Northgate

 

For Sale £250,000

Louth, Lincolnshire


INVESTMENT FOR SALE

Long established location Close to town centre Current income £22,250 p.a. exclusive of outgoings Substantial investment opportunity EPC Ratings; 25b – D / 25a – C

Tenure: Unknown


Location -

Louth is a market town of approximately 17,000 people, famous for its thrice weekly market and cattle market. The town centre provides essential services for a large rural area and, in particular, secondary schools, banks and shopping facilities. The town is famous for its sole proprietor independent retailers, including butchers, bakers and specialist clothing shops etc. In addition, the town accommodates the main High Street banks and national retailers including Boots the Chemist, WH Smith, Millets etc. There are 3 supermarkets in the town, being a Co-operative, Morrison’s and Aldi.

The subject property is found in a visual location off Eastgate/Vickers Lane on a one way system with on street parking and vehicular access at the rear via the Co-operative store car park.

Description -

The subject property forms a prominent three storey building formed in brick under a pitched slate roof and is let in two parts, the ground comprising the Post Office and the upper two floors let to local solicitors, who have a separate ground floor entrance on the Northgate frontage. Both units have independent access to the rear and shared parking comprising 2 car parking spaces per tenant.

Northgate Post Office -

On a gross internal floor area basis, the accommodation comprises approx. 118m²/1269.4ft², within which comprises ancillaries, toilets and similar and a back door to the car park area.

First And Second Floors -

Let to solicitors with a self-contained ground floor entrance on the frontage of the building, comprising a wide hallway with passage to the rear and staircase to the upper floors. The first floor comprises some five offices, plus kitchen and separate client’s WCs, with 2 further offices on the second floor. On a GIA basis the accommodation comprises approx. 165m²/1777ft².

Outside -

There is an open forecourt to the Northgate frontage and a car park area to the rear of the building with access off the Co-operative car park.

Services -

All main services are connected or available and, we believe, separately metered. There is a gas fired central heating system serving the office accommodation on the first floor, with radiators to most rooms.

Assessments -

From enquiry of the Valuation Office website, we understand the property is currently assessed as follows:-

Ground Floor Retail Premises, 25b Northgate, Louth
Description: Shop & Premises
Rateable Value: £7,500

Upper Floor Offices, 25a Northgate, Louth
Description: Offices and Premises
Rateable Value: £7,300

Further enquiries should be made of the Valuation Office or East Lindsey District Council on 01507 601111.

Tenure -

The premises are assumed to be freehold.

GROUND FLOOR POST OFFICE
We understand the Ground Floor is let by way of a 10-year term from 25th February 2020 at £13,000 p.a. exclusive of outgoings on repairing terms.

FIRST & SECOND FLOOR OFFICES
Held by way of a 6-year lease, commencing 15th July 2008 at a rental of £9,250 p.a. on repairing terms to include the ground floor entrance, the hallway and similar. The tenant is currently holding over on these terms.

Vat -

Purchasers, please note that all prices are quoted net of VAT unless otherwise specified.

Viewing -

Strictly by appointment with the sole agents, Turner Evans Stevens on 01507 602264.

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01507 602 264

survey@tes-property.co.uk

1 Queen Street, Louth, Lincolnshire LN11 9AU