For Sale Freehold Student Residential Scheme

Park View, St Botolphs Crescent, Lincoln, Lincolnshire, LN5 8AZ

Description

▪  Freehold residential building located fronting St Botolphs Crescent within a large residential area circa 1 mile from Lincoln city centre’s retail core (20 minute walk).

▪  Detached two storey building arranged over ground and first floors. Total site extends to approx 0.248 hectares (0.61 acres).

▪  Fully refurbished in 2013 into a 52 bedroom (arranged as 5 flats) student accommodation scheme. Each flat comprises between 8 to 11 bedrooms with communal lounges, fully fitted kitchens and bathroom facilities (six bedrooms are en-suite). Property benefits from 32 space car park to the front in addition to communal grounds and lawned areas.

▪  Would suit a range of existing uses including student lets, residential HMO’s (subject to the receipt of any necessary consents/licences – parties should make their own enquires to the City of Lincoln Council in this regard). Potential reconfiguration of the accommodation into self contained studios, supported housing / quasi care uses or whole scale redevelopment of the site (STP).

▪  Offers in excess of £1,100,000 are invited on behalf of the Joint Fixed Charge Receivers. 

LOCATION

Park View is located to the south of Lincoln City Centre. The site is well connected both locally and nationally. Lincoln Station is located a mile northeast of the site, and the A57 is located 2.4 miles north west of the site, providing direct access to the A1. St Botolph's Crescent is linked to High Street (B1262), which is a main arterial route running into the Town Centre. Lincoln City Centre benefits from a large retail offering including the Cornhill Quarter and Tritton Retail Park which boasts a wide range of restaurants, bars, and leisure facilities. The University of Lincoln has undergone significant expansion in recent years and now boasts c.17,000 students. The university is currently ranked 34th in the Guardians University League Tables 2023 and its new Brayford Pool Campus provides a major contribution to the regeneration of the old Cathedral City.

SITUATION

St Botolphs Crescent itself comprises mainly residential dwellings. There are a number of apartment blocks directly adjacent to the subject that appear to have been developed in the 1950s, whilst a small number of private houses developed in the 2010s are situated to the rear of the subject. The wider area to the north and south of the property mainly comprise of terraced dwellings built in the Victorian era.

DESCRIPTION

The subject property comprises a detached two storey building of brick construction under a pitched tile roof. The Property was fully refurbished in 2013 into a student accommodation building arranged as 5 flats totalling 52 Beds with communal kitchens, living areas and bathrooms for each flat. In addition is a patio garden, landscaped areas and a circa 32 space tarmacadam car park. We are advised that the total Net Internal Area of the apartments are circa 844.31 sq m / 9,088 sq ft. The GIA of the building is estimated at 1,201 sq m / 12,866 sq ft.

Each flat benefits from their own dedicated front door. Three of the flats are accessible to the front of the building whilst two flats are accessed to the rear. Three flats are located to the ground floor, two comprising 11 bedrooms and one with 8 bedrooms. The two first floor flats comprise 11 bedrooms. All bedrooms are fully furnished with 6 bedrooms offering en-suite facilities with corner shower units. Each flat has a communal living area with fully fitted kitchen, lounge area with breakfast bar, two WCs and two bathrooms with either corner shower unit or bath. 

EPC

The Property has been assessed under Band B – 40 (Valid until 4th September 2023).

SERVICES

We understand the property benefits from the following services; Mains drainage, gas, water and electricity. CCTV and fire detection system throughout.

RATEABLE VALUE

The property has been assessed for the payment of council tax (Band G). We understand that given the overriding use of the property has been for student accommodation, Council Tax has not been chargeable at the Property. Further information will be available by contacting City of Lincoln Council on 01522 881188.

TENURE

The Property is held Freehold.

PLANNING

The site’s current use class is demised as Residential (C4) . The site is not located within a conservation or protected area. There are no monuments, parks or gardens that lie in immediate proximity to the site which would adversely affect redevelopment. The site is within the City of Lincoln Council local planning authority and is not allocated within the Central Lincolnshire Local Plan adopted in June 2017. Planning permission was granted under reference no 2012/0297/F for change of use from residential care home to 5 student flats accommodation 53 bedrooms with associated areas. The Property has since been converted into a student accommodation scheme.

PRICE

Offers in excess of £1,100,000 are invited for the Freehold interest. A timetable for bids will be circulated in due course.

VIEWINGS

The Joint Agents will be arranging a series of open viewings for interested parties to visit the property. Viewing dates will be confirmed shortly.