About this property

Detailed Description

85 Monks Road comprises a former Public House converted by our clients approximately 15 years ago to a Licensed House in Multiple Occupation. The current accommodation is spread over 3 floors and there is a large vacant Basement area suitable for conversion to provide En-Suite Bedrooms on a Subject to Planning basis.

Each floor currently comprises a self-contained Residential Flat, each having its own Living Area / Fitted Kitchen and where there are 4 En-Suite Bedrooms within the First and Second Floor Flats with the Ground Floor Flat being a 3 Bedroomed Unit but having separate Lounge and Kitchen.

Each Floor benefits from an entry phone to provide access to visitors at Ground Floor level and with each Flat also benefiting from its own gas fired central heating system via a dedicated combination boiler with pressurised water systems throughout. