Property Auctions London, Property Auctioneers London, London Property Auctions, Property Auctions London

Lot 9

Freehold Investment let to British Heart Foundation - Gross Yield 11.9%
In the same ownership for over 28 years
7 week completion

Situation

Occupying a prominent trading position within the town's main prime retail thoroughfare amongst other multiples as Boots, Specsavers, HSBC, Lloyds Bank, Domino's, Holland & Barrett, Greggs, Select, New Look and Savers.
Skegness Station (National Rail) and the Seafront are both under a 5-minute walk away.
Skegness is a popular retail centre and seaside resort on the East Lincolnshire Coastline, enjoying excellent road links with the A16 and A52, some 22 miles north-east of Boston and 43 miles east of Lincoln.

Property

A mid terraced building comprising a Ground Floor Shop with Ancillary Storage on the first floor.

Accommodation¹

Ground Floor Shop
Gross Frontage	21'9"
Built Depth	47'9"
Area	Approx. 802 sq ft
WC
First Floor Ancillary
Area	Approx. 302 sq ft

Total Area	Approx. 1,104 sq ft

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

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to British Heart Foundation (Charity having approx. 700 branches) for a term of 5 years from 23rd August 2024 (in occupation for over 34 years) at a current rent of £14,300 per annum exclusive.

Tenant's Break August 2028 – If operated, the Tenant is required to pay a break penalty of £3,575 to the Freeholder.

Note: The Tenant did not operate their August 2026 Break Clause.

*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.

OTHER MATTERS:

The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not to be taken as drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or which direction the lot is facing. The Auctioneers do not warrant or represent that any plans or photographs show the up to date position with regard to occupiers either for the Lot or for any other properties shown in such plans or photographs.

48 Lumley Road, Skegness, Lincolnshire PE25 3NG