For Sale - Under OfferFreehold Investment Opportunity

140 & 140A, Burton Road, Lincoln, Lincolnshire, LN1 3LW

Description

The property comprises an open plan ground floor retail unit with a kitchen and WC to the rear. 

Above the retail unit there is a self-contained 1-bedroom apartment finished to a good standard.

The property is situated on Burton Road to the north of Lincoln City Centre, in the popular Uphill area, a short walk from the world famous Cathedral and Castle.

The unit is situated at the western end of Burton Road providing easy access to the City Centre and the A46 bypass.

Lincoln is one of England’s finest Cathedral Cities and is the administrative and major shopping centre within the County of Lincolnshire. It is ranked 4th in the East Midlands Experian Centre ratings behind Nottingham, Leicester and Derby.

It has a population and catchment of 543,367 and an established total catchment spend of £984.50 million.

TOWN AND COUNTRY PLANNING

The current use of the ground floor property falls within Class A1 (Retail) and the first floor within Class C3 (Dwellinghouses) of the Town & Country Use Classes Order 1987 (as amended).

TENURE

The property is available For Sale Freehold subject to an existing lease for the ground floor retail area and store, which has been let on a Full Repairing and Insuring lease for a term of 3 years from 5th January 2018 at an annual rent of £7,500 per annum.

The first floor flat has been let on an Assured Shorthold tenancy from 3rd April 2018 at an annual rent of £5,400 per annum.

Further information regarding rental income is available on request.

VAT

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

LEGAL COSTS

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