Investment Opportunity, 42-50 Clasketgate & 34 Silver Street, Lincoln, Lincolnshire, LN2

The subject property is divided into four main parts;

40-50 Clasketgate, 46 Clasketgate, 9 self-contained Apartments and 34 & 34a Silver Street.

Each of the properties on Clasketgate has access from this road, in addition to the 9 apartments – which have two separate entrances. 34 & 34a Silver Street are accessed primary from Silver Street, although the building has been amalgamated into 40/50 Clasketgate and therefore access is possible from both streets.

Location

The property is situated in a densely populated area close to all amenities and is within the main city centre and the main University Campus. The non-metropolitan district of Lincoln had a 2012 population of 94,600. The 2011 census gave the urban area of Lincoln, including North Hykeham and Waddington, a population of 115,000. Roman Lindum Colonia developed from an Iron Age settlement on the River Witham. Landmarks include Lincoln Cathedral- English Gothic architecture, for over 200 years the world's tallest building - and the 11th-century Norman Lincoln Castle.The city hosts the University of Lincoln, Bishop Grosseteste University, Lincoln City FC. Lincoln is one of England's finest Cathedral Cities and the administrative and major shopping centre within the County of Lincolnshire. It has a population of circa 543,367 and an established total catchment spend of £984.40 million. It is also a growing University City, with close to 15,000 students and academic staff based at the main

ACCOMMODATION

40/50 Clasketgate and 34 & 34a Silver StreetBasement and Ground FloorWCs, Sales Areas, Offices, Staff Rooms and StoresOverall area 224.55 sqm (2417 sqft)46 ClasketgateBasement and Ground FloorSales Area, Beauty Rooms, WC, Kitchen and Stores87.20 sqm (938 sqft)Apartments 1-9Apartment 1 - one bed, lounge/kitchen, shower room and WC - 28 sqm (301 sqft)Apartment 2 - one bed, lounge/kitchen, shower room and WC - 47 sqm (506 sqft)Apartment 3 - two bed, lounge/kitchen, shower room and WC - 59 sqm (635 sqft)Apartment 4 - one bed, lounge/kitchen, shower room and WC - 27.5 sqm (296 sqft)Apartment 5 - one bed, lounge/kitchen, shower room and WC - 47 sqm (506 sqft)Apartment 6 - two bed, lounge/kitchen, shower room and WC - 64.1 sqm (690 sqft)Apartment 7 - two bed, lounge/kitchen, shower room and WC - 63 sqm (678 sqft)Apartment 8 - one bed, lounge/kitchen, shower room and WC - 47.5 sqm (511 sqft)Apartment 9 - one bed, lounge/kitchen, shower room and WC - 60.4 sqm (

PLANNING

The property has established uses of A1 retail and C3 Residential under the Town and Country Planning Act 1987.The property is situated within the Cathedral and City Centre Conservation area.

SERVICES

All mains services are connected to the property however no services have been tested

TENURE

The property is offered for sale freehold subject to existing leases

LEASE TERMS

The property has the following lease termsFlats 2,3,7 have been sold off on 125 year leases which are subject to service charges and shared costs40 Clasketgate - Aspire Hair - £9,500 pax (subject to rent review jan 2024 to £11,500)44 Clasketgate - Starkey & Brown - £10,000 pax34a Silver Street - Starkey & Brown - £15,000 pax34 Silver Street - Gem Dentures - £15,000 paxFlat 1 - Individual - £7,800 paxFlat 4 - Individual - £7,800 paxFlat 5 - Individual - £10,200 paxFlat 6 - Individual - £10,200 paxFlat 8 - Individual - £7,800 paxFlat 9 - Individual - £9,000 paxTotal Rent: £102,300 pax

RATES

Each Commercial property has the following rateable values46 Clasketgate = £8,50048 Clasketgate = £10,25034 Silver Street = £10,25034a Silver Street = £8,500Each apartment has a Council Tax Band of A

CEPC

34 Silver Street = D46 Clasketgate = CFlats 1 - 9 = D

LEGAL COSTS

Each party is responsible for their own legal costs

VAT

The price is exclusive of VAT if applicable

LOCAL AUTHORITY

Lincoln City CouncilTel

VIEWINGS

Pygott & Crone Commercial36a Silver StreetLincolnLN2 1EWTel