Attractive, High Yielding Retail Investment in Prime Position
5 Hall Place | Spalding | Lincolnshire | PE11 1SA
subject to contract
Attractive retail investment
Prime retailing pitch
Let to Molson & Associates Opticians until July 2025
The unit has been fitted out to a high standard
£290,000, subject to contract
9.0% Net Initial Yield
Spalding is an affluent market town in the South Holland district of Lincolnshire, located approximately 24 km (15 miles) south of Boston, 32 km (20 miles) north east of Peterborough, 45 km (28 miles) west of Kings Lynn and approximately 166 km (103 miles) north of London.
The town benefits from good road communications being served by the A16 which connects with the A151. The town is also connected to the national railway network with a fastest journey time to London Kings Cross of 1 hour 26 minutes.
The property occupies a prime location in the heart of Spalding town centre on the south side of the pedestrianised Hall Place, close to the junction with Market Place. Surrounding occupiers include Nationwide & WHSmith (adjacent), Costa, Holland & Barrett, Greggs, Specsavers, Boots and Superdrug.
The property comprises a ground floor retail unit with some consulting rooms to the rear, along with office/staff/ancillary accommodation at first floor level. Internally, the retail area has been fitted out by the tenant to a high standard.
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Zone A||321 sq ft||29.82 sq m|
|Zone B||316 sq ft||29.36 sq m|
|Zone C||216 sq ft||20.07 sq m|
|Ground Floor Total||853 sq ft||79.24 sq m|
|First Floor||501 sq ft||46.54 sq m|
|Total||1,354 sq ft||125.79 sq m|
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 £345 + VAT.
The property is let to Molsom & Associates Limited on a full repairing and insuring lease for a term of 15 years from 13th July 2010, expiring on 12th July 2025. The lease is guaranteed by Mr Andrew Molsom.
The current passing rent is £27,000 per annum.
For the year ending 31st May 2021 Molsom & Associates (Co. No. 03371599) reported Net Assets of £109,684.
Established in 1997, Molsom & Associates is a local award-winning opticians. In 2018 the company achieved the title of Small Business of the Year at the South Holland Business Awards and won the Customer Care category in 2019. For further information visit www.molsom.co.uk.
It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) and the purchaser will be required to submit the appropriate election to HMRC. It should be noted that the administrators may not hold documentation to prove VAT election at the point of completion.
We are instructed to seek a figure of £290,000 (Two Hundred and Ninety Thousand Pounds), subject to contract, reflecting a net initial yield of 9.0%, assuming standard purchaser’s costs of 3.18%.
Please note that a purchaser will be re-charged the costs of the measured survey (£345 + VAT) and searches (£751.41 + VAT) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.
An opportunity to acquire a freehold retail investment in an attractive market town;
The property occupies a prime retailing pitch in the heart of the town centre;
Let to an established tenant Molson & Associates until July 2025;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size to an investor.
The affairs, business and property of the Company is being managed by the Joint Administrators Andrew Knowles and Steven Muncaster, who act as agents for the Company and without personal liability. Both are licensed by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
Data Room and clicktopurchase®
Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.
Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.
clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.
|Singer Vielle||+44 (0) 207 935 7200|
|Dale Henryemail@example.com||+44 (0) 203 701 1356|
|Neil Singerfirstname.lastname@example.org||+44 (0) 203 478 9120|
|Daniel Eliaemail@example.com||+44 (0) 20 3701 1353|