Attractive Freehold Investment Let to Lloyds Bank Plc
Lloyds Bank | Minster Place | Ely | Cambridgeshire | CB7 4EN
subject to contract
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 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.
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.
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.
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.
The property is not listed and sits within the Ely Conservation Area
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.
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.
The property has not been registered for VAT and therefore VAT is not applicable.
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.
The investment provides highly secure income - let to Lloyds Bank PLC;
Lloyds have been in occupation since 1923;
VAT free investment;
Located in an affluent Cambridgeshire city;
Prominent city centre location in close proximity to Ely Cathedral;
The property may lend itself to future alternative use, subject to planning;
Attractive net initial yield;
Attractive lot size to an investor.
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