Members of the team handling the sale of one of the most magnificent homes in Lincoln were astonished to discover that the property once had a rent of less than 20 pence – a year!
Greestone House, set in almost three quarters of an acre of gardens in the historic Cathedral Quarter of the city is now on the market at £1.65 million.
“The property dates back to the medieval period so we were buffing up on the history,” says Simon Smith, a partner with estate agents JHWalter. “That’s when we found out that in one of the first recorded deals on the property in 1290 the rent was 40d a year . . . and that’s old money . . .three shillings and four pence . . . 16½ modern pence . . . and it was payable in two instalments!”
“By the mid-17th century the rental value had risen to just under ten pounds a year but it was not until the Victorian period that its annual rental value came close to a hundred pounds.”
“Bear in mind we’re talking about one of the best homes in the entire city. It sounds unbelievable does it not?”
Simon added: “The house itself is just breathtaking, a large period manor house that is not way out in the country but bang in the middle of the Cathedral Quarter, the most interesting – and expensive – part of the city.”
“On top of all that it stands in almost three quarters of an acre of gardens with wonderful views of the Cathedral. Quite stunning.”
“Homes in this historic part of town invariably attract a lot of interest when they come up for sale. We recently sold a Grade II listed house for close to half a million pounds and even a modern mews house went for almost £400,000. Other Uphill Lincoln places that we have on the books include a property in the early Victorian period Ventnor Terrace on Danesgate at £685,000 and No 1 North Place on Nettleham Road, one of the finest apartments in Lincoln, at £375,000.”
“That said, Greestone House is clearly special – just about as good as it gets and just about the most valuable home in the city.”
So with three shillings and four pence a year in mind, what would be the rental value of the house today?
Simon laughed: “It simply could not happen. Do the normal rented property investment sums and a £1.65 million property would need to produce a rent of £7,500 a month - £90,000 a year. That is way, way out of the league of the rented property business in this area.”
“Those medieval folk . . . actually they were the Vicars Choral, the mix of priests and laymen who sang the daily offices in the Cathedral . . . got a really good deal!”
For further details about Greestone House please visit the property details page.