Prime City Centre investment opportunity

Fully let with £40,160 income per annum

3 x One Apartments, 1 x 2 bed Apartment, Ground floor Bistro

Basement & garden area with further development potential (stp)

Prime City Centre investment opportunity - Fully let with £40,160 income per annum - 3 x One Apartments, 1 x 2 bed Apartment, Ground floor Bistro - Basement & garden area with further development potential (stp) - Lapsed planning under ref 2012/0246/RN

Detailed Description

A city centre investment opportunity comprising 3 x one bedroom apartments, 1 x two bedroom apartment and a ground floor cafe/bistro with indoor and outdoor seating. The accommodation is arranged over four floors and extends to around 3,000 sq ft with the basement level and rear garden offering further development potential subject to planning.

The property is fully let with a total rent passing of £40,160 p/a which breaks down as follows and includes bills.
Deli - £8,840 per annum
Flat 1 £640 pcm
Flat 2 £720 pcm
Flat 3 £610 pcm
Flat 4 £640 pcm

*including the rent increases due on the 1st March 2024

Town & Country Planning
The property benefitted from a full planning permisson as per the below reference which lapsed in 2015. Lincoln City Council planning ref 2012/0246/RN
Conversion of existing property to accommodate 5 flats and erection of a two storey rear extension to accommodate 4 flats. (Renewal of planning
permission 2008/1109/F) Interested parties are advised to speak to the planning team on[use Contact Agent Button]

Services
We understand the property offers mains water, gas, electric and main sewer connections.

Mobile
We understand from the Ofcom website there is good mobile coverage from EE. Three, O2 and Vodafone.

Broadband
We understand from the Ofcom website that superfast broadband is available at this property with a max download speed of 80 Mbps and an upload speed of 20 Mbps.

Tenure & Possession
Freehold and for sale by private treaty subject to the existing assured shorthold tenancies on the apartments and lease on the cafe.

Council Tax
Band A for all flats

Lapsed planning under ref 2012/0246/RN

Floorplans

5 bedroom flat for sale