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Lot 24

Leasehold Commercial Investment – Gross Yield 14.5%
6 Week Completion

Situation

Located on this pedestrianised thoroughfare which provides access to the town centre from one of the town's main public car parks, close to the Castle Quay Shopping Centre and nearby multiples such as Toni&Guy, Specsavers, Bonmarché, NatWest and many more.
Banbury is a prosperous and popular market town, which lies some 20 miles north of Oxford and 40 miles east of Birmingham with excellent road access via the M40 (Junction 11).

Property

Forming part of a Retail Centre comprising a Large Ground Floor Supermarket.

Accommodation¹

Ground Floor Supermarket
Gross Frontage	121'7"
Sales Area	Approx. 7,420 sq ft
Ancillary Area	Approx. 1,408 sq ft
Total Area	Approx. 8,828 sq ft

¹Areas taken from VOA

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from completion at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease (subject to a service charge cap) to Poundland Limited (see Tenant Profile) for a term of 5 years from 1st January 2022 at a current rent of £55,000 per annum exclusive.

Note: The Tenant did not exercise their January 2025 Break Option.

Tenant Profile

Poundland have a network of over 850 stores in the UK and the Republic of Ireland. They are part of Pepco Group which has over 4,000 stores in 21 territories including the UK, the Republic of Ireland, Spain and across the CEE region, employing 43,000 people.
Poundland Limited reported a T/O for Y/E 01/10/2023 of £1.77bn, Pre-Tax Profit of £680,000 and Shareholders' Funds of £156m.

*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 £1,500 including 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.

1–6 Malthouse Walk, Banbury, Oxfordshire OX16 5PW