Darlington high street bank valued at £1.1m to go under the hammer

A Darlington high street bank valued at around £1.1m will be brought to the commercial property market in November as part of a multi-million-pound UK auction.

Located on Northgate, the Halifax branch will remain open for business as usual following the sale, which is being managed by online property auction specialists John Pye Property.

The branch is one of seven Halifax branches being sold on behalf of LPA Receivers valued at £20m in total.

Other locations include Brighton, Chelmsford, Colchester, Liverpool, Mansfield and Reading. A Barclays branch in Grimsby is also being sold.

Richard Reed MRICS MNAVA, head of property at John Pye Property, said: “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.”

The guide prices for this November sale of the eight bank buildings range from £1m to £4.5m.

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

Simon Hunt of JLL, said: “As LPA Receiver I need to ensure that I sell property assets for the best sale price and with John Pye’s extensive database of active buyers and their global reach, then I am confident that they will generate a large amount of interest in these blue chip investment opportunities from a wide range of UK and overseas buyers and I am very much looking forward to some fantastic outcomes for our lender client.”

Richard added: “We provide sellers with the best value route to market by offering 0% seller fees, £0 marketing costs and £0 entry fees, meaning any sale of property through our auctions will be without any agency fees or associated marketing costs.

“We recently celebrated our third year in online property auctions and have increased the frequency of our sales, creating greater opportunities to acquire property through the online process.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →