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316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
Investment summary
• Freehold retail unit located within Lincoln’s prime retailing pitch.
• This modern retailing unit is prominent and well configured,benefiting fromareturn frontageandglazed elevations.
• Let in itsentirety toBarclaysBankPLCona fullrepairingandinsuring leaseforatermof20yearsfrom14August2006withatenant’soptiontobreakafteryear15.
• Therent increasedto itscurrent levelof£146,000perannumatthelastrentreviewdated25December2011.Thenextupwardsonlyrentreviewisdueon25December2016.
• Lincolnisthedominantretailcentreforitscatchmentpopulationandbenefitsfromtwouniversitiesaswellas a strong tourist trade.
• HighStreetbenefits fromahighconcentrationofnational multiple retailers including Marks & Spencer andBHSdepartmentstores,Boots,River Island,Monsoon,Starbucks,LauraAshleyandPrimarkaswellasahostofothernationalmultipleretailers.
• Offersare invited inexcessof£2,510,000 for thefreeholdinterestoftheproperty,reflectinganet Initial yield of 5.50% assuming standard Purchaser’s costs of5.80%,subjecttocontract.
• Thepropertyhasnotbeenoptedtotax,thereforeVATisnotapplicableonthepurchasepriceofthisproperty.
316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
LOCatIOn
The historic cathedral city ofLincolnislocatedapproximately143 miles (230 km) north ofLondon,46.8miles(75.3km)eastofSheffieldand39.3miles(63.2km)northeastofNottingham.
CentralLincolnisservicedbytheA15andA57.TheA57providesaccess to theA46to thenorthwest which in turn provides accessto theA1.FurtherwesttheA57providesaccessto theM1motorway(junction31).TheA15linkstotheM180tothenorthandPeterboroughtothesouth.
Lincoln Central train station is locatedwithincloseproximityandwalkingdistanceofHighStreet.TrainsfromLincolnCentralstationprovideregularservicestoLondonKingsCrossviatherailwaynetworkwiththefastestdirecttraintimeof1hour56minutes.
HumbersideandEastMidlandsairportsarebothwithin52miles(83.7km)ofLincoln.
LInCOLn
A46
newark-on-trent
Sheffield
Doncaster
Mansfield
nottingham
A1
A52
A17A17
A46
A46A15
A15
A15
A17
A158
A158A158
A15
A15
A15
A159
A159
A156
A156
A57
A1
A1
A57
A630
A61
A617
A617
A617
A614
A614
A60
A60
A60
A38
A38 A610
A614
A6097
A635 A630
A638
A631
A631A1103
A46
A46
A18
A1173
A46
A6182
316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
CatCHment & DemOGraPHICsTheCityofLincolnCouncilAnnualreport2013-2014statesthatLincoln’spopulationstandsat95,600residents,withLincolnshire’scountypopulation(2011Census)beingapproximately713,653.Thecityhoststwouniversities,theUniversityofLincolnandBishopGrossetesteUniversity.Thecity’smainuniversity,theUniversityofLincolnhosted12,835studentssupportedby1,363membersofstaffinthe2013/2014academicyear.
Lincolnisdominantintermsofretailingwithinthecatchmentareaduetothelackofcompetingretailcentres incloseproximity.Thecountyandcity’scatchment togetherwith thecity’s largestudentpopulationandvibranttourismtradewithattractionsincludingLincolnCastle,thehomeofMagnaCartaandLincolnCathedralallhelptoboostthestrengthofthetown’sretailingeconomyandexpenditure.
sItuatIOnThesubjectpropertyoccupiesaprimeretailpositionontheeasternsideofthepedestrianisedHighStreetwithareturnfrontageontoCornhill.HighStreetprovidesanatural thoroughfaretoallof theprimeretailingwithin the town.Tenantsnearby includeMarks&SpencerandBHSdepartmentstores,Boots,RiverIsland,Monsoon,Starbucks,LauraAshleyandPrimark,inadditiontoahostofothernational multiple retailers.
LincolnCentraltrainstationislocatedtothesouthofthepropertyandthereforethesouthernendofthepedestrianisedpartofHighStreetactsasanaturalshoppingroutefromthetrainstationformanyshoppers and commuters.
