Guide price £275,000 (Sold Subject to Contract)
Horncastle with a population in excess of 6,800, is a traditional market town on the edge of the Lincolnshire Wolds located approximately 16 miles east of Lincoln, 20 miles west of Skegness, 12 miles south west of Louth and 18 miles north east of Sleaford. The town is situated at the junction of the A158 (Lincoln to Skegness) and the A153 (Louth to Sleaford and Grantham).
The property is situated on the southern side of the High Street approximately 50m to the west of its junction with Bull Ring (A153) within the prime retailing area of the town centre.
A double fronted, three storey mid terraced building comprising two lock-up ground floor retail units with upgraded conservation style shop fronts. The upper floors of 11 High Street are ancillary to the shop, whereas the upper floors of 13 High Street comprise a self-contained 2 bedroom maisonette accessed from the rear.
The property has vehicular access from Wharf Road to a relatively large yard which could offer the opportunity for up to 12 cars or potential for future development / expansion.
Measured on a net internal area (NIA) basis in accordance with the RICS Code of Measuring Practice, the retail parts of the property provide the following accommodation:
Number 11 High Street
Ground floor - Retail Sales 39.49 sq m (425 sq ft)
First floor - Retail sales 30.67 sq m (330 sq ft)
Number 13 High Street
Ground floor - Retail sales 35.02 sq m (377 sq ft)
Kitchen 6.99 sq m (75 sq ft)
The self-contained maisonette provides a gross internal floor area (GIA) of 81 sq m (872 sq ft).
The current use of the property falls within Classes A1 (Shops) and C3 (Dwellings) of the Town and Country Planning (Use Classes) Order 1987 (as amended). The property falls within the Horncastle Conservation Area. Although the building is not listed, we understand that part of the town's Roman Wall may be below the car park / rear yard. Interested parties should make their own enquiries to East Lindsey District Council on 01507 601111.
11 High Street:
Let to Square Deal Furnishers (Louth) Ltd upon a full repairing and insuring lease for a term of 21 years from 6 January 2002 at a current rent of £6,500 per annum. The lease provides for upwards only rent reviews on the expiry of every sixth year of the term. We understand that the 5 January 2014 rent review has not been operated by the landlord.
13 High Street:
The ground floor is let to St Barnabas Hospice Trust (Lincolnshire) upon an effective full repairing and insuring lease for a term of 6 years from 31 July 2009 at a current rent of £7,250 per annum. The tenant is therefore currently holding over. The first and second floor apartment is currently vacant.
We understand that 6 car parking spaces are currently let to four parties producing a total rental income of £708 per annum. Further details are available upon request.
Freehold subject to the existing tenancies.
£275,000. Offers are invited for consideration.
The guide price quoted in these particulars is exclusive of VAT. At the time of preparation of these particulars (September 2017) we understand that the vendor has not elected to charge VAT.
Both retail units are entered on the 2017 Rating List as "shop and premises" with rateable values of £9,100 (11 High Street) and £8,900 (13 High Street).
The apartment is assessed within Council Tax Band A.
Interested parties should make their own enquiries of East Lindsey District Council in connection with business rates and council tax payable.
Copies of energy performance certificate 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 joint sole agents:
John Elliott BSc (Hons) MRICS ACIArb MNAVA
01522 504303 / firstname.lastname@example.org
Walters Estate Agents
01507 526877 / email@example.com
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