This property is no longer on the market
Retail property (out of town)
Property description & features
LOCATION
The property is prominently located on Newark Road (A1434) close to its junction with Moor Lane/Station Road located approximately three miles south of Lincoln City Centre, within a mixed retail/residential district.
DESCRIPTION
BUSINESS UNAFFECTED - Freehold Mixed-Use Investment/Residential Property For Sale - We are pleased to offer for sale this mixed-use investment property comprising a substantial showroom generating a healthy income of £16,000 per annum, together with a well-appointed three bedroomed detached bungalow located to the rear, currently owner occupied but capable of generating an additional income of circa. £10,000 per annum.
ACCOMMODATION
The showroom premises stand, in total, to 208 sq.m and comprise a mixture of retail space together with workshop, office and storage accommodation.
The well-presented bungalow has been much improved in recent years and benefits from gas central heating and uPVC double glazing throughout, a conservatory, three bedrooms with newly constructed en-suite shower room/WC to principal bedroom and family bathroom/WC combined. The bungalow occupies a secluded plot with gardens to the front, side and rear and also incorporates a detached single garage.
SERVICES
Mains drainage, gas, electricity and water are connected to each property individually. The showroom premises are completely self-contained.
EPC Rating - C (Bungalow)
EPC Rating - C (Retail Unit)
TERMS
Lease Terms - The showroom premises are held under the terms of a 15 year Lease commencing 31st October 2008, with the Tenant responsible for all internal and external maintenance and repairs and the Passing Rent is £16,000 per annum, payable quarterly in advance.
Tenure - The property is being offered for sale on a Freehold basis, subject to the existing tenancy associated with the showroom premises.
OUTGOINGS
Rateable Value - £19,000
Small Business Multiplier (2021/2022) 49.9p in the £.
The property may qualify for small business rates relief.
Council Tax Band - C
VAT
The Vendor has informed us that VAT is not payable on the rent or purchase price.
VIEWING
Viewing via prior appointment through Mundys Commercial.
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