Enterprise House, Waterside South, Lincoln, Lincolnshire

The property comprises a period rectangular former railway building which was converted in the mid-1990s into a two storey office. The property is divided into four distinct areas all served by a centrally located reception and service core with a combined floor area of 59,497 sq. ft. It benefits from generous car parking (433 spaces)and sits on a site of 4.4 acres. The building underwent a £2.5M extensive refurbishment (including new floors,ceilings, AC and lighting) in 2018.The property is let to the statutory under taker Anglian Water Services (net worth £11 .3bn) until September 2031 following a recent lease extension, they have been in occupation since 1996.The building is in 24 hour operation and used as a call centre and an admin centre for subcontractors and telemetry monitoring.

We are instructed to quote£5,627,000 (Five Million Six Hundred and Twenty Seven Thousand Pounds)which reflects an attractive net initial yield of 10.0%after full purchaser’s costs.

- 59,497 sq. ft office building with 433 car parking spaces
- 4.4 acre freehold site
- Entirely let on a full repairing and insuring lease to Anglian Water Services Limited
- Anglian Water is a UK government statutory
undertaker
- The tenant has been in occupation for 28 years
- Long lease expiring on 28 September 2031 (7 years 6 months term certain)
- Five yearly upward only, open market rent reviews (next 2026)
- Total passing rent of £600,000 per annum

LOCATION

Enterprise House is 1 mile east of Lincoln city centre, within the Witham Park office cluster. While the surrounding area is mainly industrial, the property shares its vicinity with notable occupants such as Lincolnshire Community Health Services NHS Trust, Lincs FM, and Sports Direct Fitness.

Featuring dual access, the property offers convenient entry from either end of the site. The western access is accessible via Great Northern Terrace, which spans a bridge over the Sincil Dike Canal. The eastern access is provided through Waterside South. Access from the A15 spine road heading north is via Portland Street, Kesteven Street, East West Link Road, and Great Northern Terrace. Access from the A15 heading south can be obtained via Doughty’s Court and Waterside Street.

ACCOMMODATION

In accordance with the current RICS Code of Measuring Practice, the property was measured on a Net Internal Area (NIA) basis and provides accommodation as follows

TENANCY

The asset is let on a full repairing and insuring lease to Anglian Water Services Limited expiring on 28 September 2031 (7.5 years unexpired) at a current rent of £600,000 per annum. There is an upward only, open market rent review in September 2026.

Anti-Money Laundering

In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

VAT

The property is elected for VAT and will be treated as a Transfer of a Going Concern