£500,000

24-30 Strait Bargate, Boston

Retail Investment

Square foot

7495 sq ft

Key Features

> Offers in excess of £500,000
> Fully let retail investment
> The property is occupied by two strong covenants
> Net initial yield 8.6%
> Potential reversionary yield to 10.84% after standard purchaser's costs
> Town Centre location on a prime pitch within Boston

Description

24-30 Strait Bargate comprises a mid-terraced, two-storey building of traditional brick construction beneath a pitched roof offering two ground floor retail units with ancillary accommodation at first floor level, occupying a prominent position fronting Strait Bargate within Boston town centre.

The subject property is located within the town centre of Boston, Lincolnshire. Strait Bargate is one of the principal retail and commercial thoroughfares within Boston, forming part of the established town centre shopping area. Boston is a market town, and administrative centre situated approximately 30 miles east of Lincoln and approximately 35 miles north-west of Skegness. The town benefits from good road connections, including access to the A16, providing links to surrounding settlements and the wider Lincolnshire road network. Boston railway station is located approximately 0.5 miles to the northeast, providing rail services to destinations including Grantham and Skegness.

The surrounding area comprises a mix of retail, professional services, leisure, and civic uses, with a number of national and independent occupiers represented within the town Centre. The property occupies a central position within the established commercial core of Boston, benefiting from its town centre location and proximity to local amenities, transport links, and pedestrian footfall routes.

24-26 Strait Bargate is let to New Look Retailers Limited for a term of 5 years from 13th September 2024 with a break clause in the third anniversary. The passing rent is £25,000 per annum.

28-30 Strait Bargate is let to Harvey & Thompson Limited for a term of 5 years from 31st August 2022. The passing rent is £20,000 per annum.

Net initial yield 8.6%, potential reversionary to 10.84% after standard purchaser’s costs

The property is elected for VAT. The sale is anticipated to be treated as a transfer of a going concern (TOGC).

Strictly by appointment through sole agent Bradley Hall — contact details below:
Henry Bowers
henry.bowers@bradleyhall.co.uk
0113 223 4868