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Lot 5

Freehold Commercial Investment let to Poundland Limited – Gross Yield 10%
6 week completion

Situation

Close to the junction with Hitchin Street, in the heart of the town centre, adjacent to Boots and Coral and amongst such multiples as Specsavers, Greggs, Iceland, Lloyds, Halifax and many others.
Biggleswade is a popular market town which lies adjacent to the A1 some 11 miles east of Bedford and 23 miles south-west of Cambridge. Biggleswade Station (Thameslink) provides train services (fastest 36 minutes) to London St Pancras.

Property

A mid terrace ex-Woolworth building comprising a Large Ground Floor Retail Unit with internal access to Ancillary Accommodation on first floor level.
The property includes 2 Goods Lifts and an area at the rear for deliveries and parking.

Accommodation¹

Ground Floor Retail Unit
Gross Frontage 53'6"
Internal Width 51'3"
Shop Depth 102'8"
Built Depth 106'10"
Sales Area Approx. 5,210 sq ft
First Floor Ancillary
Storage, Offices, Kitchen & Staff Area Approx. 4,693 sq ft
Staff WCs ________________

Total Area Approx. 9,903 sq ft

¹Areas taken from VOA

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Poundland Limited (see Tenant Profile) for a term of 3 years from 5th February 2023 (renewal of a previous lease) at a current rent of £42,000 per annum exclusive.

Tenant Profile

Poundland have a network of over 850 stores in the UK and the Republic of Ireland. They are part of Pepco Group which has over 4,000 stores in 21 territories including the UK, the Republic of Ireland, Spain and across the CEE region, employing 43,000 people. Poundland Limited reported a T/O for Y/E 25/09/2022 of £1.58bn, Pre-Tax Profit of £33.9m and Shareholders' Funds of £178.7m.

*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.

11–13 Market Square, Biggleswade, Bedfordshire SG18 8AS