About this property

Detailed Description

The Market Place frontage to Bristol Arcade comprises a Grade II Listed 3-storey predominantly stone built structure with the entrance from Southgate comprising a covered walkway leading to various Retail Units thereof, the majority of which are of brick construction.

The Retail element of the property comprises 15 individual Retail Units of varying sizes, some of which have their own WC facilities, the remainder having shared use of communal WC facilities for the tenants concerned accessed off the covered walkway. Some of the Retail Units have ancillary accommodation at First Floor level.

The 5 Residential Flats are all situated at First and Second levels and comprise 3x 2 bedroom Flats and 2x 1 bedroom Flats. One Flat is currently vacant and requires internal refurbishment works offering the potential to add further rental income.

North Kesteven District Council have aspirations to construct a pedestrian foot bridge which will link Bristol Arcade over the River Slea to Money's Yard and the proposed Town Centre Cinema / Leisure scheme to potentially be constructed on an adjacent site. This should significantly enhance footfall to Bristol Arcade.

The property also offers further development opportunities to the new owner as some currently vacant properties, including a 2-storey detached structure overlooking the River Slea, could be redeveloped for a wide variety of uses to include Restaurant / Café, subject to the relevant planning consents being obtained.

Location

Sleaford is an established Market Town in the centre of the County of Lincolnshire having a resident population of approximately 20,000 people and offering excellent road communication links via the A15 and A17 Trunk Roads and with the Cathedral City of Lincoln being approximately 18 miles to the North.

Bristol Arcade occupies an extremely prominent position on the corner of Market Place and Southgate with the various Retail Units being accessed off a central covered walkway linking the two.

Accommodation

In terms of net internal area, the various Retail Units forming part of Bristol Arcade comprise as follows:

Unit Number Floor Sq m Sq ft
1 Ground 30 323
2 Ground 30 323
3 Ground 30 323
4 Ground 38 410
5 Ground 29 312
6 Ground 52 560
6 First 30 323
7 Ground 39 420
7a Ground 10 108
7a First 14 150
8 Ground 36 388
9 Ground 33 355
10 Ground 33 355
10 First 37 399
11 Ground 91 980
19 Ground 26 280
21 Ground 58 625
21 First 67 721
22 Ground 45 484
22 First 8 86
TOTAL 736 7,925

In respect of the 5 Residential Flats, we have carried out internal inspections where possible. Floor areas from the EPC's appropriate give the following approximate floor areas:

Flat Number Floor Sq m Sq ft
16 First 51 550
17 First 73 785
18 (in need of refurb) Second 80 860
19 Second 77 830
20 Second 73 785
TOTAL 354 3,810

There are additional and currently vacant parts of the property that may be suitable for redevelopment totalling approximately 350sq.m (3,750 sq.ft).

Services

We understand that the various elements of the property are connected to mains electricity, water and drainage. Mains gas is understood to be available in this location but is not currently connected to any element of Bristol Arcade.

None of the services or appliances that are believed to be connected to the various parts of Bristol Arcade have been tested by Brown&Co LLP and prospective purchasers are advised to check upon the adequacy and provision of services and utilities with the relevant Statutory Authorities prior to making an offer to acquire this property.

Viewing

VIEWING AND FURTHER INFORMATION
For further information or to arrange a viewing please contact the Sole Selling Agents:

Brown&Co LLP James Cameron Will Gaunt
5 Oakwood Road, 01522 457800 01522 457800
Doddington Road, 07768 465753 07919 694235
Lincoln, LN6 3LH james.cameron@brown-co.com william.gaunt@brown-co.com

VAT

We understand that Bristol Arcade is not elected for VAT and therefore VAT will not be charged upon any sale price agreed however, prospective buyers are advised to clarify the position regarding VAT prior to making an offer to acquire this investment
property.

It may be possible for the sale is treated as a TOGC - further information available upon request.

Legal Costs

Each party is to be responsible for their own legal and professional costs in respect of any sale negotiated.

Other

TENANCY SCHEDULE
A detailed tenancy schedule is available upon request however, we understand that current gross rental income produced by the various let elements of Bristol Arcade is approximately £130,000 per annum. Our clients maintain the common parts and pay the buildings insurance premium from the gross rental income.

In our opinion, and having regard to vacant elements of the property and those offering redevelopment potential, the gross ERV is estimated to be £155,000 per annum.

EPC RATINGS
The properties have current EPC Ratings as below:
Property EPC Rating Expiry Date
Retail Unit 1 D78 23/07/2035
Retail Unit 2 C71 23/07/2035
Retail Unit 3 C70 23/07/2035
Retail Unit 4 C58 23/07/2035
Retail Unit 5 D79 04/09/2029
Retail Unit 6 C63 26/03/2030
Retail Unit 7 C59 17/11/2029
Retail Unit 8 C56 23/07/2035
Retail Unit 9 C57 23/07/2035
Retail Unit 10 D88 23/07/2035
Retail Unit 11 D84 23/07/2035
Retail Unit 19 B29 16/02/2033
Retail Unit 21 D93 16/12/2029
Retail Unit 22 D79 23/07/2035
Flat 16 E45 16/01/2030
Flat 17 E52 27/02/2030
Flat 18 (in need of
refurb) E47 23/07/2035
Flat 19 F26 23/07/2035
Flat 20 E51 05/04/2026


PLANNING
Bristol Arcade has been in the ownership of our clients family for over 50 years and as such has established planning consents in respect of the Retail Units which now fall under Use Class E, with the 5 Residential Flats having the appropriate planning permissions in place for continued Residential use.

We are of the opinion that various elements of the property adjacent to the River Slea which are currently either in owner-occupation or are vacant offer potential purchasers with excellent redevelopment potential from which to derive further rental income, and we believe that the structures concerned would ideally be suited to conversion to either further Retail Units, Office space or for use as a Restaurant / Café, particularly having regard to the Local Authority's desire to construct a foot bridge over the River Slea, linking Bristol Arcade, Money's Yard and the proposed Cinema / Leisure scheme which may be built on an adjacent site in due course.

We would recommend that prospective purchasers clarify the current planning consents appropriate to the property and redevelopment potential offered on parts of the site via The Planning Department of North Kesteven District Council. Tel: 01529 414155


RATEABLE VALUES / COUNCIL TAX ASSESSMENTS
We would advise prospective purchasers to make their own enquiries in this regard via the Valuation Office Agency website and then discuss any financial liabilities appropriate to the various elements of the property with North Kesteven District Council Tel: 01529 414155.

Terms

PRICE
£1,500,000 is sought for the freehold interest in the property subject to the various Leases and Assured Shorthold Tenancy Agreements appropriate to the various let parts of the property.