LOCATION
The property is located on Burton Road, close to the junction with Yarborough Road and Longdales Road, within the popular 'Uphill' district of Lincoln and situated approximately 1 mile north of the City Centre.
The Cathedral City of Lincoln is a vibrant University City, famous for its Cathedral, Castle and having a population of 100,000 residents and a much wider catchment given the surrounding villages and towns.
DESCRIPTION
Fully Let Investment Property For Sale (Business Unaffected) - This prominently located and substantial two-storey building is being offered for sale as an investment property, generating an excellent income, which totals £50,660 per annum. The ground floor accommodation is let to a well-reputed and long-established funeral director business, whereas the first floor apartment is let annually to students with 6 letting rooms, all occupied for the academic year, commencing 1st September 2025. The property occupies an excellent location within the ever popular Burton Road district, where there are a mixture of independent retailers and residential occupiers, creating a thriving local economy.
ACCOMMODATION
The ground floor accommodation is let in its entirety to a commercial tenant, operating a Funeral Director business, with the accommodation as shown on the floor plan below, comprising a mixture of showroom and office accommodation towards the front, together with storage/workshop accommodation towards the rear.
At first floor level, the self-contained residential apartment has its own access from Burton Road and internally comprises a large, open-plan living/kitchen area, together with 6 bedrooms and two bathrooms, ideally suited to the student sector. Once again, the floor plan below shows the current configuration of the first floor apartment.
SERVICES
Mains drainage, electricity and water are independently connected to each of the ground and first floor premises. The ground floor premises also benefit from a gas central heating system.
EPC Ratings:
Ground Floor - D
First Floor Apartment - E
TERMS
Tenure/Tenancy Information
The property is being offered for sale on a Freehold basis, subject to the tenancies as set out below:
The ground floor accommodation is let to Pat Cook & Sons Ltd for a term of 5 years commencing 31st December 2021 at an annual rent of £17,000 per annum, fixed for the full length of the Lease. The Lease is held on a conventional Full Repairing & Insuring basis.
The first floor apartment is fully let to students for the academic year commencing 1st September 2025 until 24th August 2026 and the gross rent payable (inclusive of utility costs) is £33,660. The apartment has always been successfully fully let to students, with rents increasing year on year.
OUTGOINGS
Business Rates/Council Tax
The ground floor has a Rateable Value of £16,000.
The apartment has a Council Tax - Band A
VAT
VAT may be payable in addition to the purchase price in respect of the ground floor element of the transaction. Further details are available on request.
VIEWING
Strictly by prior appointment through Mundys Commercial.
