A purpose built public house comprising a substantial detached building sitting on a site of approximately 0.18 hectares (0.43 acres) with a separate car park on the opposite side of Blankney Crescent extending to 0.05 hectares (0.12 acres), held by way of a short term lease.
The property is part two storey/single storey and is constructed in cavity brickwork under a pitched tiled and flat felt covered roof. The ground floor is currently being used as a pub and function suite and the first floor as a substantial 4-bedroom flat.
The property is situated in a prominent location on Blankney Crescent, which sits adjacent to Riseholme Road, one of the busiest routes northwards out of the city centre on to Lincoln Bypass and the A15 beyond.
The property is located on the edge of what is a large residential housing estate and the surrounding area is very much residential in character, with a number of new build schemes nearby that have either been completed within the past 12-18 months or are under construction.
The city centre is situated approximately 1½ miles to the south and the popular historic Cathedral Quarter of the city approximately ¾ of a mile to the south. The A46 Lincoln Bypass is located a short distance to the north.
TOWN AND COUNTRY PLANNING
The current use of the property is as a Public House and Premises falling within Class A4 (Drinking Establishment) of the Town and Country Planning (Use Classes) Order 1987 (as amended).
In our view the property would be suitable for a variety of alternative uses as well as demolition and redevelopment for either new build residential or commercial development, subject to the receipt of the necessary planning permissions.
Please also note the Covenant referred to later in these particulars.
The pub and site will be sold freehold with vacant possession by way of Private Treaty.
The car park is held leasehold from the City of Lincoln Council on a 15 year lease from 15th May 2012 at a rent of £1,400 per annum, payable in half yearly equal instalments. The rent is subject to a 5 yearly rent review and incorporates a rolling 3 yearly mutual break option.
There is a Restrictive Covenant in place on the site in favour of City of Lincoln Council dating from 1955, under which the owners are not permitted to use the property or land for any alternative use other than a Licenced House.
Any sale for alternative uses will be conditional upon negotiating the successful release of this Covenant with the City of Lincoln Council.
The property currently has a full on licence permitting the sale of alcohol from 10.00 to 00.00 Sun-Thur, and 10.00 to 01.00 Fri-Sat.
No inventory will be provided, however all trade inventory owned by the Vendor on the day of completion is included in the sale. Third party owned items of beer dispensing equipment is excluded.
VAT may be payable in addition to the purchase price at the prevailing rate.
The sale will be subject to an overage provision in favour of the Vendor ensuring that in the event of the purchaser or successor in title being able to secure a viable planning permission for a higher value alternative use at some point in the future, the Vendor would be entitlted to a share in any uplift in value.
Each party is to be responsible for their own legal costs incurred in documenting the transaction.