About this property

Detailed Description

The property is a modern and recently refurbished detached building comprising 3 single storey Retail Units a 1 bedroom First Floor Flat to the rear along with a car park. The properties are fullylet as per the tenancy schedule.

Unit 1 is let to Reflect Recruitment Group Ltd and comprises a large Sales Area to the front with 2 x WC's (one disabled), Kitchenette and Store to the rear.

Unit 2 is let to The Lead India Ltd and comprises a large Seating /Bar Area to the front with a Kitchen, Stores and Customer/Staff WC's to the rear. This Unit benefits from a loading/service bay to the rear which is accessed off Station Road.

Unit 3 is let to SK Colourhill Ltd and comprises a Sales Area to the front with a Store, Kitchen and WC to the rear.

The Flat comprises a living room, kitchen, 1 bedroom and bathroom/WC and benefits from its own ground floor access.

Externally there is parking to the rear and a loading bay/yard demised to Unit 2.

Location

Lincoln is a Roman City which has grown dramatically over the last 20 years and which currently has a resident population, to include North Hykeham, of approximately 130,000 people. The A46 bypasses the City and links it to the A1 at Newark approximately 16 miles away. Lincoln has an established rail connection to London Kings Cross with a fastest journey time of approximately 2 hours.

275 Newark Road is prominently located on the corner of Newark Road and Station Road approximately 4.3 miles to the South of the City centre. Newark Road is a busy road that leads directly onto the A46 bypass which is approximately 1.4 miles to the South West and also provides quick access into the City centre.

Accommodation

The Retail Units have been measured on a net internal area basis and the Flat has been measured in a gross internal area basis (from the Energy Performance Certificate).

Unit 1
Sales area - 74.0sqm/797sqft
Store - 4.6 sqm/49sqft
2 x WCs -
Total - 78.6sqm/846sqft

Unit 2
Seating Area/Bar - 116.0aqm/1,249sqft
Kitchen - 33.3sqm/358sqft
Customer & Staff Wcs -
Loading Bay - 27.5sqm/296sqft
Total - 202.4sqm/2,179sqft

Unit 3
Sales Area - 95.4sqm/1,027sqft
Kitchen - 3.0sqm/32sqft
WC -
Total - 98.4sqfm/1,059sqft

Description - Flat (Not inspected - 43 sqm/493sqft
Total GIA - 43sqm/493sqft

Business Rates

Unit 1 is assessed under the 2023 Rating List as a Shop and
Premises with a Rateable Value of £15,000.
Unit 2 is assessed under the 2023 Rating List as a Shop and
Premises with a Rateable Value of £24,500.
Unit 3 is assessed under the 2023 Rating List as a Shop and
Premises with a Rateable Value of £15,250

The Flat is in Council Tax Band A.
For further information in respect of Business Rates and Council
Tax payable, prospective purchasers should contact North
Kesteven District Council as the Billing Authority. Tel: 01529 414155

Services

We understand that the property is connected to mains electricity, water and drainage.

We have not carried out any tests on any of the services or appliances present at the property and potential purchasers should arrange for their own tests to ensure that any services are adequate and in good working order prior to committing to purchase.

Viewing

For further information or to arrange a viewing, please contact the Sole Selling Agents

Brown & Co
5 Oakwood Road
Lincoln, LN6 3LH

William Gaunt
01522 504322
07919 694235
william.gaunt@brown-co.com

VAT

We understand that the property is elected for VAT

Legal Costs

Each party will be responsible for their own legal costs incurred in the respect of any sale negotiated.

Other

EPC
Unit 1 has an EPC Rating of C65 which expires on the 26th June 2029.
Unit 2 has an EPC Rating of D58 which expires on 24th November 2030.
Unit 3 has an EPC Rating of C58 which expires on 17th November 2026.
The Flat has an EPC Rating of E40 which expires on the 6th July 2031.

TOWN & COUNTRY PLANNING
For further information in respect of planning-related matters, prospective purchasers should contact The Planning Department at North Kesteven District Council. Tel: 01529 414155

TENANCY SCHEDULE
Unit 1 - rent pa £14,950, start date 13/3/23, term - 10 years, break clause 3rd & 6th Anniversary, rent review 3rd & 6th Anniversary
Unit 2 - rent pa £24,000, start dated 16/10/24, term - 7 years, no break clause, rent review 16/10/28
Unit 3 - rent pa £16,500, start date 19/08/22, term - 5 years, no break clause, no rent review
Flat - rent pa £8,340, start date TBC, term - TBC, break clause - TBC, rent review - N/A
Total - £63,790 pax

Terms

We are offering the property, subject to the existing leases and tenancies, at a guide price of £795,000.