For Sale / To LetCity Centre Retail Premises

271-271A, High Street, Lincoln, Lincolnshire, LN2 1JG

Description

The property consists of a double fronted city centre unit situated towards the northern end of the pedestrianised High Street, laid out over four floors and a basement.

In our view, the upper floors would be suitable for conversion to residential use, subject to planning. Plans available on request.

LOCATION
The property is located on the upper High Street section of Lincoln city centre. The location has become popular over recent years and is part of the city’s leisure circuit with Pizza Express, Slug & Lettuce and other popular retail outlets together with The City of Lincoln Museum within close proximity.

Lincoln is one of England’s first Cathedral Cities and the administrative and major shopping centre within the County of Lincolnshire. It has a population of circa 543,367 and an established total catchment spend of £984.40 million. It is also 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

We understand that the property has a long established use as a retail shop falling within Class A1 (Retail) of the Town and Country Planning (Use Classes) Order 1987 (as amended).

Alternative uses will shortly be permitted by virtue of the changes to the Use Classes to be introduced from 1st September 2020, which will see the property fall within Class E (Commercial, Business & Service Uses) without the need for planning permission. Further details on request.

RATES

Charging Authority:  City of Lincoln Council
Description:  Shop and Premises
Rateable value:  £17,500
UBR:  0.512
Period:  2020-2021

Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority.

TENURE

The property is available To Let on a new Full Repairing and Insuring lease for a term to be agreed.

Alternatively, the Freehold may be available For Sale with vacant possession.

VAT

VAT may be charged in addition to the rent at the prevailing rate.

LEGAL COSTS

The ingoing tenant is to be responsible for the Landlord’s reasonable legal costs in the case of a letting and each side will pay their own in the case of a sale.