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Lot 16

Freehold Commercial Investment
Gross Yield 10%
6 Week Completion

Situation

Occupying a prime position in the heart of this pedestrianised town centre, adjacent to The Works and British Heart Foundation, amongst other multiples such as Specsavers, Santander, Poundland, Holland & Barrett, and Savers, diagonally opposite an entrance to Great Yarmouth Market and less than ½ a mile to the Sea Front.
Great Yarmouth is a popular coastal resort located approximately 18 miles east of Norwich, 8 miles north of Lowestoft and benefits from good road links via the A47, A143 and the A12.

Property

A mid terrace building comprising a Ground Floor Bank with internal access to Ancillary Accommodation on the first and second floors. The property includes a Yard and a Drive-in for parking several cars at the rear.

VAT is NOT applicable to this Lot

FREEHOLD

Accommodation

Ground Floor Bank
Gross Frontage 19'0”
Internal Width 18'6”
Built Depth 55'6”
Banking Hall Area Approx 935 sq ft
First Floor Ancillary
2 Offices & Staff Kitchen Area Approx 403 sq ft
Ladies & Gents WCs
Second Floor Ancillary
Storage Area Approx 236 sq ft
Total Area Approx 1,574 sq ft

Tenancy

The entire property is let on a full repairing and insuring lease to Yorkshire Building Society (T/O for Y/E 31/12/2020 £977m, Pre-Tax Profit £161m and Shareholders' Funds £2.8bn) for a term of 5 years from 27th November 2020 (renewal of a previous Lease - in occupation for over 20 years) at a current rent of £20,000 per annum exclusive.

Tenant's Break November 2023

*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.

27 Market Place, Great Yarmouth, Norfolk NR30 1LY