Cornhill provides access to Sincil Street and Lincoln’s market.
retaILInG In LInCOLnLincolnisthedominantretailcentreforitscatchmentpopulation.TheHighStreetprovidesanattractiveretailofferingwiththetown’sprimeretailpitchwhichbenefitsfromhighfootfallbeinglocatedbetweenCornhillandHighStreetsjunctionwithGuildhallStreetandSaltergate.TheHighStreetbenefitsfromalargeconcentrationofnationalmultipleretailers includingMarks&SpencerandBHSdepartmentstores,Boots,RiverIsland,Monsoon,Starbucks,LauraAshleyandPrimarkin addition to numerous other national multiple retailers.
WatersideShoppingCentrewhichisaccessedfromHighStreetaddstotheretailingprovisionswithinLincolnandwasrecentlyreconfiguredtoincludeH&MandNext.StMark’sretailcentreisalsosituatedonHighStreetandislocatedtothesouthofthesubjectpropertywithina less prominent pitch.
316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
DesCrIPtIOnThishighlyprominentandimposingbankingunitbenefitsfromareturnfrontageontoCornhill.Theexteriorofthepremises,includingtheshopfrontage,benefitsfrommodernglazedelevations.
Barclaysoccupiesthepropertyinitsentirety.ThegroundfloorcomprisesamodernbankinghallincludingATMsandancillaryaccommodation.Thefirstfloorpredominantlycomprisesclientfacilitiesincludingopenmeetingareasandasmallglazedoffice.Thesecondfloorhasfurtherclientmeetingroomsalongwithancillarystaffaccommodationincludingamanager’soffice.Thepropertybenefitsfromacustomerstaircaseandliftbothofwhichservetheground,firstandsecondfloors.Inadditiontothecustomerstaircasethereisastaffstaircasewhichservesallfloors.Thebasementcomprisestworedundantsafesalongwithancillaryaccommodation.
Thepropertyinterlinkstotherearwith20Cornhillatgroundandsecondfloorlevels.20Cornhillisheldunderseparateownershipanddoesnotformpartofthesale.Theliftandbothstaircasesmentionedabovearesituatedtowardsthefrontofthepropertywithin316-318HighStreet.
tenure Freehold.
tenanCy TheentirepropertyislettoBarclaysBankPLConfullrepairingandinsuringtermsforatermof20yearsfrom14August2006withatenant’soptiontobreakafterthe15yearsubjecttonotlessthansixmonthswrittennotice.
Atthelastrentreviewdated25December2011therentincreasedtoitscurrentlevelof£146,000pa.Thenextupwardsonlyopenmarketrentreviewisdueon25December2016.
ThereisaScheduleofConditionattachedtothelease,detailsofwhichareavailableuponrequestfromDunitz&Co.
aCCOmmODatIOnThepropertyprovidesthefollowingGrossInternalAreas(GIA):
Floor sq Ft sq mGroundFloor 1,358 126.21GroundFloorITZA* 1,132* 108.79*Basement 1,104 102.62First Floor 1,207 112.11Second Floor 1,326 123.25tOtaL 4,995 464.19
*Areaincludesa10%allowanceforthereturnfrontageontoCornhill.
AreasarecalculatedonaNetInternalArea(NIA)basisinaccordancewiththeRICSCodeofMeasuringPractice6thedition.
Thecustomerstaircaseandlifthavebeendisregardedfromtheareasasitisassumedthattheyaretenantsfitout.
PLannInGThepropertyislocatedwithintheCityofLincolnCouncil.Tel: +44(0)1522881188Web:
ThepropertyisnotListedbutdoesliewithintheCityofLincolnCathedralandCityCentreConservationAreaNo1.
316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
COvenant InFOrmatIOnBarclaysBankPLCtracesitshistorybackto1690andisoneoftheUKslargestbanksprovidingglobalfinancialservices.BarclaysBankPLCoperatesin50countriesaroundtheworldandcurrentlyhasinexcessof132,000employees.
BarclaysBankPLCisapubliclyquotedcompanyandfeaturesontheFTSE100list.Whenlastcheckedthecompanyhadamarketcapitalisationinexcessof£40.0bn.
Dun&BradstreethavegivenBarclaysBankPLCaD&BRatingof5A1representingaminimumriskofbusinessfailure.
