Prime Retail investment opportunity in Lincoln with ref CS0514

LOCATION:
Lincoln is an established and expanding Cathedral and University City with a population of approximately 110,000 people. Lincoln has direct rail links to London Kings Cross with journey times of between 2 and 2.5 hours.The A46 bypasses the City and provides a link to the A1 at Newark approximately 16 miles away. The subject property is located in the prime section of Lincoln’s High Street with adjacent occupiers including Primark, NatWest Bank, H Samuel, Ann Summers, Hotel Chocolat and Office. The maintenance to The Waterside Shopping Centre is also located in very close proximity.

DESCRIPTION:
The property briefly comprises a 4-storey, mid-terraced Retail Premises believed to be of Victorian Construction having Retail Trading space across 3 floors to include a busy Café area. Ancillary Office, Storage and Staff accommodation is also provided on the 1st, 2nd and 3rd Floors with a customer lift serving the 1st and 2nd Floors. Waterstones have internally fitted-out the property in their own corporate style where the premises benefit from suspended ceilings to trading areas with inset lighting panels together with electric air conditioning / heating units. Waterstones have been in occupation of this property for many years.

There is a flying freehold included uppers of No 298 and No 299, the ground floor, cellar and basement of No.298 and No.299 High Street are not included.

– Premises let to the undoubted covenant of Waterstones Booksellers Ltd by way of a recently completed
renewal lease expiring on 17th July 2028, Rent at £160,000 p.a.x.

Gross yield approx. 9.14%

ACCOMMODATION
In terms of net internal area, the property comprises as follows:
Floor Description Sq M Sq Ft
Ground Retail – Zone A 48.30 520
Ground Retail – Zone B 40.28 434
Ground Retail – Zone C 63.72 686
Ground Retail – Remainder 142.50 1,534
First Retail & Café 392.06 4,220
First Stores 68.28 735
Second Retail 309.41 3,330
Second Stores 93.34 1,005
Third Stores 106.75 1,149
TOTAL NIA 1,264.6 13,613

LEASE & RENTAL TERMS
Lease renewal negotiations have recently been concluded committing Waterstones Booksellers Ltd to the property for a 5-year renewal term expiring on 17th July 2028 where the rent will be fixed for the duration of the renewal lease term at £160,000 per annum exclusive of VAT at the appropriate rate. The existing and renewal leases are held on an effective full repairing and insuring basis without limitation.

EPC RATING:
The property has a current and compliant EPC Rating of D90 valid until 31st July 2027.

RATEABLE VALUE
The property is assessed under the 2023 Rating List as a Shop & Premises with
a Rateable Value of £123,000.

GUIDE PRICE: £1,600,000 subject to contract

AML
In order to comply with anti-money laundering legislation, the successful purchaser will be
required to provide certain identification checks. The required documents will be confirmed
and requested at the relevant time.

LEGAL COSTS
Each party to be responsible for payment of their own cost

For further details and to arrange a site inspection please contact: 020 8889 7474 or email us on commercial@btcint.com