For SaleInvestment/Development Opportunity

76-78, Monks Road, Lincoln, Lincolnshire, LN2 5HU

Description

The property comprises a double fronted end of terrace office/surgery building constructed in traditional materials – brick under a pitched slate roof - laid out over 3 floors with 4 car parking spaces to the rear.

The property has until very recently been used as a Doctors Surgery, but would be suitable for conversion back into its original use as a pair of terraced dwellings, subject to the receipt of planning permission.

LOCATION

The property is located in a well-established residential location about half a mile to the east of the City Centre.

The property sits on the corner of Monks Road and Arboretum Avenue a short walk to the east of Lincoln College Campus on Monks Road. There are a sprinkling of commercial uses within the locality that serve the extensive residential catchment.

Lincoln is the administrative and shopping centre for the County of Lincolnshire. It has a resident population of circa 100,000 and a catchment within a 20 mile radius of 300,000. It is ranked 4th in the Experian East Midlands Retail Rankings. It is also a growing University City with close to 15,000 students and academic staff now based at the main campus in the City, contributing an estimated £250 million to the economy, in addition to those based at Lincoln College and Bishop Grosseteste University in uphill Lincoln.

TOWN AND COUNTRY PLANNING

The existing and established use of the property as a Doctors Surgery falls within Use Class D1 (Non-Residential Institutions) of the Town and Country Use Classes Order 1987 (as amended).

Other commercial uses such as a Crèche or Day Nursery are permitted within the same use class and in our view the property has potential for alternative commercial uses such as an office falling within Class B1, subject to securing the necessary planning permission.

Furthermore, in our view the property also offers potential for conversion back into residential use, subject to the receipt of the necessary planning permission.

Interested parties are advised to discuss their proposals for the building with City of Lincoln Council.

TENURE

Freehold with vacant possession on completion.

VAT

VAT may be payable 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.