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1-7 St Benedict’s Square, Lincoln, LN5 7AR
Freehold High Street Retail Investment
Highlights
o Exceptionally prominent town centre retail parade investment
totalling approximately 2,991.7 sq m (32,202 sq ft)
o Primary catchment population of 228,000 and the largest urban
centre in the county of Lincolnshire
o Prime retail position situated on the pedestrianised section of
the High Street and opposite from a large M&S department store
o Freehold
o Current income of £315,750 per annum, subject to rental top-up
o Let to 7 national and local tenants including Lloyds Bank,
Boots, Brighthouse, The Tanning Shop and Game
o WAULT of 10.3 years to expiry (9.0 years to breaks)
o All upper parts are intact with significant redevelopment potential
to alternative uses, including residential, subject to planning
Offers in excess£3,120,000
Total income£315,750
Yield9.50%
National Investment
Lincoln is a historic cathedral city in the East Midlands and the largest urban centre of the county of
Lincolnshire. The city is located 45.9 miles (73.9 km) east of Sheffield, 38.2 miles (61.5 km) north east of
Nottingham and 65.8 miles (105.9 km) south east of Leeds.
The city benefits from excellent road communications, located at a hub of several major A-roads. Lincoln is
situated along the B1308 which travels east to the A15, a major A-road that travels north to the M180 and
south towards the A1 (M). The A1(M) is a primary arterial route into London, which connects to the M25,
London’s Orbital Motorway. Sheffield can be accessed to the west via the A57, just south of the town
centre.
East Midland, LNER and Northern Railway Services operate from Lincoln Railway Station providing direct
services to Leeds (2 hours 9 minutes), Leicester (1 hour 37 minutes) and Nottingham (47 minutes). Regular
services also run services to London Kings Cross, with fastest journey times of 2 hours and 6 minutes.
Doncaster Sheffield Airport and East Midlands Airport are located 33.4 miles (53.8 km) to the north west
and 50.5 miles (81.3 km) south west respectively, providing international and domestic flight services.
Location
National Investment
The property is situated on the junction of the pedestrianised element of the High Street and St
Benedict’s Square and forms part of the Prime retaining pitch of Lincoln City Centre. The immediate area
hosts a wide range of well-recognised national brands including M&S, FatFace, Starbucks and Laura
Ashley.
Waterside Shopping Centre is situated a short 3 minutes’ walk (0.1 miles) to the north east, hosting
numerous national tenants including New Look, Superdrug, H. Samuel and Carphone Warehouse.
Local transport links are excellent, with numerous local bus services available on Wigford Way (A57),
adjacent to the rear of the property and Silver Street to the north. Lincoln Rail Station is situated only a 4
minute walk from the property to the south east with regular services to Leeds, Nottingham and London.
Situation
National Investment
Accommodation & Tenancy Schedule
Description
The property is arranged on ground and first
floor to provide an attractive parade providing
retail and ancillary accommodation totalling
2,992 sq m (32,202 sq ft).
Tenure
Freehold.
Demise Tenant Area (sq ft) Lease Start Lease Expiry Break Rent ReviewEffective Rent
(£ p.a.)Comments
Unit 1Mardan Ali
Fathulla467 21/03/2017 20/03/2032
21/03/2022 (M)
21/03/2027 (M)21/03/2022 £23,500
Rent deposit -
£5,875
Unit 2
Caversham
Finance
Limited
689 04/05/2018 03/05/202803/05/2021(1)
03/03/202304/05/2023 £29,000
Rent deposit -
£7,250
Unit 2ALloyds Bank
plc1,223 04/01/2012 23/06/2026 04/01/2022 £10,000
Unit 3
Diana
Carchedi and
Giovanni
Riccardo
Carchedi
530 17/02/2017 16/02/2022 £19,500
Unit 4The Feel Good
Group Limited1,842 08/03/2013 07/03/2023 08/03/2018 £40,000
Unit 5Boots UK
Limited23,333 26/11/2018 25/11/2033 25/11/2028 (2)
26/11/2023
26/11/2028£163,750
Lease subject
to a rent free
period of 12
months, to be
topped-up by
the Vendor
Units 6-7Game Retail
Limited4,118 25/04/2019 24/04/2022 24/04/2020 (3) £30,000
TOTAL 32,202 £315,750
(1) Tenant must pay a penalty of £14,500 if break exercised(2) Tenant must pay a penalty of 6 months rent if break is exercised(3) Tenant break is a mutual rolling break exercisable on not less than 3 months notice (after 25/4/2020)
National Investment
Covenant
Caversham Finance Limited [D&B Rated: 5A4]
31st March 2016 31st March 2017 31st March 2018
Turnover £364,950,000 £314,240,000 £279,692,000
Pre Tax Profits £22,515,000 -£20,279,000 -£29,103,000
Total Net Worth £162,336,000 £142,553,000 £114,274,000
Lloyds Bank Plc [D&B Rated: 5A1]
31st March 2016 31st March 2017 31st March 2018
Turnover - - -
Pre Tax Profits £1,977,000,000 £5,035,000,000 £4,929,000,000
Total Net Worth £49,326,000,000 £47,675,000,000 £36,484,000,000
Boots UK Limited [D&B Rated: 5A1]
31st March 2016 31st March 2017 31st March 2018
Turnover - - -
Pre Tax Profits £1,977,000,000 £5,035,000,000 £4,929,000,000
Total Net Worth £49,326,000,000 £47,675,000,000 £36,484,000,000
Game Retail Limited [D&B Rated: 5A2]
30/07/2016 29/07/2017 28/07/2018
Turnover £583,890,000 £493,112,000 £478,242,000
Pre-Tax Profit £6,868,000 -£7,135,000 -£11,290,000
Net Worth £72,104,000 £68,866,000 £65,401,000
The Feel Good Group Limited [D&B Rated: 2A2]
31/12/2015 31/12/2016 31/12/2017
Turnover £11,996,002 £14,171,755 £15,692,334
Pre-Tax Profit £1,560,246 £1,662,429 £2,439,108
Net Worth £1,634,471 £2,017,342 £3,848,479
National InvestmentContact
s
Ronnie Morgan
Surveyor
+44 (0)20 7543 6808
EPC
Please refer to the Allsop Marketing Data Room for supporting documentation.
VAT
We understand the property has been elected for VAT. It is anticipated that the sale will
be treated as a Transfer of Going Concern (TOGC).
Dataroom
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/benedictsquare
Proposal
Offers in excess of £3,120,000 (Three Million and One Hundred and Twenty Thousand
Pounds), subject to contract and VAT. A purchase at this level reflects a Net Initial Yield
of 9.50%; allowing for standard purchaser’s costs.
Andrew Wise
Surveyor
+44 (0)20 7543 6731
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. 07.19