Guide price £375,000 (Sold Subject to Contract)
Lincoln is a cathedral city and the county town of Lincolnshire with an urban population of 130,200 (2011 Census). The city is located approximately 33 miles north east of Nottingham, 41 miles south east of Sheffield and 48 miles north of Peterborough.
The property is situated on the southern side of Clasketgate (B1308) approximately 35 metres to the east of its junction with the High Street. Nearby occupiers include Tesco Express, Pizza Express, Carluccios and Caffe Nero. An Ordnance Survey Extract identifying the property is attached to these particulars
The property forms part of a two-storey end of terrace building currently arranged as a self-contained restaurant unit over ground, first and basement levels.
Measured on a net internal area basis the property provides the following accommodation:
Ground Floor Restaurant 2,668 sq ft (247.8 sq m)
First Floor Restaurant & Storage 2,524 sq ft (234.5 sq m)
Basement Cellar 777 sq ft (72.1 sq m)
Total 5,969 sq ft (554.4 sq m)
Measured on a gross internal area basis 14b Clasketgate provides approximately 592 sq ft (55.0 m2) of residential accommodation over ground and first floors.
We understand that the property has planning consent for use as a restaurant within Class A3 of the Town and Country Planning (Use Classes) Order 1987 (as amended). Interested parties are advised to direct any planning related enquiries to City of Lincoln Council on 01522 881188.
According to the Valuation Office Agency the property is entered on the 2017 Rating List as restaurant and premises with a rateable value of £19,000.
Freehold subject to an internal repairing and insuring lease to Shu Xiang Yuan (UK) Ltd for a term of 20 years from 11 July 2016 at a passing rent of £30,000 per annum exclusive.
£375,000. A purchase at this level will reflect a net initial yield of 7.8% having deducted standard purchasers costs of 2.2% Offers are invited for consideration.
We understand that VAT will be applicable to the sale price.
C66. The front page of the ENergy Performance Certificate for 14 Clasketgate can be found at the end of these particulars. The full EPC and Recommendation Report are available to interested parties upon request.
Each party is to be responsible for their own legal costs.
For further information or to arrange a viewing please contact sole agents JHWalter:
John Elliott BSc (Hons) MRICS ACIArb MNAVA
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* Please Note: If Google Street View appears with no imagery, it is not available for this property