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

ronnie.morgan@allsop.co.uk

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

andrew.wise@allsop.co.uk

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