Investment Property, 81-83 High Street, Lincoln, Lincolnshire, LN5 8AA

Location
The property is located on the southern fringe of Lincoln City Centre within a busy commercial district. When leaving the City Centre, the property can be identified on the High Street on the right hand side, adjacent to Boultham Avenue. The Cathedral City of Lincoln is a vibrant University City, famous for its Cathedral and Castle having a population of circa. 100,000 residents and a much wider catchment, given the surrounding villages and towns.

Description
Superb High-Quality Investment Property For Sale - We are pleased to offer for sale this stunning fully refurbished block of commercial/residential properties, fully let and incoming producing, briefly comprising; two ground floor retail units and three well-appointed residential apartments, together with a secure, electronically gated enclosed courtyard, providing parking spaces together with a secure pedestrian gate. The property currently generates a Gross Income of £43,500 per annum, but there is considered to be potential for further growth, given that rents are currently very competitive.

Accommodation
81 High Street extends to 15.2 sq.m/ 164 sq.ft
Currently trading as a Barbers.

82-83 High Street extends to 84 sq.m/ 904 sq.ft
Currently trading as an Estate Agency.

82A High Street extends to 58.8 sq.m/ 633 sq.ft
A two bedroom apartment over two floors, self-contained access via internal staircase accessed via the secure courtyard, with two bathrooms, lounge, fitted kitchen and gas central heating.

83A High Street extends to 41.5 sq.m/ 447 sq.ft
A two bedroom apartment with self-contained access via external staircase with two bathrooms, Kitchen and lounge with dual aspect overlooking the secure courtyard.

83B High Street extends to 35 sq.m/ 378 sq.ft
A one bedroom two-storey detached property with open-plan living area, fitted kitchen on ground floor and bedroom with shower room on the first floor.

Services
Mains drainage, gas, electricity and water are connected, although gas is only currently supplied to one of the apartments. All units are self-contained, via separate or submeters.

EPC RATINGS:

81 High Street - C57
82-83 High Street - C63
82A High Street - C70
83A High Street - E45
83B High Street - E46
Terms TENANCY INFORMATION

81 High Street is currently let under the terms of a Commercial Lease at a passing rent of £7,200 per annum.

82-83 High Street is currently let under the terms of a Commercial Lease at a passing rent of £14,400 per annum.

82A High Street, a residential two-bedroomed apartment, is currently let under the terms of an Assured Shorthold Tenancy, at a rent of £650 per calendar month.

83A High Street, a residential two-bedroomed, two bathroom apartment, is currently let under the terms of an Assured Shorthold Tenancy, at a rent of £650 per calendar month.

83B High Street, a residential detached one bedroomed annex apartment, is currently let under the terms of an Assured Shorthold Tenancy, at a rent of £525 per calendar month.

The property is offered for sale on an unencumbered Freehold basis. Full tenancy and accommodation information is available on request.

RATEABLE VALUES

81 High Street - £3,950
82-83 High Street - £12,000

Small Business Multiplier (2024/2025) 49.9p in the £.

The property qualifies for Small Business Rates Relief, depending on individual circumstances.

COUNCIL TAX BAND

Lincoln City Council - A

VAT
The property is registered for tax, therefore, VAT is payable on the commercial elements of the purchase price (ground floor shops), which can be reclaimed by VAT registered Purchasers.

Viewing
By prior appointment through Mundys Commercial.

Parking
Yes