College Mews is a converted and extended 2 storey former warehouse, constructed in traditional materials, with many of the original features maintained during the conversion works, that is now laid out to provide 25 en suite student bedrooms with shared kitchen/dining facilities.
6 Toronto Street is a mid-terrace house constructed in traditional materials, with 3 bedrooms and 2 reception rooms.
16 Cranwell Street is a mid-terrace house constructed in traditional materials, with 2 bedrooms and 2 reception rooms.
The main property within the portfolio is College Mews, which is situated on the corner of Holmes Road and Carholme Road, in a highly convenient location close to the main City Centre University Campus. In addition the City Centre is located about ¼ of a mile to the west.
The other two properties are a pair of terraced houses located in established residential locations on Toronto Street and Cranwell Street, to the east and south of the City Centre respectively.
Lincoln is one of England’s oldest Cathedral Cities and the administrative and major shopping centre within the County of Lincolnshire. It has a population and catchment of circa 543,367 and an established total catchment spend of £984.40 million. It is a growing University City with close to 15,000 students and academic staff based at the main campus in Lincoln, contributing an estimated £250 million to the local economy.
TOWN AND COUNTRY PLANNING
The current and well established uses of the properties are:
College Mews – sui generis – student accommodation
Toronto Street/Cranwell Street – dwellinghouses falling within Class C3 (Dwelling) of the Town and County Use Classes Order 1987 (as amended).
None of the 3 properties are Listed and nor are they located within a Conservation Area.
Each of the properties is held freehold and will be sold subject to the existing tenancy agreements
Let on 48 week agreements. ERV when fully let £114,192 per annum
6 Toronto Street:
Let on an AST at a rent of £480 pcm - £5,760 per annum
16 Cranwell Street:
Let on an AST at a rate of £500 pcm - £6,000 per annum
Total ERV = £125,952 per annum
A full tenancy schedule is available on request.
METHOD OF DISPOSAL
The 3 properties are held in an SPV – Lincolnshire Properties Ltd – and it is the SPV that is being sold.
£1,450,000 to purchase the SPV. A purchase at this level will give a purchaser a yield of 8.5% net of the reduced acquisition costs under a share purchase over a standard property acquisition.
VAT may be payable in addition to the purchase price at the prevailing rate.
Each party is to be responsible for their own legal costs incurred in documenting the transaction.