mixed use investment 8 high street horncastle ... - Banks Long & Co
MIXED USE INVESTMENT 454.05 sq m (4,887 sq ft) NIA
8 HIGH STREET HORNCASTLE LINCOLNSHIRE LN9 5BL SITE PLAN
INSERT PHOTO
FOR SALE
© Tele Atlas NV/Crown Copyright; Reproduced by Permission of Tele Atlas NV
LOCATION PLAN
A rare opportunity to acquire a LARGE MIXED USE INVESTMENT IN A PRIME LOCATION IN HORNCASTLE Income producing ground floor shop with substantial upper floor and self-contained building to the rear Potential for residential conversion of upper floors Rear building capable of letting for office use or conversion to residential Current income from shop £19,000 per annum. Potential for a further £15,000 per annum from the rear building and upper floors
LOCATION
RATES
The property occupies a prime location on the High Street, within the centre of Horncastle adjacent to Lloyds Bank and opposite a Co-op convenience store. Other nearby retailers include First Choice Travel, HSBC, Natwest and Coopland Bakers.
The property is subject to two separate assessments.
Horncastle is an affluent mid Lincolnshire Georgian town situated on the A158, approximately 21 miles east of Lincoln, 20 miles north of Boston and 23 miles west of Skegness. The town is situated on the southern edge of the Lincolnshire Wolds, an area of outstanding natural beauty. It has a population of circa 7,000 and also serves a wide rural catchment.
UBR: Period:
PROPERTY
TENURE
A substantial Grade II Listed mid terraced building laid out over ground, first and second floor levels. The property has been extended to the rear with both a single and two storey extension. There is also a self-contained two storey office/workshop building to the rear, accessed via a passageway to one side of the property. There is a shared passageway to the other side of the building from the High Street providing access to a side door leading to the upper floors. This attractive side entrance would provide access to upper floors, whether this is retained for commercial use or alternatively converted into a number of residential units. In our view this could be split into up to 3 units.
The property is available freehold subject to the lease of the ground floor of the property. This part of the building is let on a 5 year lease, with about 3 years unexpired at the current rent of £19,000 per annum. The remainder of the building will be sold with vacant possession on completion to allow a purchaser to undertake their own plans for these parts of the building in order to maximise income. In our view the remaining parts of the building could generate a further £15,000 per annum in net income, once the conversion work is undertaken on the upper floors of the building.
Charging Authority: Description: Rateable value:
East Lindsey District Council Shop and Premises 8 High Street £10,750 r/o 8 High Street £5,500 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.
PRICE ACCOMMODATION Having measured the property in accordance with the prevailing RICS Code of Measuring Practice we calculate that the property has the following floor area:Main Building G F Shop Rear Building First Floor Second Floor
192.35 sq m 135.00 sq m 69.21 sq m 57.40 sq m
Total NIA:
453.96 sq m (4,886 sq ft)
(2,070 sq ft) (1,453 sq ft) (745 sq ft) (618 sq ft)
Offers are invited in excess of £325,000 for the freehold interest, subject to the lease of the ground floor shop.
VAT VAT may be charged in addition to the purchase price at the prevailing rate.
LEGAL COSTS Each party is to be responsible for their own legal costs incurred in documenting the transaction.
SERVICES
ENERGY PERFORMANCE CERTIFICATE
All mains services are available and connected to the property.
An Energy Performance Certificate is attached.
TOWN AND COUNTRY PLANNING The current use of the ground floor is as a retail unit falling within Class A1 (Retail) of the Town & Country Use Classes Order 1987 (as amended). The rear building has permission for B1 (Office) use and the upper floors also have B1 (Office) use. In our view the upper floors would be suitable for conversion to residential subject to planning. The property is Grade II listed and is located within a Conservation Area.