Barclays Bank PLCCompany number 1026167
31/12/14(£ 000’s)
31/12/13(£ 000’s)
31/12/12(£ 000’s)
Sales Turnover £32,708,000 £36,873,000 £34,337,000Profit/(Loss)BeforeTaxes £2,309,000 £2,885,000 £99,000TangibleNetWorth £55,614,000 £53,324,000 £52,123,000NetCurrentAssets(Liabilities) £76,831,000 £54,717,000 £47,078,000
Foradditionalinformation,pleasesee .
316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
Investment COnsIDeratIOns• Prominentandwellconfiguredfreeholdretailunitbenefittingfromareturnfrontage
and glazed elevations.
• LetinitsentiretytotheundoubtedcovenantofBarclaysBankPLCwhichisaFTSE100companyandhasaD&Bratingof5A1representingminimumriskofbusinessfailure.
• Letonfullrepairingandinsuringtermsfor20yearsfrom14August2006withatenant’soptiontobreakafteryear15.
• Atthelastreviewtherentincreasedto£146,000pa,withthenextupwardsonlyopenmarketrentreviewdueon25December2016.
• Lincolnisthedominantretailcentreforitscatchmentpopulationandbenefitsfromalargestudentpopulationinadditiontobeingapopulartouristdestination.
• The property is situated within Lincoln’s prime retailing pitch with occupiers in close proximityincludingMarks&SpencerandBHSdepartmentstores,Boots,RiverIsland,Monsoon,Starbucks,LauraAshleyandPrimarkaswellasavarietyofothernationalmultiple retailers.
• 200/201HighStreetLincolnwassoldinJanuary2014for£5,780,000representingaNIYof4.50%withthebenefitofanew15yearleasetoRiverIslandClothingCoLtd.
• Thepropertyhasnotbeenoptedtotax,thereforeVATisnotapplicableonthepurchasepriceofthisproperty.
ePC
The property has an EPC rating of115 (BandE).A full copyof theEPC isavailablefromDunitz&Co.uponrequest.
vatThepropertyhasnotbeenoptedtotax.
316-318 HigH Street, LincoLn, Ln5 7DP Prime FreeHoLD retaiL Unit Let to tHe UnDoUbteD covenant oF barcLayS bank PLc
50 metresFor more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Lincoln
Experian Goad Plan Created: 17/09/2015Created By: Dunitz and Co Ltd
Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015.Ordnance Survey 100019885
TO BEURBAN SKIN CLINICTO B
E SA
LT
VAC
DUNITZ&COMPANYLTD:DISCLAIMER
Dunitz&CompanyLtdforthemselvesandforthevendorsorlessorsofthispropertywhoseagentstheyare,givenoticethat:-
1. Theparticularsaresetoutasageneraloutlineonlyforguidanceanddonotconstitute,norconstitutepartofanofferorcontract;
2. Leasedetails,servicecharges,groundrent(whereapplicable)andcounciltaxaregivenasaguideonlyandshouldbecheckedandconfirmedbyyoursolicitorpriortoexchangeofcontracts;
3. Alldescriptions,dimensions,referencestoconditionandnecessarypermissionsforuseandoccupation,andotherdetailsarebelievedtobecorrecthoweverwehavenotcarriedoutastructuralsurveyandanyintendingpurchasers,tenantsorthirdpartiesshouldnotrelyonthemasstatementsorrepresentationsoffactbutsatisfythemselvesthattheyarecorrectbyinspectionorotherwise;
4. NopersonintheemploymentofDunitz&CompanyLtdhasanyauthoritytomakeorgiveanyrepresentationorwarrantywhateverinrelationtotheproperty;and
5. ThephotographsshowonlycertainpartsofthepropertyastheyappearedatthetimetheyweretakenandthecopyrightofthesameremainexclusivetoDunitz&CompanyLtd.
DesignedbyGraphicOutlinesLtd.September2015
PrOPOsaLOffersinexcessof£2,510,000(TwoMillionFiveHundredandTenThousandPounds)areinvitedforthefreeholdinterestoftheproperty,reflectinganet Initial yield of 5.50%assumingstandardPurchaser’scostsof5.80%,subjectto contract.
FurtHer InFOrmatIOn
Forfurtherinformationortoarrangeaninspectionoftheproperty,pleasecontact:
James DunitzTel: +44(0)2074868000Fax: +44(0)2031378010Email:
Dunitz&Co.40MargaretStreetLondonW1G0JH
Theplanisindicativeandforreferencepurposesonly.ATitleplancanbeprovideduponrequest.
Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
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