2 bedroom commercial property for sale

High Street, Horncastle

Sold STC £275,000

Property Description

Key features

  • Freehold Investment Opportunity
  • Three Storey Mid Terrace Comprising Two Retail Units and Maisonette
  • Currently Producing 14,458 per annum
  • Outstanding Rent Review and Lease Renewal
  • Vacant Maisonette to Let
  • Rear Yard & Parking for 12 cars
  • Potential Future Redevelopment of Rear Yard
  • Prime Town Centre Location

Full description

Tenure: Freehold

LOCATION
Horncastle, with a population in excess of 6,800, is a traditional market town on the edge of the Lincolnshire Wolds located approximately 16 miles east of Lincoln, 20 miles west of Skegness, 12 miles south west of Louth and 18 miles north east of Sleaford. The town is situated at the junction of the A158 (Lincoln-Skegness) and the A153 (Louth-Sleaford and Grantham).

The property is situated on the southern side of the high Street, approximately 50 metres to the west of its junction with Bull Ring (A153) within the prime retailing area of the town centre.
 

DESCRIPTION
A double fronted three storey mid terraced building comprising two lock-up ground floor retail units with upgraded conservation style shop fronts. The upper floors of 11 High Street are ancillary to the shop whereas the upper floors of 13 High Street comprise a self-contained two bedroom maisonette accessed from the rear.

The property has vehicular access from Wharf Road to a relatively large yard which could offer the opportunity for up to 12 cars or potential for future development or expansion.
 

ACCOMMODATION
Measured on a net internal area (NIA) basis in accordance with the RICS Code of Measuring Practice the retail parts of the property provide the following accommodation: 

Ground Floor 11 High Street
Retail Sales 39.49m² (425 sq ft)
WC
First Floor
Retail Sales 30.67m² (330 sq ft)

Ground Floor 13 High Street
Retail Sales 35.02m² (377 sq ft)
Kitchen 6.99m² (75 sq ft)
WC
TOTAL NIA 112.17m² (1,207 sq ft) 

The first and second floors of 13 High Street are currently arranged as a self-contained two bedroom maisonette.

 

PLANNING
The current use of the property falls within Classes A1 (Shops) and C3 (Dwellings) of the Town and Country Planning (Use Classes) Order 1987 (as amended). The property falls within the Horncastle Conservation Area. Although the building is not listed, we understand that part of the town's Roman Wall may lie below part of the car park/rear yard. Interested parties should make their own enquiries to East Lindsey District Council on 01507 601111. 

TENANCIES
11 High Street:
Let to Square Deal Furnishers (Louth) Ltd upon a full repairing and insuring lease for a term of 21 years from 6 January 2002 at a current rent of £6,500 per annum. The lease provides for upwards only rent reviews on the expiry of every sixth year of the term. We understand that the 5 January 2014 rent review has not been operated by the landlord.

13 High Street:
The ground floor is let to St. Barnabas Hospice Trust (Lincolnshire) upon an effective full repairing and insuring lease for a term of 6 years from 31 July 2009 at a current rent of £7,250 per annum. The tenant is therefore currently holding over. The first and second floor apartment is currently vacant.

Rear Yard:
We understand that six car parking spaces are currently let to four parties producing a total rental income of £708 per annum. Further details available on request.

 

TENURE Freehold subject to the existing tenancies.

GUIDE PRICE £295,000. Offers are invited for consideration.

VAT The guide price quoted in these particulars is exclusive of VAT. At the time of preparation of these particulars (September 2017) we understand that the vendor has not elected to charge VAT.
 

RATEABLE VALUES & COUNCIL TAX
Both retail units are entered on the 2017 Rating List as 'shop and premises' with rateable values of £9,100 (11) and £8,900 (13). The apartment is assessed within Council Tax Band A. Interested parties should make their own enquiries of East Lindsey District Council in connected with business rates and council tax payable.  

VIEWINGS & FURTHER INFORMATION
Strictly and only by prior appointment to be made through joint selling Agents:

Michael Walter
Walters Estate Agents
01507 526877 michael@watlers-horncastle.co.uk

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


More information from this agent

Nearest station

  • Metheringham (12.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Walters Estate Agents, Horncastle

3 South Street, Horncastle, LN9 6DR

01507 640011 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 station

  • Metheringham (12.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Walters Estate Agents, Horncastle

3 South Street, Horncastle, LN9 6DR

01507 640011 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.

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