Investment Consideration:
Gross Initial Yield: 9.85%
Rental Income: £162,000 p.a.
VAT is NOT applicable to this property
Entire property let to a medical care company on a 10 year lease until June 2032. No breaks.
Rent reviews every year linked to CPI
Comprises block of 10 x 1-Bed apartments, newly converted to a high standard
Situated within 20 minute walk from the University of Lincoln, a 17 minute walk from the hospital and a 10 minute walk from the High Street with its bars, clubs, restaurants and shopping outlets.
Property Description:
The property comprises residential block of 10 x 1-Bed Flats, newly converted to a high standard. The property is arranged over ground, first and second floor and provides the following accommodation and dimensions:
Ground Floor: 152 sq m (1,636 sq ft)
Flat 1 - 45 sq m (484 sq ft)
Flat 2 - 37 sq m (398 sq ft)
Flat 3 - 36 sq m (388 sq ft)
Flat 4 - 34 sq m (366 sq ft)
First Floor: 153 sq m (1,647 sq ft)
Flat 5 - 46 sq m (495 sq ft)
Flat 6 - 35 sq m (377 sq ft)
Flat 7 - 35 sq m (377 sq ft)
Flat 8 - 37 sq m (398 sq ft)
Second Floor: 73 sq m (786 sq ft)
Flat 9 - 35 sq m (377 sq ft)
Flat 10 - 38 sq m (409 sq ft)
Total GIA: 378 sq m (4,069 sq ft)
Tenancy:
The entire property is at present let to Medical Care Company for a term of 10 years from 1st July 2022 at a current rent of £162,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 1st July every year linked to CPI. No breaks.
Location:
The property is located on Monks Road within a residential area just a 10 minute walk from Lincoln’s City Centre, 20 minute walk from the University of Lincoln and a 17 minute walk from the County Hospital. The city’s train station is located just a 15 minute walk from the property. The station offers regular connections throughout the country, with regular services running to Newark Northgate, Edinburgh and London Kings Cross.
