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    Key features

    • To be offered on Wednesday 29 May
    • High Yielding Retail Investment
    • Fully Let to The Works Stores Limited
    • Five Year Lease Renewal from January 2023
    • Producing £30,000 per annum
    • Tenant in Occupation for 10+ Years
    • 2,946 sq ft (273.7 sq m)
    • Prime Pedestrianised Street
    • Guide Price Reflects 17.6% Gross Yield

    Description

    The property comprises a high yielding retail investment let to the well regarded covenant of The Works and occupying a prominent pitch on Scunthorpe's pedestrianised High Street.

    Arranged across ground, first and second floors, the property is fully let to The Works Stores Limited on a five year lease from 06/01/2023 and paying £30,000 per annum. The current lease is a renewal of an existing lease and the tenant has been in occupation for over 10 years. We understand the tenant completed extensive refurbishment/fit-out works upon their lease renewal and the store has been fitted with the tenants new corporate branding.

    Scunthorpe is one of the principal administrative and retail areas in Lincolnshire. The property occupies a prime pitch on the pedestrianised High Street, with nearby occupiers including Costa, Superdrug and JD Sports.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is fully let to The Works Stores Limited on a five year lease from 06/01/2023 and paying £30,000 per annum. The current lease is a renewal of an existing lease and the tenant has been in occupation for over 10 years. We understand the tenant completed extensive refurbishment/fit-out works upon their lease renewal and the store has been fitted with the tenants new corporate branding.


    The lease is on full repairing and insuring terms and includes a tenant break option in the third year.


    The Works Stores Limited


    • D&B Rating: 4A3
    • Turnover (2023): £280m
    • Pre Tax Profit (2023): £6,819,000
    • Total Assets (2023): £144m


    The Works are a well known mainstay of the UK High Street, with over 500 stores nationwide and approximately 4,000 employees.

    Rent

    £30,000 per annum
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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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