We are delighted to present a significant commercial property portfolio to the market in November in the form of eight bank buildings with a total guide price of £20million.
Seven of the banks are Halifax branches and are located in Brighton, Chelmsford, Colchester, Darlington, Liverpool, Mansfield and Reading. The properties are to be sold on behalf of LPA Receivers. The bank branches themselves are unaffected and remain open for business.
The eighth bank is a Barclays branch located in Grimsby and is also being sold on behalf of LPA Receivers.
The November sale is one of our most significant to date with the guide prices of the eight bank buildings ranging from £1million to £4.5million.
Richard Reed MRICS MNAVA, head of our property division, said: “This is a significant portfolio of properties being sold on behalf of the Receivers which presents a unique opportunity in the UK.
“All eight properties are prime for investors looking to buy good quality stock when there is not a great deal of top quality investment properties coming to market. The properties are in fantastic high street locations in UK towns and cities. The first seven properties have approximately five years remaining on the leases, the eighth property has ten years remaining, and with gross initial yields ranging from 5.5% to 9.7%, they offer great returns from blue chip tenants.
“We are anticipating massive interest in these buildings from national investors and those from overseas. It is recognised that banks are secure tenants and there are long leases remaining on the buildings from long standing tenants.”
With clients ranging from LPA receivers, insolvency practitioners, banks, property companies and private investors, our pioneering online property auctions have offered properties valuing more than £175million through its auctions since 2014.
Simon Hunt of JLL, said: “As LPA Receiver I need to ensure that I sell property assets for the best sale price and with John Pye’s extensive database of active buyers and their global reach, then I am confident they will generate a large amount of interest in these blue-chip investment opportunities from a wide range of UK and overseas buyers and I am very much looking forward to some fantastic outcomes for our lender client.”
Richard added: “We provide sellers with the best value route to market by offering 0% seller fees, £0 marketing costs and £0 entry fees, meaning any sale of property through our auctions will be without any agency fees or associated marketing costs.”
The two day auction will take place on 15 and 16 November. Click the link below to find out more or phone 0115 970 6060.
34-35 Western Road, Brighton
Guide Price: £1,800,000 – Passing Rent p/a: £111,900 – Gross Initial Yield: 6.2%
21-22 High Street, Chelmsford
Guide Price: £4,500,000 – Passing Rent p/a: £304,000 – Gross Initial Yield: 6.8%
22-26 Head Street, Colchester
Guide Price: £3,450,000 – Passing Rent p/a: £205,700 – Gross Initial Yield: 6.0%
55-57 Northgate, Darlington
Guide Price: £1,125,000 – Passing Rent p/a: £102,500 – Gross Initial Yield: 9.1%
30-32 Bold Street, Liverpool
Guide Price: £2,700,000 – Passing Rent p/a: £191,600 – Gross Initial Yield: 7.1%
20-22 Stockwell Gate, Mansfield
Guide Price: £1,100,000 – Passing Rent p/a: £107,000 – Gross Initial Yield: 9.7%
65-66 Broad Street, Reading
Guide Price: £4,500,000 – Passing Rent p/a: £245,500 – Gross Initial Yield: 5.5%
35-41 Victoria Street, West, Grimsby
Guide Price: £1,000,000 – Passing Rent p/a: £95,000 – Gross Initial Yield: 9.5%