investment opportunity 61 west parade lincoln ln1 1ql - Banks Long & Co
INVESTMENT OPPORTUNITY 55.10 sq m (593 sq ft) (plus first floor 2 bedroom flat)
61 WEST PARADE LINCOLN LN1 1QL SITE PLAN
FOR SALE © Tele Atlas NV/Crown Copyright; Reproduced by Permission of Tele Atlas NV
LOCATION PLAN
End of terrace Mixed Use investment opportunity Located in popular West End area of city Comprising ground floor shop (vacant) and upper floor flat (let) on AST Potential ERV when fully let of £12,000 per annum
LOCATION
RATES AND COUNCIL TAX
The property is located in the popular residential area of the West End, about three quarters of a mile west of Lincoln City Centre.
Charging Authority: Description: Rateable value: UBR: Period:
The property sits on the corner of West Parade and South Parade, in what is a predominantly residential area, with a sprinkling of commercial uses, that serve the extensive housing in the vicinity. Lincoln is an historical Cathedral City and the shopping and administrative centre for the County of Lincolnshire. It has a residential population of circa 100,000 and a catchment of 300,000. It is also a growing University City with close to 15,000 students and academic staff now based at the main campus in Lincoln, contributing an estimated £250 million to the local economy.
PROPERTY An end of terrace Victorian property laid out to provide a ground floor shop with a glazed frontage to West Parade and a long return frontage to South Parade, with a selfcontained first floor 2 bedroom flat. There is also a single garage to the rear.
City of Lincoln Council Shop and Premises £3,100 0.497 2016-2017
Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority. The first floor flat: Council Tax Band A
TENURE Freehold subject to vacant possession of the ground floor shop and the existing Assured Shorthold Tenancy Agreement for the first floor, let at a rent of £4,788 per annum. The garage to the rear is currently let on a monthly licence at a rent of £520 per annum. In our view the property the property when fully let should have an ERV of circa £12,000 per annum.
The property is constructed in solid brickwork under a concrete tiled roof.
PRICE
ACCOMMODATION
£175,000 for the freehold interest
Ground Floor
ENERGY PERFORMANCE CERTIFICATE
First Floor
Outside
Shop 36.05 sq m 388 sq ft Dispensary 10.60 sq m 114 sq ft Store room 8.45 sq m 915 sq ft WC Total 55.10 sq m 593 sq ft Self-contained first floor flat. Landing, kitchen, 2 x bedrooms, lounge and box room. Single garage
SERVICES All mains services are available and connected to the property.
TOWN AND COUNTRY PLANNING
Energy Performance Certificates are attached.
VAT VAT may be charged at the prevailing rate in addition to the purchase price.
LEGAL COSTS Each party is to be responsible for their own legal costs incurred in documenting the transaction.
VIEWING Strictly by appointment through the Chartered Surveyors.
The existing and long established uses of the property are A1 (Retail) on the ground floor and C3 (Residential Dwelling) on the first floor, of the Town and Country Use Classes Order 1987 (as amended). The property is not Listed but does fall within a Conservation Area.
Contact: James Butcher or Harriet Hatcher Tel: 01522 544515 Email: [email protected] [email protected] Ref:
In our view the ground floor of the property has potential for conversion to another residential unit, subject to the necessary Planning and Conservation Area Consents. Interested parties are advised to discuss their proposals with City of Lincoln Council.
JRB/LS/265/B17
61 WEST PARADE LINCOLN LN1 1QL SITE PLAN
FOR SALE © Tele Atlas NV/Crown Copyright; Reproduced by Permission of Tele Atlas NV
LOCATION PLAN
End of terrace Mixed Use investment opportunity Located in popular West End area of city Comprising ground floor shop (vacant) and upper floor flat (let) on AST Potential ERV when fully let of £12,000 per annum
LOCATION
RATES AND COUNCIL TAX
The property is located in the popular residential area of the West End, about three quarters of a mile west of Lincoln City Centre.
Charging Authority: Description: Rateable value: UBR: Period:
The property sits on the corner of West Parade and South Parade, in what is a predominantly residential area, with a sprinkling of commercial uses, that serve the extensive housing in the vicinity. Lincoln is an historical Cathedral City and the shopping and administrative centre for the County of Lincolnshire. It has a residential population of circa 100,000 and a catchment of 300,000. It is also a growing University City with close to 15,000 students and academic staff now based at the main campus in Lincoln, contributing an estimated £250 million to the local economy.
PROPERTY An end of terrace Victorian property laid out to provide a ground floor shop with a glazed frontage to West Parade and a long return frontage to South Parade, with a selfcontained first floor 2 bedroom flat. There is also a single garage to the rear.
City of Lincoln Council Shop and Premises £3,100 0.497 2016-2017
Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority. The first floor flat: Council Tax Band A
TENURE Freehold subject to vacant possession of the ground floor shop and the existing Assured Shorthold Tenancy Agreement for the first floor, let at a rent of £4,788 per annum. The garage to the rear is currently let on a monthly licence at a rent of £520 per annum. In our view the property the property when fully let should have an ERV of circa £12,000 per annum.
The property is constructed in solid brickwork under a concrete tiled roof.
PRICE
ACCOMMODATION
£175,000 for the freehold interest
Ground Floor
ENERGY PERFORMANCE CERTIFICATE
First Floor
Outside
Shop 36.05 sq m 388 sq ft Dispensary 10.60 sq m 114 sq ft Store room 8.45 sq m 915 sq ft WC Total 55.10 sq m 593 sq ft Self-contained first floor flat. Landing, kitchen, 2 x bedrooms, lounge and box room. Single garage
SERVICES All mains services are available and connected to the property.
TOWN AND COUNTRY PLANNING
Energy Performance Certificates are attached.
VAT VAT may be charged at the prevailing rate in addition to the purchase price.
LEGAL COSTS Each party is to be responsible for their own legal costs incurred in documenting the transaction.
VIEWING Strictly by appointment through the Chartered Surveyors.
The existing and long established uses of the property are A1 (Retail) on the ground floor and C3 (Residential Dwelling) on the first floor, of the Town and Country Use Classes Order 1987 (as amended). The property is not Listed but does fall within a Conservation Area.
Contact: James Butcher or Harriet Hatcher Tel: 01522 544515 Email: [email protected] [email protected] Ref:
In our view the ground floor of the property has potential for conversion to another residential unit, subject to the necessary Planning and Conservation Area Consents. Interested parties are advised to discuss their proposals with City of Lincoln Council.
JRB/LS/265/B17
