The property comprises a substantial semi-detached building laid out over three floors and a basement to provide 7 self contained apartments of varying sizes.
The basement flat is the largest extending to circa 95 sq m (1,022 sq ft), which overlooks the lawned gardens to the rear.
The property is constructed in solid brickwork with rendered elevations, under a pitched tiled roof. There is a small forecourt to the front directly abutting onto South Park.
There is also on street parking on South Park.
The apartments are in places looking a little ‘tired’ and would benefit from a scheme of refurbishment, which would in turn create significant opportunities for a buyer to add value through increasing the rental income/potential capital sale values of the individual units.
EPC – Each of the flats have an EPC rating of either C or D which fall in line with the current legislation.
The property is situated in an attractive location on South Park, overlooking Lincoln’s South Common.
The location affords easy access into the City Centre which lies about half a mile to the north. The new Lincoln Eastern Bypass is also easily accessible about 3 miles to the east.
The surrounding area is residential in character.
Lincoln is the administrative and shopping centre for the County of Lincolnshire with an estimated population of circa 100,000. It is recognised as one of England’s finest Cathedral Cities, attracting circa 3 million tourists to the City every year.
It is also a growing University City with close to 20,000 students attending the University and other higher education colleges around the City, contributing an estimated £250 million into the local economy every year.
We understand that all mains supplies are available and connected to the property.
Each of the apartments is self contained in terms of the services provided to it.
There is a communal fire alarm, serving the whole building.
None of these services have been tested and interested parties are advised to make their own investigations with the relevant utility service providers.
The apartments all fall within Council Tax Band A.
The whole property is held Freehold by the vendor and this interest is being offered For Sale, subject to the various Assured Shorthold Tenancies currently in place.
Full details of each of the tenancies in place is available on request.
The current rental income generated by the property is £45,540 per annum which is based on the property being fully let.
We are of the opinion that following a scheme of refurbishment, the rental value of the property should increase to an annual figure of circa £55,000 per annum.
We are inviting offers in the region of £700,000 for the Freehold interest in this property, subject to the various Assured Shorthold Tenancies in place.
Based on the rental value in its current condition this would provide a yield of 6.15% increasing following a scheme of refurbishment to a yield of 7.5%.
The purchase price reflects a low capital value rate of £200 per square foot, offering a purchaser significant potential to increase the capital value following a scheme of refurbishment, based on the values being achieved a new scheme close by on South Park, where the prices achieved for the smaller 2 bed apartments have been around £300-350 per sq ft.
VAT will not be charged on the purchase price.
Each party is to be responsible for their own legal costs incurred in documenting the transaction.