Attractive Freehold Investment Let to Lloyds Bank Plc

Lloyds Bank | Minster Place | Ely | Cambridgeshire | CB7 4EN

£730,000

subject to contract

EXCHANGED

Summary

  • To be sold by clicktopurchase® best offers by 1pm 1st April 2019

  • VAT Free investment

  • Let Lloyds Bank Plc – Turnover in excess of £17.35 Billion

  • Lloyds have been in occupation since 1923

  • Prominent city centre position

  • Affluent and popular Cambridgeshire city

  • Substantial building with 10 space car park at the rear

  • Offers in excess of £730,000, subject to contract

  • Capital value of 95.11 per sq ft / £1023.83 per sq m on the GIA floor areas

Ely Cambridgeshire retail property investment CB7 4EN

Location

Ely is an affluent and popular Cathedral City located in the centre of the Fen countryside. The city has undergone significant growth in recent years, supported by housing developments on its north-western edge, meeting the needs of the expanding population.

Due to Ely’s close proximity to Cambridge and Newmarket and it being within very easy reach of Suffolk and North Norfolk, the city has become the preferred base for exploration and tourism, making Ely an extremely popular tourist destination.

Ely is located on the A10 which runs from London to Kings Lynn and is approximately 16 miles (26 km) north east of Cambridge, 54 miles (87 km) south west of Norwich and 70 miles (113 km) north east of London. The city is also connected to the National Railway Network with Ely station providing a fastest journey time to London’s Kings Cross of 1 hour and 10 minutes.

Stanstead airport is approximately 42 miles (68 km) south of Ely and Luton airport is approximately 52 miles (84 km) south west.

Some popular attractions in Ely include Ely Cathedral, the former home of Oliver Cromwell, Dojima Sake Brewery, Denny Abbey, Welney Wetland Centre, Ely’s Liberty Belle River Cruises, Wicken Fen National Reserve, Burwell Museum and The Farmland Museum.

Situation

The property is located in a highly prominent corner position where High Street, Lynn Road, St Mary’s Street and Minster Place meet. The property is approximately 50 metres from Ely’s most popular attraction, Ely Cathedral. As a result the property benefits from a high level of footfall and passing traffic.

National operators nearby include The White Stuff, Boots, Superdrug, Specsavers, Tui Travel, Carphone Warehouse, Costa Coffee, Café Nero, Prezzo, Wildwood and Vodafone. The area also provides an eclectic mix of independent operators. Other high street banks in close proximity include Barclays Bank, Santander, HSBC, Nationwide and Natwest.

There are a wide range of boutique hotels and B&Bs nearby with the property being located opposite the Lamb Inn and The Kings Arms.

Ely-Cambridgeshire-retail-property-investment-CB74EN
Ely-Cambridgeshire-retail-property-investment-CB74EN

Description

The property comprises an attractive 3 storey corner building with good natural light throughout and is arranged over basement, ground and 2 upper floors.

The banking hall is arranged over ground floor with ancillary accommodation at basement level. The upper floors provide office and ancillary accommodation. The property benefits from independent access to the upper floors.

The property provides entry and exit points from the front, side and rear of the building and benefits from a private 10 space gated car park at the rear. There are ATMs on the exterior as well as within the property.

Accommodation

The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

Zone A 87.33 sq m 940 sq ft
Zone B 70.33 sq m 757 sq ft
Zone C 27.87sq m 300 sq ft
Remainder 37.72 sq m 406 sq ft
Ground Floor Total 223.15 sq m 2,403 sq ft
     
Basement 99.68 sq m 1,073 sq ft
First Floor 165.64 sq m 1,783 sq ft
Second Floor 101.26 sq m 1,090 sq ft
     
Total NIA 589.82 sq m 6,349 sq ft

The total Gross Internal floor area is 7,675 sq ft / 713.01 sq m.

The measured survey report is available to download and will be assigned to a purchaser at a cost of £445 + VAT.

Ely-Cambridgeshire-retail-property-investment-CB74EN
Ely-Cambridgeshire-retail-property-investment-CB74EN

Planning

The property is not listed and sits within the Ely Conservation Area

Tenure

Freehold.

Ely Cambridgeshire retail property investment CB7 4EN
Ely-Cambridgeshire-retail-property-investment-CB74EN

Tenancy

The property is let to Lloyds Bank Plc on a full repairing and insuring basis for a term of 15 years from 24th June 2013, expiring 23rd June 2028. There is a tenant’s break option on 23rd June 2023, subject to 6 months’ written notice.

The current passing rent is £50,000 per annum. The lease benefits from 5 yearly upwards only rent reviews.

Covenant

Lloyds Bank Plc (Company No. 00002065) has reported the following figures:

  31st December 2017 31st December 2016
Total Income £17,352 million £14,480 million
Pre-Tax Profit £5,035 million £1,977 million
Total Assets £823,030 million £830,927 million

Lloyds Bank was founded in 1765 and is one of the leading British retail and commercial banks with over 1,100 branches across England and Wales. The bank is the principal subsidiary to Lloyds Banking Group which is a publicly quoted company with 30 million customers and 75,000 employees. One third of all lending on UK new-build properties is funded by Lloyds. For further information visit www.lloydsbankinggroup.com.

Ely-Cambridgeshire-retail-property-investment-CB74EN
Ely-Cambridgeshire-retail-property-investment-CB74EN

VAT

The property has not been registered for VAT and therefore VAT is not applicable.

Proposal

We are instructed to seek offers in excess of £730,000 (Seven Hundred and Thirty Thousand Pounds), subject to contract, reflecting a net initial yield of 6.50%, assuming purchasers’ costs of 5.36%.

Please note that a purchaser will be re-charged the costs of searches and surveys which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £3,750 + VAT.

Ely-Cambridgeshire-retail-property-investment-CB74EN
Ely-Cambridgeshire-retail-property-investment-CB74EN

Investment Considerations

  1. The investment provides highly secure income - let to Lloyds Bank PLC;

  2. Lloyds have been in occupation since 1923;

  3. VAT free investment;

  4. Located in an affluent Cambridgeshire city;

  5. Prominent city centre location in close proximity to Ely Cathedral;

  6. The property may lend itself to future alternative use, subject to planning;

  7. Attractive net initial yield;

  8. Attractive lot size to an investor.

 

19.2.19

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Daniel Elia daniel@singervielle.co.uk +44 (0) 203 701 1353
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120
Faye Langoulant faye@singervielle.co.uk +44 (0) 203 478 9122
Louanne Malan louanne@singervielle.co.uk +44 (0) 203 701 1386

Vendors Solicitor

Joelson Law +44 (0) 207 580 5721
Jude Salmon jude.s@joelsonlaw.com

Joint Agent

James Dunitz james@dunitzandco.com
+44 (0) 207 486 8000

customer service