VIEWING Strictly by appointment through the Chartered Surveyors
Contact: Tel: Email:
James Butcher or Harriet Hatcher 01522 544515 [email protected] [email protected]
Ref:
JRB/JL/EC/8162/C14 (JES/G14/D15/LG/C16)
8 HIGH STREET HORNCASTLE LINCOLNSHIRE LN9 5BL SITE PLAN
INSERT PHOTO
FOR SALE
© Tele Atlas NV/Crown Copyright; Reproduced by Permission of Tele Atlas NV
LOCATION PLAN
A rare opportunity to acquire a LARGE MIXED USE INVESTMENT IN A PRIME LOCATION IN HORNCASTLE Income producing ground floor shop with substantial upper floor and self-contained building to the rear Potential for residential conversion of upper floors Rear building capable of letting for office use or conversion to residential Current income from shop £19,000 per annum. Potential for a further £15,000 per annum from the rear building and upper floors
LOCATION
RATES
The property occupies a prime location on the High Street, within the centre of Horncastle adjacent to Lloyds Bank and opposite a Co-op convenience store. Other nearby retailers include First Choice Travel, HSBC, Natwest and Coopland Bakers.
The property is subject to two separate assessments.
Horncastle is an affluent mid Lincolnshire Georgian town situated on the A158, approximately 21 miles east of Lincoln, 20 miles north of Boston and 23 miles west of Skegness. The town is situated on the southern edge of the Lincolnshire Wolds, an area of outstanding natural beauty. It has a population of circa 7,000 and also serves a wide rural catchment.
UBR: Period:
PROPERTY
TENURE
A substantial Grade II Listed mid terraced building laid out over ground, first and second floor levels. The property has been extended to the rear with both a single and two storey extension. There is also a self-contained two storey office/workshop building to the rear, accessed via a passageway to one side of the property. There is a shared passageway to the other side of the building from the High Street providing access to a side door leading to the upper floors. This attractive side entrance would provide access to upper floors, whether this is retained for commercial use or alternatively converted into a number of residential units. In our view this could be split into up to 3 units.
The property is available freehold subject to the lease of the ground floor of the property. This part of the building is let on a 5 year lease, with about 3 years unexpired at the current rent of £19,000 per annum. The remainder of the building will be sold with vacant possession on completion to allow a purchaser to undertake their own plans for these parts of the building in order to maximise income. In our view the remaining parts of the building could generate a further £15,000 per annum in net income, once the conversion work is undertaken on the upper floors of the building.
Charging Authority: Description: Rateable value:
East Lindsey District Council Shop and Premises 8 High Street £10,750 r/o 8 High Street £5,500 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.
PRICE ACCOMMODATION Having measured the property in accordance with the prevailing RICS Code of Measuring Practice we calculate that the property has the following floor area:Main Building G F Shop Rear Building First Floor Second Floor
192.35 sq m 135.00 sq m 69.21 sq m 57.40 sq m
Total NIA:
453.96 sq m (4,886 sq ft)
(2,070 sq ft) (1,453 sq ft) (745 sq ft) (618 sq ft)
Offers are invited in excess of £325,000 for the freehold interest, subject to the lease of the ground floor shop.
VAT VAT may be charged in addition to the purchase price at the prevailing rate.
LEGAL COSTS Each party is to be responsible for their own legal costs incurred in documenting the transaction.
SERVICES
ENERGY PERFORMANCE CERTIFICATE
All mains services are available and connected to the property.
An Energy Performance Certificate is attached.
TOWN AND COUNTRY PLANNING The current use of the ground floor is as a retail unit falling within Class A1 (Retail) of the Town & Country Use Classes Order 1987 (as amended). The rear building has permission for B1 (Office) use and the upper floors also have B1 (Office) use. In our view the upper floors would be suitable for conversion to residential subject to planning. The property is Grade II listed and is located within a Conservation Area.
VIEWING Strictly by appointment through the Chartered Surveyors
Contact: Tel: Email:
James Butcher or Harriet Hatcher 01522 544515 [email protected] [email protected]
Ref:
JRB/JL/EC/8162/C14 (JES/G14/D15/LG/C16)
