A Grimsby High Street bank valued at around £1 million will be brought onto the property market this month as part of a UK-wide auction.
The Barclays branch, located on Victoria Street next to the Freshney Place shopping centre, will remain open for business as usual following the sale, which is being managed by online property auction specialists John Pye Property.
The two day auction will take place on November 15 and 16.
Richard Reed MRICS MNAVA, head of property at John Pye Property said: “This Grade II listed building comes to market along with a portfolio of banks valued at £20 million 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.
John Pye Property has strategic offices throughout the UK, with its main regional hub in the south in London’s Old Bond Street in Mayfair and its Midlands regional hub in Nottingham. Due to the increase in instructions in the North West, John Pye Property has opened a northern hub in Manchester.
Anyone interested in finding out more about the auction can visit the website here or call 0115 970 6060.