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Bailgate, LincolnA1 - High Street

£49,500
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About this property

LOCATION
Located in the Bailgate Cathedral Quarter, the property is prominently located close to the junction of Bailgate and Westgate, surrounded by local cafes, restaurants, bars and independent retailers.

DESCRIPTION
Midas enjoys an excellent reputation, established for 20 years, as a unique boutique within the ever popular Bailgate retail area, specialising in Fair Trade, locally crafted ceramics, jewellery and gifts. In addition to the enviable trading location, the business has recently created an exciting new retail website offering potential for generating further sales and this is considered to be a superb opportunity to acquire a profitable retail business with excellent potential for further growth, situated within Lincolns premier retail district, popular with locals and tourists.

Midas is a well-established gift and craft shop, specialising in locally, more ethically-made ceramics, jewellery and gifts. The business enjoys an excellent loyal client base, as well as being ideally placed to take advantage of the tourist trade along the Bailgate shopping area, close to the Cathedral and Castle. Full details in respect of the business are available to seriously interested prospective purchasers once they have viewed the premises.

ACCOMMODATION
The property fronts directly onto the Bailgate and the internal accommodation briefly comprises;

Large open-plan Sales Area – 3.6m x 7.5m
Fully equipped with bespoke shelving and racking to display the stock to its best advantage.

Kitchen/Store – 1.5m x 3m
Incorporating stainless steel sink unit and racking.

WC Compartment – 1.5m x 1.4m
With low-level WC and wash hand basin.

Basement – 4.4m x 7.2m
Divided into two dry storage areas with racking, good headroom and accommodating the base of an original Roman Column!

SERVICES
Mains drainage, electricity and water are connected. The retail space has benefitted from recently upgraded, highly efficient LED lighting.

EPC Rating – Not applicable.

TERMS
The property is available under the terms of a new Lease for a period of ten years, at a very competitive rent of £9,000 per annum, subject to a Rent Review in 2020 and five yearly thereafter. The Lease will be prepared on a conventional internal repairing basis. Further details are available on request.

The ingoing Tenant will be responsible for the Landlord’s reasonable legal costs incurred in the preparation of the Lease, together with a referencing fee of £100 inc VAT.

OUTGOINGS
Rateable Value – £9,700 per annum.

In the event that a full rating liability is required, the current rates payable would be £4,650 per annum (Rate to the pound for 2017/18 is 47.9 pence).

Prospective Tenants are likely to qualify for Small Business Rates Relief which, under the current framework, would give up to 100% exemption of rates liability, but interested parties should make their own enquiries.

VAT
Whilst the trading business is VAT Registered, the building has not been elected for VAT and therefore no VAT is chargeable on the rent payable.

VIEWING
Via Mundys Commercial – 01522 556088.