Mixed-Use Investment Property, 69 Newark Road, Lincoln, LN5 8NE

Location
Newark Road (A1434) is one of the main arterial routes running south of Lincoln City Centre and the property is located within 1 mile of the City Centre in a mixed-use residential and commercial district, convenient for a full range of amenities.

Description
Mixed-Use Investment Property For Sale - We are pleased to offer for sale this income generating investment property, located to the south of the City Centre, comprising a ground floor hot food takeaway outlet, together with a separate self-contained residential apartment above, generating a total income of £14,400 per annum. Full tenancy information is available on request.

Accommodation
Ground Floor Retail Unit
Comprises an open-plan hot food takeaway/retail space extending to 40 sq.m. In addition, there is a rear preparation room extending to a further 12 sq.m and beyond this there are store rooms and a WC compartment.

The overall floor area of the retail unit is 61 sq.m.

Residential Apartment
Ground Floor: Entrance Hall with WC Compartment and Kitchen giving access to a courtyard garden.

First Floor: Living Room and En-Suite Bedroom

The overall floor area of the apartment is 58 sq.m.

Services
Mains drainage, gas, electricity and water are connected to the property. Each unit is separately serviced with independent electricity, water and gas supplies.

EPC Ratings
Retail - C (Valid until December 2031)
Residential Apartment - D (Valid until August 2027)

Tenure
The property is available on a Freehold basis.

TENANCY INFORMATION - The ground floor premises are let under the terms of an Internal Repairing & Insuring 15 year Lease for an annual rent of £7,800 commencing in 2022. The residential apartment is let under the terms of an Assured Shorthold Tenancy Agreement for a term of £6,600 per annum.

Business Rates & Council Tax
The shop has a Rateable Value of £5,500

Small Business Multiplier (2024/2025) 49.9p in the £.
The property may qualify for small business rates relief.

It may be possible to obtain Small Business Rates Relief, depending on individual circumstances.

The residential apartment has a Council Tax Band of 'A'.

VAT
The Vendor has confirmed that VAT is not payable on the purchase price.

Viewing
By prior appointment with Mundys Commercial -