About this property

Detailed Description

A largely-cleared and partially concrete-surfaced parcel of Development Land, formerly in Employment use, with an extensive frontage onto Beevor Street and extending to approximately 19.5 acres (7.9 hectares).

The site occupies an excellent strategic location close to both the City centre, the University of Lincoln main Campuses as well as the A46 which links to the A1 at Newark approximately 14 miles away.

The site is currently partially-let as follows:
Bays 17 and 18, which combined extend in terms of Gross Internal Area to approximately 59,300 sq ft (5,510 sq m) are let by way of 2 separate leases to LC & M Ltd for 3 year terms from April 1st 2024. Both leases are effective full repairing and insuring, but where the lease in respect of Bay 17 is subject to a Schedule Of Condition prepared in 2010.

Both leases contain break options exercisable at any point after March 31st 2025 by either the landlord or tenant, subject to service of not less than 12 months prior written notice. LC&M Ltd have given notice in respect of both leases and vacant possession will be available from April 1st 2026. The rent payable under the terms of the lease in respect of Bay 17 is £90,365.63 per annum, with the rent payable in respect of Bay 18 being £103,753.13 per annum.
The total rent payable in respect of Bays 17 & 18 is therefore £194,118.76 per annum.
For the year ending 31st March 2023, LC & M Ltd (Company Number 04677843) reported Shareholder Funds of £4.15 milllion

Bays 19 & 20, extending to approximately 28,800 sq ft (2,675 sq m) in terms of Gross Internal Area are currently vacant but capable of producing further rental income, subject to suitable lease terms being agreed.

The majority of the remainder of the site, which we believe extends to a further 14 acres, is currently vacant and available for redevelopment, subject to the relevant planning consents being obtained via Lincoln City Council.

Location

Lincoln is the Cathedral City of the County of Lincolnshire which has a population of approximately 110,000 people and where the University of Lincoln (Top 20 ranking) currently has approximately 14,000 students across its 4 Academic Campuses in the City.

Beevor Street is an historic employment location close to the City centre, located just off Tritton Road and within easy access of the A46 which by-passes the City and links it to the A1 at Newark approximately 14 miles away.

The subject property is an important regeneration site situated in an area that is currently undergoing regeneration and redevelopment. Recently, Lincoln University has constructed a new Medical School at the Brayford Pool Campus with further plans at Lincoln Science and Innovation Park to construct a further 125,000 sq ft of Office accommodation. Student Accommodation has also been constructed over the last decade in close proximity to the subject site.

The Western Growth Corridor is under construction off Skellingthorpe Road which, when completed, will comprise a large Business Park and over 3,000 new homes.

It is planned to have a road link to Beevor Street.

Major employers in Lincoln include Siemens and NMB MineBea (UK) Ltd, with the City being rankind in the Top 10 of 35 Retail Centres in the East Midlands.

Services

We understand that a high-capacity electricity supply (3-phase) is already connected to Bays 17, 18, 19 and 20 and that mains electricity, gas, water and drainage would be available for connection to the site from Beevor Street.

Prospective purchasers are advised to make their own enquiries regarding the provision of mains services to the land concerned. Brown & Co have not carried out any tests on any of the services or appliances believed to be present at the site and potential buyers should arrange their own tests to ensure that services are adequate and in good working order prior to agreeing to purchase this site on either an Unconditional or Conditional Upon Planning basis.

Viewing

For further information, or to arrange a viewing of either the buildings or the site in its entirety, prospective buyers should contact Brown & Co as Sole Selling Agent:

Brown & Co LLP, 5 Oakwood Road, Lincoln, LN6 3LH

James Cameron
07768 465753
james.cameron@brown-co.com

Will Gaunt
07919 6942235
william.gaunt@brown-co.com

VAT

We believe that part of the site is elected for VAT (the built area), with the remainder of the site not elected for VAT. Prospective purchasers are advised to confirm the position regarding VAT prior to making an offer to acquire this property.

Legal Costs

Each party is to bear their respective legal and professional costs incurred in respect of any sale negotiated.

Other

PRICE
Our clients are seeking £6,000,000 for the freehold interest in the site in its entirety, subject to the lease terms expressed herein relating to Bays 17 and 18.

Terms

TENURE
The property is to be sold on a freehold basis in its entirety and subject to the terms of the leases described herein in respect of Bays 17 & 18 let to LC & M Limited.