Friday, June 5, 2020

Mansfield Bank To Go Under The Hammer

A Mansfield high street bank valued at around £1.1 million will be brought to the commercial property market this month (15 and 16 November) as part of a multi-million-pound UK-wide auction by Nottingham-based online auctioneer John Pye Property.

The Halifax branch, located on Stockwell Gate, will remain open for business as usual following the sale.

The branch is one of seven Halifax branches being sold on behalf of LPA Receivers valued at £20 million in total. Other locations include Brighton, Chelmsford, Colchester, Darlington, Reading and Liverpool. A Barclays branch in Grimsby is also being sold.

Richard Reed MRICS MNAVA, head of property at John Pye Property says: “This is a unique investment opportunity for this area and we expect to see massive interest from national and overseas investors.

“Along with the other branches, this is a significant portfolio of properties being sold. All 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.”

John Pye Property has brought up to £5 million worth of commercial and residential properties in the city to market in 2017, as Nottingham properties feature in almost every online auction which occur every three weeks.

The November sale is one of John Pye’s most significant to date with the guide prices of the eight bank buildings ranging from £1 million to £4.5 million.

With clients ranging from LPA receivers, insolvency practitioners, banks, property companies and private investors, John Pye’s pioneering online property auctions have offered properties valuing more than £175 million through its auctions since 2014.

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