338 High Street, Lincoln, Lincolnshire, LN5 7DQ

Let to 888 Vapour Limited at a rent of £20,000 per annum.

Lease expires 31/10/28.

Net Initial Yield of 8.67%.

No VAT payable.

FREEHOLD CITY CENTRE INVESTMENT
338 HIGH STREET, LINCOLN LN5 7DQ
GUIDE PRICE: £220,000 FREEHOLD

Detailed Description

The property is a mid-terraced, two storey predominately Retail Premises. The Ground Floor comprises a Sales Area to the front with a Kitchen & Store to the rear and the First Floor comprises a Store & 2 WC's. The Sales Area has suspended ceilings with inset lighting. The First Floor has the potential to be converted into residential accommodation, subject to the necessary planning consents.

The property is let to 888 Vapour Limited who have been tenants since October 2015. The lease was renewed on the 1st November 2023 for a 5 year term and at a rent of £20,000 per annum. We believe the lease is drawn on an effective full repairing and insuring basis.

Location

Lincoln is a Cathedral and University City within urban population of approximately 130,000 people as of the 2011 Census. The City is located approximately 33 miles North East of the City of Nottingham, 41 miles South East of the City of Sheffield and 48 miles North of the City of Peterborough.

338 High Street is well-located on the pedestrianised part of Lincoln High Street and is around 0.2 miles to the South of Lincoln Railway and Bus Stations. Neighbouring properties include Iceland, Shoe Zone and Card Factory.

Ideal SIPP/private purchase.