1 & 2, Clarence Road, Woodhall Spa, LN10 6TZ

Retail Unit & 2 Flats (4 bedrooms & 1 bedroom).

Garden to the rear.

Well located in the Village centre, adjacent to Lincolnshire Co-Op.

Current rental income £22,200 per annum.

RETAIL PREMISES & TWO FLATS - INVESTMENT OPPORTUNITY
1&2 CLARENCE ROAD, WOODHALL SPA LN10 6TZ
GUIDE PRICE: £550,000 FREEHOLD

Detailed Description

The property comprises a detached two storey building of brick construction with a pitched slate roof and consists of a Ground Floor Retail Unit with additional former Mailwork Room, 2 Flats (4 bedrooms & 1 bedroom) and a garden to the rear.

The Retail Unit comprises a Sales Area with 2 Offices and Kitchen and a separate former Mailwork Room with a Kitchenette and 2 WC's. The former Mailwork Room has its own access. The Retail Unit & Mailwork Room are currently let together on a 20 year lease which commenced on the 22nd May 2012 at a rent of £15,000 per annum. There is an upward-only rent review every 5th anniversary of the term (next review May 2027).

Flat 1A is a Ground Floor Flat which comprises a Double Bedroom, Living room, Kitchen, Bathroom/WC and a garden to the rear with a brick Outbuilding/Store. The Flat is currently let on an Assured Shorthold Tenancy at a rent of £7,200 per annum.

Flat 1 is a spacious First Floor Flat with its own access from the Ground Floor that comprises of 4 Bedrooms, Living room, Kitchen, WC and separate Bathroom. We have been advised that the Flat is likely to achieve a rent of £12,000 per annum but will be sold with vacant possession

Location

Woodhall Spa is an attractive Village with excellent facilities including Schools, Banks, Shops, Hotels, Golf Course and social amenities. It is located on the Southern edge of Lincolnshire Wolds, approximately 6 miles South West of Horncastle and 15 miles South East of Lincoln.

The subject property is well-located adjacent to Lincolnshire Co Op on Clarence Road which is the main retail area within the Village.

ERV when full let approx £34,200 per annum