1 bed flat for sale

St. Andrews Street, Lincoln LN5

Investment Property comprising Three Self-Contained Apartments, together with a Retail Outlet - This competitively priced freehold property is sure to be of interest to local Investors/Developers and currently comprises three generously proportioned one bedroomed apartments, together with a ground floor retail outlet, which would benefit from further modernisation/improvement, but currently generates a healthy income in the region of £20,000 per annum.

Location The property is located within the Sincil Bank district of Lincoln, less than 1 mile from the City Centre and convenient for a full range of amenities. The Cathedral City of Lincoln is a vibrant University City famous for its Cathedral and Castle, having a population of circa. 100,000 residents and a much wider catchment given the surrounding villages and towns.

Description Investment Property comprising Three Self-Contained Apartments, together with a Retail Outlet - This competitively priced freehold property is sure to be of interest to local Investors/Developers and currently comprises three generously proportioned one bedroomed apartments, together with a ground floor retail outlet, which would benefit from further modernisation/improvement, but currently generates a healthy income in the region of £20,000 per annum.

Accommodation At ground floor level, there is a retail unit extending to 15 sq.m (160 sq.ft), having its own power supply and currently being used for storage on a temporary basis generating £160 pcm, but will be sold with the benefit of Vacant Possession. Also at ground floor level is a self-contained one bedroomed apartment comprising a living room, kitchen, bedroom and bathroom extending, in total, to 36 sq.m (387 sq.ft) currently generating an income of £5,928 per annum. The first floor apartment is larger, extending to 47 sq.m (500 sq.ft) also comprising a living room, kitchen, bedroom and bathroom and generating an annual income of £5,940. The second floor apartment is similar in terms of size and layout to the first floor and currently generates an income of £6,000 per annum.

Services Mains gas, electricity and water are connected with each apartment having its own gas central heating system and electrical supply. In addition, the ground floor retail unit has a separate mains power supply, but does not currently have a water or drainage connection.

EPC Ratings: EPC Ratings Ground Floor Retail Unit - B(50), D(58), (D61), (E41)

Tenure The ground floor retail unit will be sold with Vacant Possession. Each of the three apartments are occupied subject to long-standing residential tenancies. Further details are available on request.

Business Rates/Council Tax The ground floor retail unit has a Rateable Value of £1,975 (effective from 1st April 2026) However, the owner has informed us that he receives complete rates relief and has no rates to pay. Small retail units with a Rateable Value of £12,000 or less pay no business rates (100% relief), provided they only occupy one property. All three apartments have a Council Tax Band A assessment (Lincoln City Council)

VAT The property is not registered for VAT.

Parking Notes Permit only