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5 bedroom apartment for sale
West Parade, Lincoln, Lincolnshire, LN1 1NL
£550,000
West Parade, Lincoln, Lincolnshire, LN1 1NL
£550,000
Our Summary
- Prime City Centre investment opportunityFully let with £40,160 income per annum3 x One Apartments, 1 x 2 bed Apartment, Ground floor BistroBasement & garden area with further development potential (stp)Prime City Centre investment opportunity - Fully let with £41,780 income per annum - 3 x One Apartments, 1 x 2 bed Apartment, Ground floor Bistro - Basement & garden area with further development potential (stp) - Lapsed planning under ref 2012/0246/RNDetailed DescriptionA city centre investment opportunity comprising 3 x one bedroom apartments, 1 x two bedroom apartment and a ground floor cafe/bistro with indoor and outdoor seating
- The accommodation is arranged over four floors and extends to around 3,000 sq ft with the basement level and rear garden offering further development potential subject to planning
- Deli - £8,840 per annumFlat 1 £640 pcmFlat 2 £720 pcmFlat 3 £610 pcmFlat 4 £640 pcm*including the rent increases due on the 1st March 2024Town & Country PlanningThe property benefitted from a full planning permisson as per the below reference which lapsed in 2015
- Lincoln City Council planning ref 2012/0246/RNConversion of existing property to accommodate 5 flats and erection of a two storey rear extension to accommodate 4 flats
- (Renewal of planning permission 2008/1109/F) Interested
Description
This prime city centre investment opportunity is fully let, generating a total income of £40,160 per annum. The property comprises three one-bedroom apartments, one two-bedroom apartment, and a ground floor cafe/bistro with indoor and outdoor seating, spread across four floors and totaling around 3,000 square feet. The basement level and rear garden offer further development potential, subject to planning. The property is currently let to a deli and four flats, with rent increases due in March 2024. The property previously had a full planning permission, which lapsed in 2015, for the conversion of the property into five flats and the addition of a two-storey rear extension.