- Mixed use investment opportunity comprising a let Retail Unit with Offices, additional let Office Suite and 4 let 1 bedroom Residential Flats.
- Rental income currently £52,380 p.a.x rising in July 2023 to £54,880 p.a.x.
- Land to rear fronting both Cary Lane and Springs Way and having an enacted planning consent for a development scheme comprising 8 Town Houses, 3 Residential Flats and 3 Retail Units.
- Clients may give consideration to selling the income-producing elements of the property separately to the Development Land.
MIXED USE INVESTMENT AND DEVELOPMENT OPPORTUNITY
6, 6a, 6b, 6c, 6d & 6e Market Place, Brigg, North Lincolnshire, DN20 8HA
RENT: £1,150,000 FREEHOLD
About this property
6 Market Place briefly comprises a refurbished and end-terraced property of brick and slate construction with parking for 5 cars in total to the rear. The property is currently used as a Bathroom Showroom with ancillary accommodation having previously been a Residential Estate Agency for a number of years. The property has a specification to include electric heating / air conditioning units throughout, a fire alarm system with emergency lighting and a number of Kitchen and WC facilities throughout the building with Disabled provision.
6a Market Place comprises a Ground Floor self-contained Office Suite split internally via partitioning (some glass) into 3 separate Office areas, Kitchen and WC facilities (with disabled provision) and 2 allocated Car Parking spaces.
6b, 6c, 6d & 6e Market Place comprise 4 self-contained 1 bedroom Residential Flats situated at First and Second Floor levels above 6a Market Place having an independent access and with the building containing the Office Suite and four Residential Flats being of modern construction over 3 Floors and being built of brick under a pitched and tiled roof covering. Each of the four Residential Flats have a Lounge, Kitchenette, One Bedroom and Bathroom with Shower over Bath. Each Flat benefits from one allocated Car Parking space.
In addition to the built structures let by way of six different leases / tenancy agreements, there is a parcel of land to the rear fronting both Cary Lane and Springs Way where our clients have enacted the planning consent granted for its redevelopment where the approved build scheme comprises 8 Town Houses, 3 Residential Flats and 3 Retail Units.
Brigg is an established Market Town in North Lincolnshire with a Resident population of approximately 6,000 people and is located approximately 9 miles East of the larger Town of Scunthorpe and 27 miles North of the City of Lincoln.
The Town benefits from excellent road communication links via the M180 which links Grimsby with Doncaster as well as via the A15 to both the Humber Bridge and the City of Lincoln to the South.
6 Market Place occupies a prime Town Centre Retail pitch and is currently used as a Bathroom Showroom with ancillary accommodation having previously been a Residential Estate Agents. 6a Market Place to the rear comprises a self-contained Office Suite. 6b, 6c, 6d & 6e Market Place comprise four 1 bedroom Residential Flats located at First and Second Floor levels above 6a Market Place. The land to the rear is accessed from both Cary Lane and Springs Way close to the site occupied by B & M Bargains.
The Commercial elements of the property have been measured on a net internal area basis and comprise as follows:
6 Market Place
Floor Description Sq M Sq Ft ITZA Sq M ITZA Sq Ft
Ground Retail Unit - Zone A 85.9 925 85.9 925
Ground Retail Unit - Zone B 42.0 452 21.0 226
Ground WC & Shower - - - -
First Offices & Kitchen 140.3 1,510 9.35 101
First WC Facilities - - - -
Second Stores 24.3 262 0.97 10
TOTAL 292.5 3,149 117.22 1,262
6a Market Place
Floor Description Sq M Sq Ft
Ground Office Suite 81.4 875
Ground WC - -
TOTAL 81.4 875
6b - 6e Market Place
Flat No. Description
6b 1 Bedroom Flat
6c 1 Bedroom Flat
6d 1 Bedroom Flat
6e 1 Bedroom Flat
6 Market Place is currently assessed under the 2017 Rating List as Offices & Premises with a Rateable Value of £12,500.
6a Market Place is currently assessed under the 2017 Rating List as Offices & Premises with a Rateable Value of £4,050.
6b, 6c, 6d & 6e Market Place are assessed under the Council Tax Register as Band A properties.
For further information in respect of the amount of Business Rates and Council Tax payable in respect of each element of the property, prospective purchasers should contact the Billing Authority, North Lincolnshire District Council. Tel: 01724 297000.
We understand that each element of the built structures at Market Place, Brigg are connected to mains electricity, water and drainage. We believe that mains gas may be available in this area but is not currently connected to the subject properties.
Prospective purchasers are advised to check upon the adequacy and provision of services with the relevant Statutory Authorities prior to making an offer to purchase this property, to include the attached Development Site.
Strictly by prior appointment with the Sole Selling Agents:
5 Oakwood Road
Brown & Co
5 Oakwood Road Lincoln
Tel: 01522 457800
We understand from our client that 6 Market Place is elected for VAT whereas the Premises to the rear comprising 6a, 6b, 6c, 6d & 6e Market Place is not elected for VAT. The purchasers are advised to clarify the position regarding VAT prior to making an offer to acquire this property on a freehold basis.
Each party will be responsible for their own legal costs incurred in respect of any sale negotiated.
6 Market Place - C60.
6a Market Place - C65.
Residential Flat, 6b Market Place - C80.
Residential Flat, 6c Market Place - C80.
Residential Flat, 6d Market Place - C80.
Residential Flat, 6e Market Place - C80.
The Commercial elements of the property have established uses now covered by Use Class E. The 4 Residential Flats have the appropriate planning consents to allow their current use.
The Development Site to the rear has a planning consent which has been enacted by our clients for the erection of 8 Town Houses, 3 Residential Flats and 3 Retail Units.
Prospective purchasers should check all planning-related matters concerning the built-structures and Development Site with The Planning Department at North Lincolnshire District Council. Tel: 01724 297000.
RENT / LEASE TERMS
6 Market Place is let by way of a 5 year effective FRI lease from July 2022 at a rent of £22,500 p.a.x rising to £25,000 for Years 2, 3 & 4 of the lease term.
The Office Suite at 6a Market Place is let by way of a 3 year effective full repairing and insuring Law Society Business Lease from 1st November 2020 at a rent of £6,000 p.a.x. to be reviewed annually and where the letting includes 2 allocated Car Parking spaces.
The 4 Residential Flats are let by way of Assured Shorthold Tenancy Agreements to four separate individuals on either 6 or 12 month terms. The monthly rents for 6b, 6c & 6d Market Place are £500 per calendar month with the rent for 6e Market Place being £490 per calendar month.
The current rental income derived from the built structures is therefore £52,380 p.a.x which will rise in July 2023 to £54,880 p.a.x.
Copies of the two leases and four Assured Shorthold Tenancy Agreements are available to prospective purchasers from Brown & Co - J H Walter LLP as Sole Selling Agents.
To arrange a viewing contact
Brown&CoJHWalter, 5 Oakwood Road, Lincoln, Lincolnshire, LN6 3LH
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