2 x Units Lawrence Lane, Boston, PE21 8QD

Guide Price* : £1,600,000+

Town centre retail investment

  • Town Centre Retail Investment
  • Freehold investment opportunity let to an international occupier
  • Rental income per annum equates to £185,000
  • Asset management opportunities
  • Development potential subject to planning
  • Site area of 2.04 acres (0.83 hectares)
  • Guide price of £1.6m reflecting an attractive NIY of 10.8%

Description

The property comprises a ground floor retail property split to provide two units. The larger of the units is occupied by B&M whilst the smaller unit is vacant.

The property also benefits from a car park with approximately 110 car parking spaces which is let under a management agreement.

Location

The property is located in Boston on the east coast of England. More specifically the property is located to the west of River Witham and located 0.22 miles from Boston train station. The station which is serviced by East Midlands Trains providing hourly connection to Nottingham and Skegness.

Other occupiers in close proximity to the subject property include Wicks, Savoy Cinema and local retailers.

Tenure

Freehold

Tenancy

The property is let to B&M Retail Limited on a ten year lease, expiring 30/08/2026. The passing rent is £130,000 per annum which equates to £6.29 per sq ft. The rent is subject to upward only open market reviews from 30/08/2021. There is a tenant break option on 30/08/2021.

The property benefits from a management agreement for the Car Park with Napier Parking Limited. The agreement commenced 18/07/2016 and is terminable at 4 weeks notice. The car park has produced a net income of circa £55,000 per annum since the agreement commenced.

Tenant Information

B&M Retail Limited are one of the UKs largest discount retailers with over 370 stores nationwide. The tenant has a D&B Rating of 5A1.

VAT

The property is elected for VAT

Finance

Our Property Finance team have sourced indicative auction finance terms for this property at 60.00% LTV.

For more details please contact:
Adam Klein
aklein@lsh.co.uk
020 7198 2241

Bidder AML Requirements

For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to brontie@574.co.uk:

• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor

The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number

If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.

Contact

Vendor's solicitor

Kennedys Law LLP
Simon Dawes
020 7667 9575
simon.dawes@kennedyslaw.com

Joint auctioneers

574 Max Mason
020 7198 2051
max@574.co.uk

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Joint Agent

Max Mason
020 7198 2051

Office Contact

Max Watkins
0207 198 2336

Vendors Solicitor

Simon Dawes
020 7667 9575

Related Documents

Legal Documents

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Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton September 2019

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.