About this property
Redwood Drive is located off Valley Road and Brant Road respectively, approximately three miles south of Lincoln City Centre on the Lincoln/Waddington border.
FULLY LET INVESTMENT PROPERTY – Mundys are pleased to offer to the market for sale this investment opportunity located upon a busy parade of shops in the village of Waddington. The ground floor retail unit, currently operates as a convenience store and is achieving £500 per calendar month and there is a newly refurbished 2 bedroom flat above, achieving £550 per calendar month. The property therefore provides an annual income of £12,600 per annum.
The premises is split into a ground floor retail area and a two bedroom flat on the first floor.
The ground floor retail area comprises of: sales area, store room, Kitchen and W.C. and is a total of 52 meters sq. (559 sq. ft.)
The first floor flat, having been recently refurbished comprises of; newly fitted kitchen and bathroom, living room and two bedrooms.
To the outside, there is an enclosed garden to the rear which is allocated to the flat. To the front, there is unrestricted parking which is available for all shops on the parade.
Electricity – Separate for shop and flat.
Gas – Only connected to the flat.
Water – Separate for shop and flat.
The Vendor has confirmed that the ground floor Tenant has a ten year Lease commencing January 2015 and the current Passing Rent is £6,000 pa. The first floor flat Tenant signed a six month Assured Shorthold Tenancy Agreement in February 2020 and the rent is £550 pcm.
Business Rates – £4,250
In the event that a full rating liability is required, the current rates payable would be approx. £2,140 (Rate to the pound for 2019/20 is 50.4 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. Interested parties should make their own enquiries.
VAT maybe applicable to the purchase price.
Free visitor parking available.
Viewings via Mundys Commercial on 01522 556088