• Prominent town centre retailing pitch

• Historic Market Town

• Established tenant

• New lease from June 2014

• Freehold

• £430,000, subject to contract

• 10.0% net initial yield

The property is situated in a prominent trading position on the pedestrianised Wide Bargate where it meets Strait Bargate. Strait Bargate is the principal pedestriansed section of Boston town centre. Pescod Square Shopping Centre is immediately to the rear of the subject property and the entrance is adjacent to the property. Other retailers in the immediate vicinity include Specsavers, Waterstones, Santander, New Look, Argos, Clarks, WH Smith and OD Stores and Oldrid’s & Downtown Department Store. Originally opened in 2004 Pescod Square Shopping Centre is anchored by Wilkinson, Peacocks and various other multiple retailers such as Next, Superdrug and Costa Coffee. The property is also well positioned close to the main town centre car parks.

Every Wednesday and Saturday there is a market on Strait Bargate close to the property thereby driving additional footfall past the building.

The property, which is Grade II listed, comprises a mid-terrace high street retail building arranged over basement, ground, first and second floor providing ground floor sales and ancillary accommodation together with office, storage and ancillary accommodation over the upper floors and basement storage. The building is of traditional brick construction with a fully glazed shop front and bay window to first floor and sash windows on second floor beneath a slate covered roof. There is access for loading adjacent to the property via Mitre Lane.

Internally, the property has been fitted out by the tenant in their usual corporate style.

Freehold.

The property is let to AG Retail Cards Limited t/a Clintons on a Full Repairing and Insuring lease for a term of 10 years from 22nd April 2014 expiring on 21st April 2024 at a current passing rent of £45,000 per annum. Based on our analysis the passing rent equates to £40 Zone A.

The lease includes a break option on 21st April 2019, subject to 6 months’ prior formal notice, and a rent review on 22nd April 2019 in the event the break option is not exercised.

The passing rent was set in 2014 in an open market letting when the previous tenant, JJB Sports, vacated the property who were paying £71,000 per annum.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in the region of £430,000 (Four Hundred and Thirty Thousand Pounds), subject to contract, reflecting a net initial yield of 10.0%, assuming purchaser’s costs of 4.36%.