Property 1 - 2 May Crescent, Lincoln LN1 1LP - 5 bedrooms, 2 bathrooms, a ground floor lounge and kitchen - GIA 103m2 (1,109 ft)
Property 2 - 7 Hackthorn Place, Lincoln LN2 2DW - 4 bedrooms, a ground floor lounge and kitchen and first floor bathroom – GIA 83 m2 (893 ft)
Property 3 - 166 West Parade, Lincoln LN1 1LF - 6 bedrooms, a ground floor lounge and kitchen and 2 bathrooms - GIA 129 m2 (1,388 ft)
Property 4 - 29 Turner Street, Lincoln LN1 3JL - 3 bedrooms, a ground floor lounge and kitchen and 2 bathrooms - GIA 83 m (893 ft)
Property 5 - 68 Spital Street, Lincoln LN1 3EG - 3 bedrooms, a ground floor lounge and kitchen and a first floor bathroom - GIA 71 m (764ft)
This investment opportunity comprises 5 terraced houses, 2 of which are situated in the West End area of Lincoln and the remaining 3 in Uphill Lincoln.
In total, the Portfolio comprises twenty-one HMO bed spaces, spread throughout the 5 properties.
The properties in the West End, Turner Street and Spital Street respectively are Victorian terraced houses constructed in solid brickwork under pitched slate/tiled roofs. The property on Hackthorn Place is constructed in cavity brickwork under a pitched tiled roof. Further details in respect of each of the properties is set out in the section below.
The disposal of the Portfolio as a whole would be preferred by the Vendor. However, consideration will be given to offers for the individual properties. Further details in respect of the asking prices for the properties is set out in a later section of these Particulars.
This Portfolio represents a rare opportunity to acquire a group of income generating HMOs situated in popular locations within the City, with those in the West End being popular with students at the University of Lincoln and those 3 in Uphill Lincoln, popular with students from Bishop Grosseteste.
EPC Ratings – Each of the properties has a valid EPC in place and the EPC rating for each is set out as follows:
2 May Crescent - LN1 1LP – E 49
7 Hackthorn Place – LN2 2DW – C70
166 West Parade – LN1 1LF - 55D
29 Turner Street – LN1 3JL - E54
68 Spital Street – LN1 3EG - D56
Lincoln is the administrative and main shopping centre for the county of Lincolnshire, with a population of circa 130,000 and a catchment of 545,000, generating an estimated total catchment spend of close to £1 bllion per year. It is recognised as one of England’s finest cathedral cities, attracting over 3 million tourists every year.
It is also a growing university city, with close to 20,000 students and staff attending or working at the University and other Higher Educational Colleges around the City, including Lincoln College and Bishop Grosseteste University, which combined contribute an estimated £250 million into the local economy every year.
The properties are situated on May Crescent and West Parade in the West End area of the City and those located in Uphill Lincoln are situated on Turner Street, Hackthorn Place and Spital Street.
All these locations are well-established residential areas, popular both with students and private buyers.
The properties situated in the West End are located about a mile to the west of the main University of Lincoln campus, whilst the properties on Turner Street and Spital Street are located about half a mile from the main Bishop Grosseteste campus and Hackthorn Place, about three quarters of a mile to the north of the main Bishop Grosseteste campus.
We understand all mains services are available and connected to the properties.
None of these services have been tested and interested parties are advised to make their own enquiries with the relevant utility providers.
The rent payable for each of the bedrooms is inclusive of utility costs.
The properties have been generating a rental income of around £100,000 per annum over the past 2 years. We anticipate that, with a small element of rental growth later this year with the grant of new AST’s, the gross rental income per annum should increase to around £105,000 per annum over the next 12 months. More detailed information around the current/anticipated income for each of the properties is available on request.
Town & Country Planning
All of the properties are fully licenced HMOs, which is a Use falling in Class C4 of the Town and Country Planning Use Class Order 1987 (as amended 2020).
Copies of these licences can be provided on request.
None of the properties are Listed but those on West Parade, May Crescent, Turner Street and Spital Street are all located within Conservations Areas.
The properties are being offered for sale Freehold, subject to the various Assured Shorthold Tenancies currently in place.
Those bedrooms that are currently occupied are let on individual Assured Shorthold Tenancies for periods of between 52 weeks in respect of the property at May Crescent and the other 4 properties on 48 week contracts
Full details of each of the tenancies in place are available on request.
The Council Tax Band for each of the properties is as follows:
2 May Crescent - B
7 Hackthorn Place - A
166 West Parade - B
29 Turner Street - A
68 Spital Street - A
Method of Sale
The properties are being offered for sale by way of Private Treaty.
As stated earlier in these particulars, a disposal of the Portfolio as a single lot is preferable from the Vendor’s perspective. However, offers for the individual properties will be considered.
We are inviting offers for the properties as follows:
2 May Crescent - Asking Price £280,000
7 Hackthorn Place - Asking Price £195,000
166 West Parade - Asking Price £350,000 - UNDER OFFER
29 Turner Street - Asking Price £230,000
68 Spital Street - Asking Price £195,000
Our clients, therefore, are seeking offers in excess of £1,250,000 for the Portfolio as a whole.
Based on the anticipated rental income next year of £105,000, this represents a Gross Initial Yield of 7.93% after allowing for standard purchaser’s costs.
VAT may be charged in addition to the price at the prevailing rate.
Each party is to be responsible for their own legal costs incurred in documenting the transaction.