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Lot 17

Gross Yield 15.75%
6 Week Completion

Situation

Located in the heart of the town's main pedestrianised retail thoroughfare, opposite Sports Direct and Bonmarché and close to NatWest, Ryman, Shoezone, Halifax, The Works, Home Bargains and others.
Barrow is the second largest urban area in Cumbria after Carlisle and lies on the Furness Peninsula, close to the Lake District and some 34 miles south-west of Kendal and the M6 (Junction 36).

Property

An end of terrace building comprising a Ground Floor Bank with internal access to Ancillary/Office Accommodation at first floor level.

Accommodation

Ground Floor Bank
Gross Frontage 34'8"
Internal Width 35'1" (max)
Bank Depth 60'0"
Built Depth 79'0"
Banking Hall Area Approx. 1,835 sq ft
Customer WC
First Floor Ancillary/Offices
Area Approx. 1,690 sq ft
Ladies & Gents WCs
Total Area Approx. 3,525 sq ft

VAT is applicable to this Lot

Freehold

Tenancy

The entire property is let on a full repairing and insuring lease to Barclays Bank PLC (T/O for Y/E 31/12/17 £26.7bn, Pre-Tax Profit £3.16bn and Shareholders' Funds £65.7bn) for a term of 10 years from 25th May 2015 (in occupation for approx. 30 years - renewal of a previous lease) at a current rent of £31,500 per annum exclusive.

Rent Review & Tenant's Break May 2020

Note: In Autumn 2018, the Tenant carried out an extensive internal refurbishment of the property to a high standard.

*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.

86-90 Dalton Road, Barrow-in-Furness, Cumbria LA14 1JH