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Lot 10

Freehold Commercial Investment
6 Week Completion

Situation

Occupying a prominent trading position within the town's main prime retail thoroughfare, close to the entrance to the Hildreds Shopping Centre, adjacent to Greggs and amongst other multiples such as Boots, Specsavers, Poundland, HSBC, Barclays, Lloyds, H. Samuel, Clarks, Select, New Look, Savers and numerous others.
Skegness Station (National Rail) and the Seafront are both under a 5-minute walk away.
Skegness is a popular retail centre and seaside resort on the East Lincolnshire Coastline, enjoying excellent road links with the A16 and A52, some 22 miles north-east of Boston and 43 miles east of Lincoln.

Property

Forming part of a terraced parade comprising a Ground Floor Shop with internal access to Ancillary Accommodation at first and second floor level. The property includes a rear yard.

Accommodation

Ground Floor Shop
Gross Frontage 21'1"
Internal Width 18'9"
Shop Depth 28'10"
Built Depth 49'1"
Sales Area Approx. 540 sq ft
Rear Office Area Approx. 186 sq ft
2 WCs
First Floor Ancillary & Kitchen
Area Approx. 571 sq ft
WC
Second Floor Ancillary
Area Approx. 434 sq ft

Total Area Approx. 1,731 sq ft

VAT is NOT applicable to this Lot

Freehold

Tenancy

The entire property is let on a full repairing and insuring lease to TUI UK Retail Limited as a Travel Agent (having approx. 300 branches) (See Tenant Profile) for a term of 2 years from 24th June 2020 (Holding Over - see Note 1) at a current rent of £10,000 per annum exclusive.

Tenant Profile

TUI UK Retail Limited are part of the TUI Group who provide vacations to approx. 27 million customers annually in 180 regions around the world.
They operate 5 Airlines with around 130 Aircraft, 400 Hotels and 16 Cruise Liners.
Visit www.tuigroup.com

Note 1: The Lessees have been in occupation (previously trading as Lunn Poly) for over 30 years.

Note 2: The Landlord has not served a Section 25 Notice, however the Lessees have informally offered to take a new 5 year lease at £10,000 p.a. with a break at the end of years 2 and 4, which the Landlord has not agreed to.

*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 £1,000 plus 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.

74 Lumley Road, Skegness, Lincolnshire PE25 3NG