground, first, second and third floors.
AG RETAIL CARDS LIMITED (In Administration) (1) (t/a Clintons)
- (1)
- (1)
Total
525.90 sq m
(5,661 sq ft)
-
(1) The property is let to AG Retail Cards Limited (in Administration) on a lease which contractually expires on 23 June 2025 at an annual rent of £135,000. AG Retail Cards Limited is not currently in occupation of the premises or using this for the purposes of the Administration and therefore no rent is currently payable. Terms have been agreed (although subject to contract and no documents will be completed prior to completion to allow a Buyer flexibility) for a surrender of the lease and the grant of a new lease to Esquire Retail Limited for a term of three years from 25 April 2020 with an annual rent of £50,000. Esquire Retail Limited is currently in occupation of the premises as the buyer of AG Retail Cards Limited's business. It has not been paying any rent or other sums to the Seller in relation to its occupation.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
