Highly Secure Bank Investment
2-8A Queen Street & 1-7A Eldon Street | Barnsley | S70 1SJ
subject to contract
6.5 years of undoubted income to Bank of Scotland plc
Triple Aspect building - Two return frontages in a prime retailing pitch
Self-contained upper parts with repurposing potential, subject to planning
£2,225,000, subject to contract
Attractive Net Initial Yield of 8.89%
Barnsley is a dominant retail, administrative and commercial centre in South Yorkshire, situated approximately 15 miles west of Doncaster, 16 miles north of Sheffield and 20 miles south of Leeds.
The town has excellent communication links being situated at the junction of the A628, A635 and A637 roads, with Junctions 37 and 38 of the M1 motorway approximately 2 miles west and 4 miles north-west of the town respectively. The M1 provides links to the M62 TransPennine motorway to the north, with the A1(M) additionally located circa 10 miles to the east of the town.
The town’s public transport provision was comprehensively upgraded by a new £25 million rail and bus interchange, which opened in the centre of Barnsley in May 2007. The station provides regular rail services to Sheffield (25 minutes), Leeds (32 minutes) and Wakefield (15 minutes).
The Halifax occupies a highly prominent position within the centre of Barnsley in the core pedestrianised area. There is a frontage onto the 100% prime pitch of Queen Street which is a continuation of Cheapside with a substantial return frontage to Eldon Street.
Directly opposite the Halifax is Marks and Spencer with adjacent occupiers including Tui, Holland and Barrett, Costa Coffee and Barclays.
Barnsley Metropolitan Borough Council, in conjunction with Queensbury Real Estate and Henry Boot Construction, are currently undertaking a £180 million town centre regeneration scheme called “The Glass Works”, approximately 100 metres from the subject property. The scheme will provide 25 shops, 7 restaurants, a bowling alley and a 13 screen Cineworld cinema, all centred around a new Town Square. Proposed tenants include Next, H&M, Sports Direct, Cineworld, and Nandos. The redevelopment also offers a new library and a comprehensive refurbishment and extension to the market halls.
For further information please see www.theglassworksbarnsley.com.
The Halifax comprises the entire building over ground, first and second floors with small basement area. The main entrance sits at the junction of Queen Street and Eldon Street and there are separate entrances to the upper floors from both Queen Street and Eldon Street.
Internally the unit has been well-fitted to the Halifax’s corporate standard. There is a ground floor banking hall with internal stair leading to first floor which has modern glazed partitioned meeting rooms and offices. The second floor has a series of storerooms and large open plan staffroom. There is a passenger lift serving the upper floors and accessed from the banking hall.
The accommodation has double glazed windows and air conditioning.
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Net Frontage||42.88 m||140 ft|
|Gross Frontage||52.65 m||173 ft|
|Zone A||62.34 sq m||671 sq ft|
|Zone B||91.23 sq m||982 sq ft|
|Zone C||108.41 sq m||1,167 sq ft|
|Remainder||7.15 sq m||77 sq ft|
|Ground Floor ITZA||1,463 sq ft|
|Ground Floor||269.13 sq m||2,897 sq ft|
|Mezzanine||12.36 sq m||133 sq ft|
|First Floor||224.35 sq m||2,415 sq ft|
|Second Floor||225.56 sq m||2,428 sq ft|
|Basement||26.20 sq m||282 sq ft|
|Total Net Internal Area||731.40 sq m||7,873 sq ft|
|Total Gross Internal Area||1,001.74 sq m||10,783 sq ft|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £865 + VAT.
The entire property is let to Bank of Scotland PLC t/a Halifax on full repairing and insuring terms for 20 years beginning 11th January 2008 and expiring on 10th January 2028.
The current rent is £212,500 pa. and there is a further rent review in January 2023.
Bank of Scotland Plc t/a Halifax Bank (Company No. SC327000) has reported the following figures:
|31st December 2020||31st December 2019|
|Total Income||£5,147 million||£6,033 million|
|Pre-Tax Profit||£883 million||£1,278 million|
|Total Assets||£315,764 million||£381,502 million|
Bank of Scotland Plc is a wholly owned subsidiary of Lloyds Banking Group Plc which operates under Halifax, Lloyds Bank and Bank of Scotland. Lloyds Banking Group is the UK’s largest digital bank and financial services group, reporting Pre-Tax Profits of £1,226 million and Total Assets of £871,269 million for the year ending 2020. For further information visit www.lloydsbankinggroup.com.
The tenant has an undoubted 5A1 Covenant.
The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seeks offers in excess of £2,225,000 (Two Million, Two Hundred and Twenty Five Thousand Pounds), subject to contract, and exclusive of VAT. This reflects an attractive Net Initial Yield of 8.89% after deduction of purchaser’s costs.
Please note that a purchaser will be re-charged the cost of the measured survey provided in the data room (£865 + VAT).
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
Let to undoubted covenant of Bank of Scotland PLC;
Lease until January 2028 with no breaks;
Highly prominent location within the Town Centre;
Lease over entire building;
Highly secure income at an attractive initial yield.
Data Room and clicktopurchase®
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|Kuit Steinart Levy LLP||+44 (0) 161 832 3434|