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For Sale£395,000.00

City Centre Retail Premises with First Floor Apartment, 4 Newland, Lincoln LN1 1XD

Residential, Retail, Offices , 1774 Sq Ft
Property type: Residential, Retail, Offices
Tenure: Investment Opportunity, For Sale Freehold
Size: 1774 Sq Ft
Price: £395,000.00
Location: 4 Newland, LN1 1XD
Prominent City Centre Ground Floor Retail Premises - Let until February 2024 with vacant upper floor self-contained modern 3-bed residential apartment, 6 private car parking spaces to rear, potential investment opportunity to generate an income in excess of £30,000 per annum exclusive.

The building provides a good quality ground floor retail premises. The property is self-contained and comprises good size retail area, WC and store.

The first floor residential apartment is separately accessed via the rear and is split over two levels and comprises 3 good sized bedrooms with modern bathroom, kitchen and lounge. The property is finished to a very good standard.

The property also benefits from 6 private car parking spaces located to the rear of the property.

The property is situated in a prominent location on Newland. Newland is a main arterial road into Lincoln and links the Brayford Wharf with Lincoln High Street via Mint Street. Nearby Guildhall Street hosts a number of retail shops and leisure occupiers.

Other occupiers in the vicinity include City and County Council offices, health centres, accountants, estate agents, architects and solicitors.

Lincoln is the administrative and major shopping centre of Lincolnshire with a resident population of 93,551 (2011 Census).

TOWN AND COUNTRY PLANNING
We believe that the ground floor retail unit has an established use for A1 (Shops).

In our view, the property would be suitable for a variety of alternative uses subject to necessary planning permission.

TENANCY
The retail unit is let to Pack & Send Tracking Limited for a term of 10 years from 7th February 2014 at a rent of £12,000 pax.

The lease provides an upward only rent review February 2019.

There is a tenant only break clause in February 2019.

The first floor flat is currently vacant and in the agents opinion would achieve a monthly rental of over £1,000 per month.

TENURE
Freehold with vacant possession.

PRICE
£395,000

VAT may be charged in addition to the price at the prevailing rate.

LEGAL COSTS
Each party is to be responsible for their own legal costs incurred in documenting the transaction.

VIEWING
To view the premises and for any additional information please contact the sole agents.
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