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Summary
- Historic Suffolk town and world-renowned home of British horse racing
- Offers in the region of £770,000, subject to contract
- 8.0% Net Initial Yield
- Let to Lloyds Bank Plc (Pre-Tax Profits £5.7 bn)
- VAT Free
- Rebased rent at lease renewal in 2022
- Tenant has been in occupation for over 44 years.
- Passing rent of £65,000 pa
- Option to exploit development potential in the future
- 100% Prime Pitch
- Consent for use as restaurant / coffee shop (Use Class E)
Location
Newmarket is an affluent and historic Suffolk market town and the Headquarters of British horse racing, attracting millions of visitors every year.
The town is located 65 miles north East of London, 13.5 miles north east of Cambridge, 15 miles west of Bury St Edmunds, 41 miles north east of Colchester, 43.5 miles south east of Peterborough and 50 miles south west of Norwich.
Newmarket is well connected being adjacent to the A14 which links to the A1/M1 to the west and to the A11/M11 to the south.
Newmarket Railway station provides regular and direct services to London Kings Cross and London St Pancreas stations with the fastest journey time being 1 hour and 40 minutes.
The town is located 50 miles north east of Luton Airport, 82 miles north east of Heathrow airport and 64 miles north west of Southend Airport.
Situation
The property occupies a 100% prime retailing position in the heart of the Town centre.
Other retailers in the vicinity include Greggs, EE, WH Smith, TK Maxx, Vodafone, Boots, Toni & Guy, Caffe Nero, Pizza Express, Savers, Starbucks, HSBC, Barclays and Nationwide.
The High Street is the prime retailing pitch of the town and provides a mixture of retail, food, and leisure facilities. The town benefits from the Guineas Shopping Centre, a 450-space car park and a longstanding twice-weekly market.
Description
The property comprises an impressive four storey commercial property of Victorian origin, arranged over basement, ground, first and second floors.
The ground floor predominantly comprises of a well-configured banking hall with offices on the first floor, staff area on the second floor and ancillary accommodation in the basement.
The property has been fitted out by the tenant to their usual corporate style.
There are two separate entrances from the front and one from the rear. In addition, there is an ATM on the outside of the property.
The property benefits from a flat roof to the rear, offering the potential to increase the massing of the property subject to planning permission.
