About this property
The property is prominently located on Bunkers Hill, adjacent to the traffic lights with Outer Circle Road, within a busy commercial/residential district, convenient for a full range of amenities and located approximately one mile East of the City Centre.
Freehold Investment Property For Sale – We are pleased to offer for sale this mixed-used investment property comprising a self-contained ground floor Retail/Consulting Room Facility, currently let to an Optician and additionally, at first floor level, is a self-contained Flat, let to a separate Tenant. The property has the benefit of a large car park/outside space which is considered to have further development potential, subject to planning and the property is located on the fringe of Lincoln City Centre, within a mixed commercial/residential area, prominently located with frontage onto Bunkers Hill (A15). The entire building is currently generating an income of £20,400 per annum with guaranteed future uplift. Further details are overleaf. Yield 6.8%.
The ground floor retail premises comprise a well-presented Reception/Showroom Area with separate Consulting Rooms/Offices, a Store and WC Compartment. The ground floor area extends, in total, to 85 sq.m (915 sq.ft).
The first floor flat has its own independent access at ground floor level and comprises a well-presented Two Bedroomed Apartment with gas fired central heating and uPVC double glazing.
Externally, the property occupies a double-width plot, providing a generous car parking area to the side and rear of the property. There is a secure storage outbuilding within the grounds of the property that is capable of further occupation or potentially, redevelopment subject to the necessary Planning Permissions.
Mains electricity, gas, water and drainage are understood to be connected to the property.
EPC Rating to follow.
Lease Terms –
The ground floor retail premises are let under the terms of a Lease expiring on 3rd April 2023. The current Passing Rent is £15,000 per annum, although there is a fixed increase to £16,000 per annum effective on 3rd April 2021.
The first floor flat is let under the terms of an Assured Shorthold Tenancy and the current Passing Rent is £450 pcm.
The Freehold interest in this property is being offered for sale.
Rateable Value – £5,200
Flat Council Tax Band – A
The Vendor has confirmed that VAT is not payable on the purchase price.
Interested parties should contact Mundys Commercial to arrange a viewing, which would need to be arranged with the prior consent of the individual Tenants.