Description
A highly prominent and imposing banking unit sitting on the corner of High Street and Cornhill. The exterior of the property including the whole shop front benefits from modern glazed elevations and is currently being refurbished by the Tenants. Barclays occupy the property in its entirety. The ground floor comprises a modern banking hall, including ATM’s and ancillary accommodation. The first floor predominately comprises client facilities including open meeting areas and smaller glazed offices. The second floor has further client meeting rooms, along with ancillary staff accommodation, including a manager’s office.
The property benefits from a customer staircase and lift both of which serve the ground, first and second floors. In addition to the customer staircase there is a staff staircase which serves all floors. The basement comprises two redundant safes along with further ancillary accommodation.
The property interlinks to the rear with 20 Cornhill at ground and second floor levels. 20 Cornhill is held under a separate ownership and does not form part of the property being offered for sale. The lift and both staircases mentioned above are situated towards the front of the property, within 316-318 High Street.
LOCATION
The property enjoys a 100% prime location on Lincoln High Street, on the corner of High Street and the Cornhill, close to the Cornhill Quarter, Lincoln City Centre’s newest retail development. The Cornhill Quarter is part of a £70 million pound redevelopment, that is rejuvenating Lincoln’s retail offer and City Centre, encompassing the Cornhill, Sincil Street, City Square and The Corn Exchange.
The overall ‘regeneration zone’ will deliver in excess of 150,000 sq ft of mixed use commercial space and has already provided significant improvements to the City Centre infrastructure, including a new multi storey car park and bus station, together with major improvements to the public realm, including the area to the front of the subject property on the Cornhill.
Occupiers within the scheme include restaurants; The Botanist, Pho and Cosy Club and national retailers Hobbs, Phase Eight and Whistles, together with a 4 screen Everyman Cinema and 200 Degrees Coffee. Other nearby retailers to the subject property on the High Street include River Island, Costa Coffee, Boots, Opticians Acuitus, McDonald’s and Pandora.
Lincoln is one of England’s finest Cathedral cities and the administrative and major shopping centre for the county of Lincolnshire. It has a population of circa 543,367 and an established total catchment spend of £984.40 million. It is a growing University City, with close to 15,000 students and academic staff based at the City’s main campus, contributing an estimated £250 million to the local economy.
Services
We understand that all mains supplies are available and connected to the property. These have not been tested and interested parties are advised to make their own investigations to the relevant utility service providers.
Town & Country Planning
We understand that the property has consent for uses falling within Class E (Commercial, Business and Service uses) of the Town and Country Planning (Use Classes) Order 1987 (as amended 2020).
Following changes to the Use Classes Order that came into effect on 1st September 2020, Class E now encompasses a number of former uses including A1 (Shops), A2 (Professional & Financial Services), A3 (Restaurant & Café), B1 (Business) and D2 (Assembly & Leisure).
Tenure
The entire property is let to Barclays Bank Plc on a Full Repairing and Insuring Lease for a term of 20 years from 14 October 2006. There is a Schedule of Condition attached to the lease (the details of which are available upon request). The current passing rent under the lease is £146,000 per annum exclusive, which is payable quarterly in advance. The rent is subject to 5 yearly open market rent reviews, with the next one due in December 2021.
Covenant Information
Barclays Bank Plc traces its history back to 1690 and is one of the UK’s largest banks providing global financial services operating in 50 Countries around the world. It has around 83,500 employees.
Barclays Bank Plc is a publicly quoted company and features on the FTSE100 list.
The company has a market capitalisation in excess of £34 billion pounds. Credit Safe gives Barclays Bank Plc a credit rating of 86/100 (very low risk).
The last set of company accounts for the year ending 31/12/2020 show a turnover of £20.382 billion, a pre tax profit of £3.075 billion, a net worth of £52.56 billion and shareholder funds of £53.71 billion.
Price
£2,105,000 for the freehold interest subject to the lease to Barclays Bank Plc. A purchase at this level would provide the purchaser with a NIY of 6.5% after allowing for standard purchasers costs.
VAT
The property has not been elected for VAT.
Legal Costs
Each party is to be responsible for their own legal costs incurred in documenting this transaction.