LOCATION
The property is located on the southern fringe of Lincoln City Centre, within a busy commercial/residential district. When leaving the City Centre, the property can be identified on High Street on the right hand side adjacent to Peel Street. The Cathedral City of Lincoln is a vibrant University City, famous for its Cathedral and Castle and having a population of circa. 100,000 residents and a much wider catchment given the surrounding villages and towns.
DESCRIPTION
Income Producing Investment Property comprising Retail Unit and Self-Contained Apartment - We are pleased to offer for sale this fully let investment property comprising a ground floor cafe, let under the terms of a five year Lease and generating an income of £8,544 per annum. In addition, the first floor comprises a recently refurbished self-contained two bedroom apartment, which is let and generates a healthy income of £800 pcm. This results in a Gross Annual Income of £18,144 per annum. The property is prominently located on the corner of High Street and Peel Street, on the southern fringe of Lincoln City Centre and represents an ideal opportunity to acquire a well-let city centre mixed-use property, in excellent order throughout.
ACCOMMODATION
The ground floor premises comprise a large, open-plan cafe, with kitchens and ancillary WC facilities extending, in total, to 46 sq.m (495 sq.ft).
At first floor level, the apartment is accessed via an external staircase and comprises a living room, modern fitted kitchen, a well-equipped bathroom and two bedrooms, all recently refurbished and well-presented. The apartment further benefits from having Cathedral views from the living room.
SERVICES
Mains drainage, gas, electricity and water are connected. A gas central heating system is installed within the apartment, serving radiators throughout.
EPC Ratings:
Cafe - D
Flat - D
TERMS
TENURE - Freehold
TENANCY INFORMATION - The cafe premises are let under the terms of a five year Lease commencing 1st November 2024, subject to an annual rent of £8,544 payable monthly in advance. The Lease is a conventional Internal Repairing Lease and it is further understood that the rent payments include a contribution towards Buildings Insurance.
The apartment is let under the terms of a residential tenancy agreement commencing May 2026 in consideration for a monthly rent of £800.
OUTGOINGS
COUNCIL TAX & BUSINESS RATES
Rateable Value - £7,200
Council Tax - A (Lincoln City Council)
VAT
The Vendor has confirmed that VAT is not payable on the purchase price.
VIEWING
Via Mundys Commercial.
