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Retail Property (high street) for sale

Clasketgate, Lincoln, Lincolnshire

Guide Price 5,969 sq. ft. | £375,000

Property Description

Commercial information

  • 5,969 sq ft (554 sq m)
  • Use class orders: A3 Restaurants and Cafes

Full description

Retail Investment Opportunity - Freehold - 5,969 sq ft NIA - Currently let upon a 20 year IRI lease - Rent passing £30,000 pax - Tenant trading as Shoo Cuisine (Chinese restaurant)

Location - Lincoln is a cathedral city and the county town of Lincolnshire with an urban population of 130,200 (2011 Census). The city is located approximately 33 miles north east of Nottingham, 41 miles south east of Sheffield and 48 miles north of Peterborough.

The property is situated on the southern side of Clasketgate (B1308) approximately 35 metres to the east of its junction with the High Street. Nearby occupiers include Tesco Express, Pizza Express, Carluccios and Caffe Nero. An Ordnance Survey Extract identifying the property is attached to these particulars

Description - The property forms part of a two-storey end of terrace building currently arranged as a self-contained restaurant unit over ground, first and basement levels.

Accommodation - Measured on a net internal area basis the property provides the following accommodation:

Ground Floor Restaurant 2,668 sq ft (247.8 sq m)
First Floor Restaurant & Storage 2,524 sq ft (234.5 sq m)
Basement Cellar 777 sq ft (72.1 sq m)
Total 5,969 sq ft (554.4 sq m)

Measured on a gross internal area basis 14b Clasketgate provides approximately 592 sq ft (55.0 m2) of residential accommodation over ground and first floors.

Planning - We understand that the property has planning consent for use as a restaurant within Class A3 of the Town and Country Planning (Use Classes) Order 1987 (as amended). Interested parties are advised to direct any planning related enquiries to City of Lincoln Council on 01522 881188.

Rateable Value & Council Tax Band - According to the Valuation Office Agency the property is entered on the 2017 Rating List as restaurant and premises with a rateable value of £19,000.

Tenure - Freehold subject to an internal repairing and insuring lease to Shu Xiang Yuan (UK) Ltd for a term of 20 years from 11 July 2016 at a passing rent of £30,000 per annum exclusive.

Guide Price - £375,000. A purchase at this level will reflect a net initial yield of 7.8% having deducted standard purchasers costs of 2.2% Offers are invited for consideration.

Vat - We understand that VAT will be applicable to the sale price.

Energy Performance Certificates - C66. The front page of the ENergy Performance Certificate for 14 Clasketgate can be found at the end of these particulars. The full EPC and Recommendation Report are available to interested parties upon request.

Legal Costs - Each party is to be responsible for their own legal costs.

Viewing - For further information or to arrange a viewing please contact sole agents JHWalter:

Andrew France BSc (Hons) MRICS
01522 504319 07795 657792
andrewfrance@jhwalter.co.uk

John Elliott BSc (Hons) MRICS ACIArb MNAVA
01522 504304
johnelliott@jhwalter.co.uk

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More information from this agent

Energy Performance Certificates (EPCs)

Nearest stations

  • Lincoln Central (0.3 mi)
  • Hykeham (3.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

JHWalter, Lincoln

1 Mint Lane, Lincoln, LN1 1UD

03339 873645 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Lincoln Central (0.3 mi)
  • Hykeham (3.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

JHWalter, Lincoln

1 Mint Lane, Lincoln, LN1 1UD

03339 873645 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 25950414. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by JHWalter, Lincoln. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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