Barclays Bank Plc, Ten Pound Walk, Doncaster, DN4 5AX

The entire property is let to Barclays Bank Plc on a reversionary lease expiring on the 24th December 2021, at a passing rent of £140,000. The lease is drawn on full repairing and insuring terms and contains provision for an upward only rent review in December 2016. The property is held by way of a long lease granted by Doncaster Borough Council for a term of 125 years from 4th March 1991 at a peppercorn rent. The property is let to the unquestionable covenant of Barclays Bank Plc, a major global financial services provider that has existed for over 300 years and employs c140,000 people in over 50 countries, providing personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. For the year ending 31st December 2011 the bank reported a pre tax profit approaching £6 billion off a turnover in excess of £43.1 billion. Barclays have reported total assets in excess of £1.56 trillion for the same period. The property has been elected for VAT and therefore it is proposed that the transaction will be structured as a Transfer of a Going Concern (TOGC) for VAT purposes. We are instructed to seek £1,360,000 (One Million, Three Hundred and Sixty Thousand Pounds) for the long leasehold interest. A purchase at this level would provide an attractive net initial yield of 9.73%, allowing for usual purchaser’s costs at 5.8%.

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