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Lot 12

Commercial Investment
By order of Executors
6 Week Completion

Situation

Occupying a prominent trading position on the main retail thoroughfare leading into Market Street, opposite a public car park and close to branches of Co-op Funeralcare and Subway and some 100 yards from Boots, Ladbrokes and Betfred.
Darwen is located on the main A666 Bolton to Blackburn route approximately 17 miles north of Manchester City Centre.

Property

A mid-terraced building comprising a Large Ground Floor Banking Hall with Basement Storage plus internal access to Ancillary Accommodation at first and second floor levels.

Accommodation

Ground Floor Banking Hall
Gross Frontage 31'8"
Built Depth 65'4"
Banking Hall Area Approx. 1,780 sq ft
Basement Ancillary
Storage Area Approx 1,000 sq ft
First Floor Ancillary
Office/Storage Area Approx. 1,025 sq ft
Second Floor Ancillary
Storage Area Approx. 485 sq ft

Total Area Approx. 4,290 sq ft

VAT is NOT applicable to this Lot

Tenure

Held on 2 Long Leaseholds each for 1,000 years from 1823 and 1824 at a total fixed ground rent of £11.97 p.a. which has not been demanded for very many years.

Tenancy

The entire property is let on a full repairing and insuring lease to Lloyds Bank Plc (having approx. 1,100 branches) (T/O for Y/E 31/12/20 £18.5bn, Pre-Tax Profit £1.32bn and Shareholders' Funds £41.04bn) for a term of 10 years from 22nd February 2012 at a current rent of £17,500 per annum exclusive.

Note 1: The tenants have informed the Vendor that they are closing the branch on 8th February 2022 which would provide the buyer with the opportunity of a possible dilapidations settlement.

Note 2: There may be potential to convert the upper floors into residential use, subject to planning.

*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.

213 & 215 Duckworth Street, Darwen, Lancashire BB3 1AU