Other

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

 

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

Acting on behalf of APAM we have been instructed to market this freehold mixed use city centre investment, with 58% of the income secured against government/5A1 income. 

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.

We are instructed to seek offers in excess of £3,180,000 (Three Million, One Hundred and Eighty Thousand pounds), subject to contact and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.90%, assuming purchasers costs of 6.47% and a low capital value of £113 per sq ft.

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


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