The property comprises a substantial city centre retail unit laid out over four floors, most recently used as a children’s clothing shop, with potential for conversion of the upper floors into four self-contained apartments, suitable for either renting out to generate an income or selling on to generate a capital receipt.
The triple fronted shop has a glazed frontage to Guildhall Street, a key pedestrian route from car parks into the centre and also for students at the university. The shop and upper floors at the front of the building are available to rent at £27,500 per annum. There is a self contained first floor suite at the rear currently rented on a short term basis at around £4,500 per annum. The main shop with upper floors and the rear unit are capable of occupation separately to generate a combined income (currently, without upper floor flat conversion) of in excess of £32,000 per annum. Following a conversion of 4 flats, the property is capable of generating an income in excess of £56,000 per annum or alternatively via a mixed approach; £25,000 ground floor income per annum with a capital receipt from the additional 4 flats capital sales.
The property is constructed in solid brickwork under a pitched tiled roof with an area of flat roofed extension to the rear. Internally the shop has trading areas on the ground and first floors and has been finished off to a good standard, ready for a future occupier to benefit from.
The property enjoys a prominent position on Guildhall Street, a short walk to the west of the northern end of the High Street and the prime retailing pitch in Lincoln, running southwards from the Stonebow to St Mary’s Street.
The surrounding area is very much mixed use in character with a good range of local and regional occupiers within the immediate vicinity including Eskimoo, Subway, Coffee Aroma, Ladbrokes and HSBC Bank.
Close by on the High Street can be found Waterstones, Primark and Hotel Chocolat. The University of Lincoln is a short walk to the west and Guildhall Street forms one of the main thoroughfares for students from the University campus walking into/out of the City Centre.
Lincoln is the administrative and main shopping centre for the County of Lincolnshire, with an urban population of circa 130,000 and a total catchment population of 545,000, giving a total catchment spend of over £985m. It is also a growing University City, with over 15,000 students and staff based on the main campus in Lincoln, contributing an estimated £250m to the local economy.
The City Centre has seen significant investment in recent years with the development of the Cornhill Quarter to the south east of the High Street, which is a £70m redevelopment, offering in excess of 150,000 sq ft of mixed use commercial space, which has attracted numerous retailers and occupiers who were not previously represented within the city centre, including an Everyman Cinema, The Botanist, Cosy Club, Hobbs, Whistles and Pho amongst others.
We understand that all mains supplies are available and connected to the property. These have not been tested and interested parties are advised to make their own investigations to the relevant utility service providers.
Town & Country Planning
We understand that the property has an established consent for uses falling within Class E (Commercial, Business & Service Uses) of the Town and Country Planning (Use Classes) Order 1987 (as amended 2020).
Following changes to the Use Classes Order that came into effect on 1st September 2020, Class E now encompasses a number of uses including those formerly known as A1 (Shops), A2 (Professional & Financial Services), A3 (Restaurant & Cafés), B1 (Office) and D2 (Assembly & Leisure).
As stated above, the property has potential for the conversion of the upper parts into four residential units. Floor plans are available on request showing the possible layout in this regard.
The property is not Listed, however it is situated within a Conservation Area.
The property is available either To Let as a whole (excluding the rear hairdressing unit), or alternatively the owners will consider a Sale of the Freehold interest with vacant possession on completion subject to a lease to the hairdressers, which is due to expire in March 2022.
The main shop and front unit over 4 floors is available at a rent of £27,500 per annum based on a letting on a Full Repairing and Insuring lease.
Alternatively, the property is available For Sale at a price of £395,000.
The property is not registered for VAT so at this stage is not payable on the rent/price.
In the case of a letting, the ingoing tenant is to be responsible for the Landlord’s reasonable legal costs incurred in documenting the transaction.
In the case of a sale, each party will be responsible for their own costs