To LetCity Centre Retail Unit

2, St Peter at Arches, High Street, Lincoln, Lincolnshire, LN2 1AJ

Description

The retail premises are arranged over ground floor with an attractive prime retail frontage and strong passing footfall.

EPC Rating : E118

LOCATION

The unit enjoys a prominent position on the High Street. The property forms part of the popular St Peter at Arches retail parade, which is home to Greggs, The Works and CEX.

The property is surrounded by a wide range of national and regional retailers and leisure operators within close proximity including Blacks, White Stuff, Poundland, Intersport, Caffè Nero, Joules and NatWest Bank. Leisure operators include Walkabout and the new TGI Fridays, scheduled to open early 2021.

Lincoln is one of England’s finest Cathedral cities and the administrative and major shopping centre within the County of Lincolnshire. It has a catchment population of circa 543,367 and an established total catchment spend of £984.40m. It also has a growing University with close to 15,000 students and economic staff based on the main campus, contributing an estimated £250m to the local economy.

TOWN AND COUNTRY PLANNING

We understand that the property has consent for uses falling within Class E (Commercial, Business & Services Use) of the Town and Country Planning (Use Classes) Order 1987 (as amended).

Following changes to the Use Classes Order that came into effect on 1st September 2020, Class E now encompasses a number of uses including A1 (Shops), A2 (Professional & Financial Services), A3 (Restaurant & Café), B1 (Business) and D2 (Assembly & Leisure).

RATES

Charging Authority:  City of Lincoln Council
Description:  Shop and Premises
Rateable value:  £30,500
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 by way of an effective Full Repairing and Insuring lease for a term to be agreed.

SERVICE CHARGE

An annual service charge will be levied in addition to the rent to cover the upkeep, maintenance and repair of all common parts of the property.

VAT

We understand VAT will be payable in addition to the rent, at the prevailing rate.

LEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting the transaction.