18 December 2018
Barclays Bank’s historic branch in the heart of Lewes (10,757 sq ft) has been sold by SHW’s Investment Department.
The two adjoining listed buildings of over 10,000 sq ft are let to Barclays on a lease expiring in 2026, though the bank is entitled to vacate in 2021. The property was sold for in excess of the £1.5 million asking price, which reflected a net initial yield of 4.4%. This reflected the prospects for conversion to alternative uses if in the future Barclays decides to vacate or downsize.
SHW Investment Partner Charles Bramly said: “Our client wished to avoid the risk of owning a vacant building. By marketing three years before the tenant's break clause we were able to attract unconditional cash offers. This leaves time for the purchaser to secure planning permission for change of use before Barclays might decide to vacate or downsize.”