Available
Lincoln – Block of 10 Apartments
139/141 Monks Road, Lincoln LN2 5JHFreehold Residential Block Investment
Price
£1,645,000
Rent P.A.
£162,000
Yield
9.85%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
7y 7m
Area
4,069 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Entire property let to a medical care company on a 10 year lease until June 2032. No breaks.
- Rent reviews every year linked to CPI
- Comprises block of 10 x 1-Bed apartments, newly converted to a high standard
- Situated within 20 minute walk from the University of Lincoln, a 17 minute walk from the hospital and a 10 minute walk from the High Street with its bars, clubs, restaurants and shopping outlets.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises residential block of 10 x 1-Bed Flats, newly converted to a high standard. The property is arranged over ground, first and second floor and provides the following accommodation and dimensions:
Ground Floor: 152 sq m (1,636 sq ft)
Flat 1 - 45 sq m (484 sq ft)
Flat 2 - 37 sq m (398 sq ft)
Flat 3 - 36 sq m (388 sq ft)
Flat 4 - 34 sq m (366 sq ft)
First Floor: 153 sq m (1,647 sq ft)
Flat 5 - 46 sq m (495 sq ft)
Flat 6 - 35 sq m (377 sq ft)
Flat 7 - 35 sq m (377 sq ft)
Flat 8 - 37 sq m (398 sq ft)
Second Floor: 73 sq m (786 sq ft)
Flat 9 - 35 sq m (377 sq ft)
Flat 10 - 38 sq m (409 sq ft)
Total GIA: 378 sq m (4,069 sq ft)
Ground Floor: 152 sq m (1,636 sq ft)
Flat 1 - 45 sq m (484 sq ft)
Flat 2 - 37 sq m (398 sq ft)
Flat 3 - 36 sq m (388 sq ft)
Flat 4 - 34 sq m (366 sq ft)
First Floor: 153 sq m (1,647 sq ft)
Flat 5 - 46 sq m (495 sq ft)
Flat 6 - 35 sq m (377 sq ft)
Flat 7 - 35 sq m (377 sq ft)
Flat 8 - 37 sq m (398 sq ft)
Second Floor: 73 sq m (786 sq ft)
Flat 9 - 35 sq m (377 sq ft)
Flat 10 - 38 sq m (409 sq ft)
Total GIA: 378 sq m (4,069 sq ft)
Tenancy Description
The entire property is at present let to Medical Care Company for a term of 10 years from 1st July 2022 at a current rent of £162,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 1st July every year linked to CPI. No breaks.
Tenancies & Accommodation
Location Description
The property is located on Monks Road within a residential area just a 10 minute walk from Lincoln’s City Centre, 20 minute walk from the University of Lincoln and a 17 minute walk from the County Hospital. The city’s train station is located just a 15 minute walk from the property. The station offers regular connections throughout the country, with regular services running to Newark Northgate, Edinburgh and London Kings Cross.
