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Location Newark Road (A1434) is one of the main arterial routes running south of Lincoln City Centre and located approximately one mile south of the City, within a mixed residential and commercial district, close to a full range of amenities.
Description Investment Properties For Sale (Business Unaffected) - We are pleased to offer for sale this excellent investment property located on the south side of Lincoln City Centre, comprising a mixture of commercial and residential tenancies with the added attraction of additional development potential to the rear. The current income generated from the properties is a total of £20,940 per annum. Further details are available on request.
Services All mains services are understood to be connected to the property. EPC Information 120 Newark Road (Shop) - C, 120A Newark Road (Flat) - D and 122 Newark Road (House) - D
Tenure The properties are available on a Freehold basis.
Rates Business Rates (Shop) - £6,100 Council Tax (Flat & House) - Band A (Lincoln City Council)
VAT is not understood to be payable.
Viewing Strictly via Mundys Commercial.
DEVELOPMENT POTENTIAL In addition to the existing income being generated from these properties, the Landlords have previously obtained Planning Consent (Application No: 2014/0059/F) for an extension to the rear of both buildings, in order to create two additional self-contained dwellings. Whilst this Planning Consent has now lapsed, we see no reason why it should not be re-established if required. Alternatively, the land to the rear of the properties is used as parking space.
TENANCY INFORMATION The retail premises are let under the terms of a three year Lease expiring on 30th May 2025 and the passing rent is £5,400 per annum. The first floor (2 bedroom) apartment above the shop (120A) is let under the terms of a periodic Assured Shorthold Tenancy and the passing rent is £6,960 per annum. 122 Newark Road is a self-contained two bedroomed terraced house, currently generated £8,580 per annum, under the terms of an Assured Shorthold Tenancy. Further information is available on request.
NOTE The internal photographs contained within this brochure are historic and for illustration purposes only.
