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Bailgate, LincolnA1 - High Street, A1 – Centre

£100,000
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About this property

LOCATION
Located in the Bailgate Cathedral Quarter the shop enjoys the bonus of customer parking directly outside. The location includes being directly situated next to thriving local cafes, restaurants, bars, independent stores in the uphill shopping village of the Bailgate.

DESCRIPTION
For the Lease and Business (plus stock at valuation)
We are pleased to offer a rare opportunity to purchase a successful store in Lincoln’s most sought after locations. LIFEstyle home and giftware is a well established business within the Bailgate Cathedral Quarter. The shop has a local client base, plus all year round tourism. The shop location also benefits from being in the heart of all uphill events including the lucrative Lincoln Christmas Market, which brings over 200,000 visitors to the Bailgate each year. Full business details are available to seriously interested prospective purchasers.

LIFEstyle prides itself on being a special shopping experience. The business benefits from having exclusive deals with big name brands that can only be found in high end department stores such as Neom Organic, LSA Glassware, Maxwell and Williams crockery and Lightstyle London.

The store is open between 9.30am – 5pm. However, this is flexible and during Christmas late night shipping and peak summer season, the shop opens later to maximise the sales opportunities.

The current owner has kept stock levels low and is able to move quickly for a prospective buyer, in order for them to maximise the up coming Lincoln Christmas Market. They are only looking to sell due to on-going professional overseas commitments.

ACCOMMODATION
Benefiting from a large modern glazed open shop frontage and having full disabled access, the shop consists off:

Store Room (2.7m x 1.5m) – Having access of the main retail space and leading to the W.C.

W.C (2m x 1.5m) – Having W.C and sink, plus extra storage room.

Retail Space A (4.9m x 5.2m) – The main shop floor area, having display units on all walls and a large front shop window.

Retail Space B (5.7m x 3.6m) – Located at the back end of the shop and having more display units on the walls and a till area. Also giving access into the store room.

SERVICES
Having water and electricity connected. Electricity is on a sub meter.

TERMS
The property is held on a Leasehold basis. The current Lease expires in March 2023 and the rent until that time is £18,000 p/a. Full details in respect of the tenancy agreement are available on request.

The stock is subject to a separate valuation.

The ingoing tenant is responsible for referencing fees in the sum of £100 in VAT.

The ingoing tenant is responsible for the landlords reasonable legal costs for transferring ownership of the existing lease.

The current lease has recently been renewed, offering a 5 year term with a secured right to renew, sub let or re assignment.

OUTGOINGS
Rateable Value – £16,000

In the event that a full rating liability is required, the current rates payable would be £7664 (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
VAT may be applicable in addition to the sale price.

VIEWING
Viewing via prior arrangement through Mundys on 01522 556088