Office

245-247 High Street & 2-26 Corporation Street, Lincoln LN2 1HN

 

Price: £3,180,000 - Initial Yield:7.90%

Date: Q1 2019

Acting on behalf of APAM we advised on the sale of this mixed use city centre investment to Royden Asset Management for £3.18m, reflecting a net initial yield of 7.90%.  

The property comprises a three storey 28,095 sq ft (2,610.11 sq m) NIA mixed use building with retail on the ground floor and office uses on the upper floors. Fully let with tenants including the Secretary of State and Tesco with an AWULT of 7.9 years to expiry and 4.0 years to break. The current passing rent is £194,857 per annum and the vendor will be topping up the rents to £267,607 per annum. The Tesco lease benefits from 5 yearly RPI linked rent reviews capped and collared at 0% and 4%. 

Long term alternative use potential of residential/student/hotel subject to planning. There is also potential to increase massing with an additional floor along Corporation Street to match the height facing High Street, subject to planning. 

Contact

Tony Burling

Tel: 020 7493 3330
Mob: 07860 555 769
tburling@lewisellis.co.uk

James Elkington

Tel: 020 7493 3330
Mob: 07810722459
jelkington@lewisellis.co.uk


Terms & Conditions | Privacy Policy
Web Design by Creativeworld