Bank building to go under hammer at auction
A high street bank valued at around £1m will be brought to the commercial property market this month as part of a multi-million-pound UK-wide auction.
The Barclays branch, located on Victoria Street next to the Freshney Place shopping centre in Grimsby, will remain open for business as usual following the sale, which is being managed by online property auction specialists John Pye Property.
Richard Reed, head of property at John Pye Property said: “This is a unique investment opportunity for this area. This Grade II listed building comes to market along with a portfolio of banks valued at £20m in total.
“Along with the other branches, this is a significant portfolio of commercial properties being sold and as a result we expect to see massive interest from national and overseas investors. All properties are prime for investors looking to buy good quality stock when there is not a great deal of top quality investment properties coming to market.
“The properties are in fantastic high street locations in UK towns and cities. The first seven properties have approximately five years remaining on the leases, the eighth property has ten years remaining, and with gross initial yields ranging from 5.5% to 9.7%, they offer great returns from blue chip tenants.
“It is recognised that banks are secure tenants and there are long leases remaining on the buildings from long standing tenants.”
An additional seven Halifax branches are also being sold on behalf of LPA Receivers. Locations include Brighton, Chelmsford, Colchester, Darlington, Reading, Mansfield and Liverpool.
The sale is one of John Pye’s most significant to date with the guide prices of the eight bank buildings ranging from £1m to £4.5 million.
Simon Hunt of JLL, said: “As LPA Receiver I need to ensure that I sell property assets for the best sale price and with John Pye’s extensive database of active buyers and their global reach, then I am confident that they will generate a large amount of interest in these blue chip investment opportunities from a wide range of UK and overseas buyers and I am very much looking forward to some fantastic outcomes for our lender client.”
The two day auction will take place on November 15 and 16.
