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Lot 21 Click here for addendum

Freehold Commercial Investment
In same family ownership for 32 years
6 Week Completion

Situation

Nearby the junction with Cross Street in this retail parade, serving the neighbourhood and within close walking distance of the town centre.
Gainsborough is a popular market town situated approximately 15 miles north-west of Lincoln and 30 miles east of Sheffield, with good road communications via the A631 and the A159 and national rail links via Gainsborough Central Station.

Property

A mid terrace building comprising a Ground Floor Shop with internal access to Ancillary Accommodation on the first floor.

Accommodation¹

Ground Floor Shop
Gross Frontage 32'0”
Retail Area Approx. 660 sq ft
Storage Areas Approx. 327 sq ft
First Floor Ancillary
Area Approx. 623 sq ft

______________

Total Area Approx. 1,610 sq ft

¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease (subject to a maximum liability - refer to lease in legal pack) to Alliance Property Holdings Limited t/a Morrisons Daily (see Tenant Profile) for a term of 10 years from 2nd April 2024 at a current rent of £4,250 per annum exclusive.

Rent Review 2029 linked to CPI (collared and capped)

Tenant's Breaks 2027 & 2031

Tenant Profile

In May 2022, Morrisons took over McColl's Retail Group when the business and assets were sold to Alliance Property Holdings Limited who are a part of Morrisons Group and McColl's largest supplier. The sale included 1,100 convenience stores across the UK.

*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.

20 and 22 Spital Terrace, Gainsborough, Lincolnshire DN21 2HE