Strait Bargate, Boston, Lincolnshire, PE21

Prime Development Opportunity with Planning Consent
16 Retail Units and 15 Residential Apartments
Site Extending to 1.49 acres, 0.61 hectares approximately
Including Three Retail Units with Total Gross Sales Area 288sqm, 3,100sqft
NCP Car Park Passing Rent £70,000 pa
For Sale Freehold £3.25 million plus VAT Subject to Contract


Location...
Boston is a bustling market town with an extensive range of local amenities, located on the South Lincolnshire Fens, approximately 35 miles to the north-east of Peterborough and 100 miles to the north of London.

The property extends to the prime retail zone, where it benefits from an extended frontage to Strait Bargate and Wide Bargate. Nearby traders include Poundstretcher, New Look, Next, W H Smith, Santander Bank, Costa Coffee and Waterstones Book Shop.

The twice weekly historic Boston Market attracts shoppers and tourists to the town. The market is located in the Market Place and Wide Bargate.

Boston is predicted to be one of the fastest growing towns in the East Midlands Region. Current estimates predict the population to be in the region of 68,000 residents.

The town is a sub-regional shopping centre with approximately 100,000sqm of retail shopping floor space. The town has an estimated primary retail catchment area of 77,000 shoppers. When combined with the secondary area this increases to 235,000 shoppers.

Description...
A prime mulit-let investment development opportunity comprising 3 retail units with residential accommodation requiring refurbishment and a large town centre car park.

The site has plans for re-development, Planning Reference B/18/0060, for the demolition of 36 Strait Bargate and 2 Wide Bargate, the refurbishment of 4 Wide Bargate and the construction of 16 new retail units and 15 residential apartments with associated parking.

The development will provide a link road from the Prime Retail Zone of Wide Bargate and Strait Bargate through to Red Lion Street.

32-34 Strait Bargate is a vacant retail unit, 36 Strait Bargate is let at £10,000 per year on a short term arrangement to a pop up shop. The lease contains a six month development clause in favour of vacant possession for a new purchaser. Above the units is a vacant apartment.

4 Wide Bargate is a vacant retail unit with space over. It is a Grade II Listed Building and will remain as part of the planning application requiring refurbishment to provide an access to the new proposed development to the rear.

The site has a development opportunity with planning consent for 16 retail units and 15 apartments producing an income on short term lets.




Schedule of Accommodation?
32-34 Strait Bargate
Gross Sales Area 68sqm 705sqft
Sales ITZA 50.7sqm 545sqft

36 Strait Bargate
Gross Sales Area 168sqm 1,810sqft
Sales ITZA 112.7sqm 1,215sqft
First Floor Accommodation Gross (est) 100sqm 1,076sqft
Apartment Above Unmeasured

4 Wide Bargate
Gross Sales Area 51.9sqm 560sqft
Sales ITZA 44.5sqm 473sqft
Rear Former Beauty Rooms now used as offices Gross Internal Floor Area 42sqm 450sqft
Beauty Rooms Net Internal Area 29sqm 315sqft
First Floor (est) Vacant Gross Sales Area 158sqm 1,700sqft
Second Floor (est) Vacant 158sqm 1700sqft

Rear Car Park
The rear site is let to NCP on a lease expiring 2021, containing a development break clause. Current passing rent is £70,000 pa, details of the lease are available upon request.

Outgoings...
Rateable Values as follows: 32-34 Strait Bargate £38,750, 36 Strait Bargate £62,500, 4 Wide Bargate £22,250, National Car Parks £61,000.

EPCs?
32-34 Strait Bargate D90, 36 Strait Bargate D93.

Proposed Sale...
Unconditional offers are welcomed from prospective purchasers at the guide price of £3.25 million plus VAT Subject to Contract. Properties are being offered to the market by way of private treaty and all expressions of interest are welcomed.

Viewing...
By appointment through the agent.
Poyntons Consultancy.