About this property
Key Features
Freehold
Current rent of £65,000 per annum
Let to major banking covenant
Prominent High Street property
Description
A fantastic opportunity to purchase a substantial well-let commercial property in prime retail location in the heart of Newmarket, Suffolk, let to Lloyds Bank, who most recently signed a 5 year lease in 2022.
The property is of brick and stone wall construction beneath part slate, part flat roof, with the internal accommodation arranged over 4 main levels.
The property has the benefit of a right of way over the rear service road, which provides a secondary pedestrian access to the rear of the building.
The substantial accommodation features a banking hall at ground floor level, with offices and staff rooms arranged over the first and second floors, while the basement provides further ancillary accommodation predominantly used for storage purposes and to house building services. The net internal areas are as follows:
Tenure
Freehold subject to lease.
Location
The property is found in a prime trading part of Newmarket town centre, surrounded by a variety of local and national retailers on the busy High Street. The historic Suffolk town of Newmarket is internationally known as the home of British horse racing, has a population of over 20,000 and is located equidistant between Cambridge and Bury St Edmunds. The town benefits from a wealth of shops, facilities and services along with a train station and good links to the , A11, and A14 trunk roads.
EPC Rating - C.
VAT
No VAT is payable on the purchase price.
Lot Type
Commercial
Tenancies
The property is fully let to Lloyds Bank PLC who most recently signed a 5 year full repairing and insuring lease from 25th March 2022 (approximately 1.5 years unexpired) at a current rent of £65,000 per annum, without further review.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Karen Chapman at Druces LLP, Salisbury House, London Wall, London, EC2M 5PS
Viewing
Cheffins Commercial Department 01223 213666
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�
Planning
| Floor |
GIA (sq ft) |
NIA (sq ft) |
|
|
|
| Gross Frontage |
40 ft 5 in |
12.32 m |
| Internal Width (max) |
41 ft 4 in |
12.29 m |
| Shop Depth |
89 ft 10 in |
27.38 m |
| Ground Floor |
2,974 sq ft |
276.29 sq m |
| ITZA |
1,270 |
|
| Ground Floor Vault |
225 sq ft |
20.90 sq m |
| Basement Ancillary |
650 sq ft |
60.39 sq m |
| First Floor Offices |
1,141 sq ft |
106.00 sq m |
| Second Floor Office/Staff |
1,144 sq ft |
106.28 sq m |
| Total NIA |
6,134 sq ft |
569.87 sq m |