For SaleFreehold Investment Opportunity

39-41, Newport, Lincoln, Lincolnshire, LN1 3DN

Description

39 Newport - The property comprises a self-contained ground floor retail premises and a 6-bedroom House of Multiple Occupation (HMO) with shared common areas all decorated to a good standard.

41 Newport - The property comprises a self-contained 6-bedroom House of Multiple Occupation (HMO) with shared common areas and finished to a good standard.

Both properties will be sold fully furnished.

LOCATION

The properties are situated on Newport in the popular Uphill area of Lincoln. The properties are a short walk from the Cathedral, Castle and Bailgate area which is populated with a wide range of high end retailers and restaurants.

Bishop Grosseteste University and Lincoln County Hospital are located close by. The area also attracts significant tourist visitors as well as local shoppers. The latest tourist report shows in excess of 3,500,000 visitors per year to the city.

Lincoln is one of England’s finest Cathedral cities and the administrative and major shopping centre in the County of Lincolnshire.  It has a population of circa 553,367 and established total catchment spend of £984.40m. It is also a growing University city with circa 15,000 students and academic staff based at the main campus in Lincoln, contributing to an estimated £250m to the local economy.

TENURE

The property is available For Sale freehold.

The ground floor retail shop will be sold subject to a new effective Full Repairing and Insuring lease to Kutz Barbers for a term of 5 years at a rent of £9,000 per annum exclusive.

The residential accommodation is fully let on 12 individual Assured Shorthold Tenancies.

The investment is fully let, generating a total gross income of £60,259 per annum secured until 31st July 2021.

Further details can be provided by request.

PRICE

Offers are invited in excess of £650,000 for the whole

* Vendor may consider selling 39 and 41 Newport individually – price on application

VAT

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

LEGAL COSTS

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