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New homeInvestment
£2,250,000

Land for sale Waterside North, Lincoln LN2

1 bed
1 bath
1 reception

Property location

  • Lincoln0.2 miles
  • Lincoln Minster School0.5 miles
  • The Lincoln St Peter-in-Eastgate Church of England (Controlled) Infants School0.5 miles
  • Hykeham3.4 miles

Features and description

  • Leasehold
  • Residential investment opportunity
  • City centre location
  • Contemporary residential building comprising 8NO. Flats all let on assured shorthold tenancies
Summary
city centre residential investment opportunity Unique investment opportunity to purchase the long leasehold interest in this statement building situated in the historic cathedral city of Lincoln.

Description
city centre residential investment opportunity Unique investment opportunity to purchase the long leasehold interest in this statement building situated in the historic cathedral city of Lincoln. Currently all 8 flats are let on Assured shorthold tenancy agreements with a potential annual income of £90,600

The property comprises a modern residential building of contemporary design completed in 2004.
The two storey building is of metal frame construction, has stone clad façade to the front and side of the front section overlooking the river with a glazed façade set back at first floor level with feature curved glazing section to the south eastern corner, all below a flat roof. The rear section has more traditional rendered elevations under flat roofing.
The building is finished with large metal framed sliding doors to the ground floor of the front façade which lead to paved terrace areas with metal balustrade set slightly above the level of Waterside North pathway. The first floor is finished with metal framed French doors that lead to paved balcony areas to the front.
The property has multiple points of access located to the side and rear which comprise of metal framed glazed panel doors with key pad entry systems.

The property is owned by way of a lease from Lincolnshire City Council for a term of 125 years as
from 24th January 2001 at a Peppercorn ground rent.

Location
The historic cathedral City of Lincoln is situated on the River Witham in the county of Lincolnshire approximately 40 miles north-west of Nottingham, 50 miles south east of Sheffield and 150 miles north of London. This prosperous city has a resident population of approximately 130,000 which includes a sizeable student and youth element through its two universities and local colleges.
Lincoln is a regional retail and administrative centre and popular tourist destination with visitors attracted by its many historic buildings, including the cathedral, the castle and the medieval Bishop’s Palace and regional retail centre. The city was formerly a manufacturing centre specialising in precision engineering and electronics which in recent years been replaced to some extent by the service sector.
The City benefits from good road communications with the A57 providing access to Sheffield to the west and the A15 providing access to Peterborough to the south and Scunthorpe to the north. The A46 provides access to Leicester and Nottingham to the south west. Rail services are provided from Lincoln Station with regular services to Nottingham, Sheffield and London Kings Cross.
Doncaster Sheffield Airport and East Midlands Airport are located approximately 34 miles to the north and 50 south west of Lincoln

The property is situated on Waterside North on the northern bank of the River Witham bounded to the east by Thorngate and to the west by the Witch and Wardrobe public house with Waterside Shopping Centre opposite.
Waterside North is an attractive pedestrian thoroughfare, running parallel to the River Witham and pedestrianised crossing to the southern bank situated just to the west of the subject property.

Flat 1
Situated at First Floor and comprising an open plan living room/kitchen and dining area, a main bathroom, Integrated storage cupboard and 2No. Double bedrooms, with bedroom 1 befitting from an en-suite bathroom. The flat has the benefit of a balcony overlooking the river Witham

EPC Rating:D

Currently let at £800pcm

Flat 2
Situated at First Floor and comprising an open plan living room/kitchen and dining area, a main bathroom, Integrated storage cupboard and 2No. Double bedrooms, with bedroom 1 befitting from an en-suite bathroom. The flat has the benefit of a balcony overlooking the river Witham.

EPC Rating:D

Currently let at £1100pcm

Flat 3
Situated at First Floor and comprising an open plan living room/kitchen and dining area, a main bathroom, Integrated storage cupboard and 2No. Double bedrooms, with bedroom 1 befitting from an en-suite bathroom. The flat has the benefit of a balcony overlooking the river Witham

EPC Rating:D

Currently let at £1100pcm

Flat 4
Situated at First Floor with independent access and comprising an open plan living room and kitchen with a feature conical glazed dining area with glazed ceiling, a main bathroom, integrated storage cupboard and 2No.double bedrooms, with bedroom 1 befitting from an en-suite bathroom. The flat has the benefit of a balcony overlooking the river Witham

EPC Rating:D

currently let at £950pcm

Flat 5
Situated at Ground Floor and comprising a living room, kitchen, a main bathroom, integrated storage cupboard and 1No. Double bedrooms. The flat has the benefit of a balcony overlooking Thorngate.

EPC Rating: C

Currently let at £725pcm

Flat 6
Situated at Ground Floor with independent access and comprising an open plan living room with a feature conical glazed dining area, kitchen, main bathroom, 2No. Double bedrooms, with bedroom 1 befitting from an en-suite bathroom. The flat has the benefit of a large balcony overlooking the river Witham

EPC Rating: C

Currently let at £1025pcm

Flat 7
Situated at Ground Floor with independent access and comprising an open plan living room/kitchen and dining area, a main bathroom, integrated storage cupboard and 2No. Double bedrooms, with bedroom 1 befitting from an en-suite bathroom. The flat has the benefit of a balcony overlooking the river Witham

EPC Rating: C

Currently let at £1000pcm

Flat 8
Situated at Ground Floor with independent access and comprising an open plan living room/kitchen and dining area, a main bathroom, integrated storage cupboard and 2No. Double bedrooms. The flat has the benefit of a balcony overlooking the river Witham

EPC Rating: C
currently let at £850pcm

Agent's Notes
The property is owned by way of a lease from Lincolnshire City Council for a term of 125 years as
from 24th January 2001 at a Peppercorn ground rent.

Lease details are currently being compiled. For further information please contact the branch. Please note additional fees could be incurred for items such as leasehold packs.

1. Money laundering regulations: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. The measurements indicated are supplied for guidance only and as such must be considered incorrect.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. These particulars are issued in good faith but do not constitute representations of fact or form part of any offer or contract. The matters referred to in these particulars should be independently verified by prospective buyers or tenants. Neither sequence (UK) limited nor any of its employees or agents has any authority to make or give any representation or warranty whatever in relation to this property.

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