• 6.5 years of undoubted income to Bank of Scotland plc

• Triple Aspect building - Two return frontages in a prime retailing pitch

• Self-contained upper parts with repurposing potential, subject to planning

• Freehold

• £2,225,000, subject to contract

• Attractive Net Initial Yield of 8.89%

The Halifax occupies a highly prominent position within the centre of Barnsley in the core pedestrianised area. There is a frontage onto the 100% prime pitch of Queen Street which is a continuation of Cheapside with a substantial return frontage to Eldon Street.

Directly opposite the Halifax is Marks and Spencer with adjacent occupiers including Tui, Holland and Barrett, Costa Coffee and Barclays.

Barnsley Metropolitan Borough Council, in conjunction with Queensbury Real Estate and Henry Boot Construction, are currently undertaking a £180 million town centre regeneration scheme called “The Glass Works”, approximately 100 metres from the subject property. The scheme will provide 25 shops, 7 restaurants, a bowling alley and a 13 screen Cineworld cinema, all centred around a new Town Square. Proposed tenants include Next, H&M, Sports Direct, Cineworld, and Nandos. The redevelopment also offers a new library and a comprehensive refurbishment and extension to the market halls.

For further information please see www.theglassworksbarnsley.com.

The Halifax comprises the entire building over ground, first and second floors with small basement area. The main entrance sits at the junction of Queen Street and Eldon Street and there are separate entrances to the upper floors from both Queen Street and Eldon Street.

Internally the unit has been well-fitted to the Halifax’s corporate standard. There is a ground floor banking hall with internal stair leading to first floor which has modern glazed partitioned meeting rooms and offices. The second floor has a series of storerooms and large open plan staffroom. There is a passenger lift serving the upper floors and accessed from the banking hall.

The accommodation has double glazed windows and air conditioning.

Freehold.

The entire property is let to Bank of Scotland PLC t/a Halifax on full repairing and insuring terms for 20 years beginning 11th January 2008 and expiring on 10th January 2028.

The current rent is £212,500 pa. and there is a further rent review in January 2023.

The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seeks offers in excess of £2,225,000 (Two Million, Two Hundred and Twenty Five Thousand Pounds), subject to contract, and exclusive of VAT. This reflects an attractive Net Initial Yield of 8.89% after deduction of purchaser’s costs.

Please note that a purchaser will be re-charged the cost of the measured survey provided in the data room (£865 + VAT).

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.

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