Investment Property, 13 Steep Hill, Lincoln, Lincolnshire, LN2

Location
The property occupies a prime location within Lincoln's premier tourist/retail district, being on the famous Steep Hill, a pedestrianised cobbled lane, providing a direct-link to the Castle and Cathedral to the north and the City Centre High Street to the south. Lincoln is a prosperous, growing tourist destination, given its rich heritage within the picturesque Cathedral Quarter and the nearby Bailgate shopping district, with many boutiques, restaurants and bars and the walled castle. Lincoln is also a thriving University City, with a population of circa. 100,000 residents and a much wider catchment given the surrounding villages and towns.

Description
Fully Let Income Generating Investment Property within a Prime Tourist/Retail Location - This is a particularly rare opportunity to acquire a beautifully refurbished Freehold property within Lincoln's prime historic tourist district along the infamous Steep Hill. This fully let investment property generates a healthy income of £32,500 per annum, currently operating as retail accommodation with a beauty treatment/spa facility, having a total floor area extending to 146.6 sq.m (1,578 sq.ft).

Accommodation
The accommodation is set out across three floors with the ground floor comprising a front retail/showroom area, beyond which is a beauty therapy and spa area, with a sauna, treatment rooms, outdoor seating including a hot tub and relaxation rooms, together with staff facilities. The upper floor accommodation was previously used for residential purposes.

The overall floor area extends to 146.6 sq.m (1,578 sq.ft).

Services
Mains gas, electricity, water and drainage are connected to the property.

EPC - Exempt as Listed Building

Tenure
The property is held on a Freehold basis and subject to two tenancy agreements, one for the retail outlet and another for the beauty spa/treatments business, generating a total income of £32,500 per annum. Further details are available on request.

Rates
Rateable Value - £12,000

Small Business Multiplier (2023/2024) 49.9p in the £.
The property may qualify for small business rates relief.

It may be possible to obtain Small Business Rates Relief, depending on individual circumstances.

VAT
VAT to be confirmed.

Viewing
By prior appointments via Mundys Commercial.