Opposite the University of Lincoln Student Accommodation Buildings with 3,700 rooms/beds
Adjacent to 298 space Public Car Park
Nearby occupiers include Tesco Express, JD Sport, Poundland, Caffe Nero, Subway and Travelodge
Lot 6
Auction 15th February 2024
Rent £100,000 per Annum Exclusive
Status Sold Prior
Price
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
Property Information
Location
Miles
36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads
A1 (M), A15, A46
Rail
Lincoln Railway Station
Air
East Midlands Airport
Situation
Lincoln is an attractive Cathedral City and popular University City which is the retailing and administrative capital of Lincolnshire. The property occupies a prominent position on the east side of the busy pedestrianised High Street and is situated some 100 metres south of Lincoln Railway Station and 100 metres north of St Mark's Shopping Centre and its large car park with over 600 spaces. Nearby occupiers include Tesco Express, JD Sport, Poundland, Caffe Nero, Subway and Travelodge Lincoln City Centre.
Tenure
Freehold.
Location
Miles
36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads
A1 (M), A15, A46
Rail
Lincoln Railway Station
Air
East Midlands Airport
Situation
Lincoln is an attractive Cathedral City and popular University City which is the retailing and administrative capital of Lincolnshire. The property occupies a prominent position on the east side of the busy pedestrianised High Street and is situated some 100 metres south of Lincoln Railway Station and 100 metres north of St Mark's Shopping Centre and its large car park with over 600 spaces. Nearby occupiers include Tesco Express, JD Sport, Poundland, Caffe Nero, Subway and Travelodge Lincoln City Centre.
Tenure
Freehold.
Description
The property comprises a substantial ground floor supermarket with first floor ancillary accommodation. The property benefits from rear access and rear Car Parking for approximately 8 cars via the Tentercroft Street Car Park, being located immediately to the rear and providing approximately 298 public car parking spaces.
The property may benefit from long term residential redevelopment (subject to consents).
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
Band C.
Description
The property comprises a substantial ground floor supermarket with first floor ancillary accommodation. The property benefits from rear access and rear Car Parking for approximately 8 cars via the Tentercroft Street Car Park, being located immediately to the rear and providing approximately 298 public car parking spaces.
The property may benefit from long term residential redevelopment (subject to consents).
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
Band C.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Reversion
Ground First
Supermarket Ancillary
536.75 467.60
(5,777) (5,033)
ICELAND FOODS LIMITED (CRN 01107406) (1)
10 year lease extension from 21/10/2018 (3)
£100,000
20/10/2028
Total Approximate Floor Area
1,004.35
(10,810) (2)
£100,000
(1) For the year ending 24/03/2023, Iceland Foods Limited (CRN 01107406) reported a Turnover of £3,864,900,000 a Pre-Tax Profit of negative £16,200,000 and a Net Worth of £684,700,000 (NorthRow 08/01/2024). (2) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (3) The property is let for a term of 20 years by virtue of a lease for a term of 10 years from 21/10/2008 until 20/10/2018 and a reversionary lease that was signed in 2013 for a further term of 10 years from 21/10/2018 until 20/10/2028.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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