Sold

Lincoln – City Centre High Street Bank Investment

221 High Street, Lincoln, LN1 1TS

Offers in excess of £5,220,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
7%

Income

£389,242 pa

Description

  • Lincoln is an attractive cathedral city situated in the county of Lincolnshire.
  • City centre high street bank totalling approximately 879.1 sq m (9,462 sq ft).
  • The city benefits from a strong tourism economy with approximately four million visitors per annum.
  • Situated on the prime High Street pitch and commands a prominent corner position.
  • Freehold.
  • Current income of £389,242 per annum.
  • Unexpired lease term of approximately 8.5 years.
  • Let to the 5A1 covenant of HSBC Bank Plc.
  • The rent is reviewed annually in line with RPI with a collar and cap of 3%-5%.
  • Offers are sought in excess of £5,220,000 subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 7%, after allowing for purchasers costs of 6.60%.
  • Assuming the collar of 3% a purchase at this price gives a reversionary yield in:
    2020: 7.20%
    2025: 8.60%*