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Lot 4 Click here for addendum

Over 6 years unexpired to Greggs plc with no breaks

Gross Yield 10.7%

6 Week Completion

Situation

Occupying a prominent trading position within the heart of this pedestrianised town centre, adjacent to WH Smith/Post Office with other nearby multiple retailers including Costa Coffee, Caffé Nero, Poundland and Peacocks. In addition, the property is under 50 yards away from the Menai Centre which houses such retailers as H&M, JD Sports and Boots.
Bangor is a University City and provides the gateway to Anglesey and Ogwen Valley and being approx. 20 miles west of Colwyn Bay.

Property

A mid terraced building comprising a Ground Floor Shop with Ancillary Accommodation on the first and second floors. In addition, the property includes a section of flying freehold to the rear of the property at first floor level and it benefits from rights of way over the yard to the rear of the adjoining building.

ACCOMMODATION¹

Ground Floor Shop
Gross Frontage 20'3"
Built Depth 50'0"
Area Approx. 855 sq ft
First Floor Ancillary
Area Approx. 706 sq ft
Second Floor Ancillary
Unused

¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is applicable to this Lot

FREEHOLD

Tenancy

The entire property (excluding the second floor which is unused and not demised to Greggs) is let on a full repairing and insuring lease to Greggs plc (having over 1,700 branches) (T/O for Y/E 28/12/19 £1.17bn, Pre-Tax Profit £108.3m and Shareholders' Funds £351m) for a term of 15 years from 18th November 2011 (by way of a 5 year reversionary lease from 2021) at a current rent of £38,400 per annum exclusive (see Note 1).

Note 1: There is currently a rent free period until 31st July 2021 and therefore the Vendor will top up this rent shortfall on completion.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,000 plus VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

266 High Street, Bangor, Gwynedd LL57 1PB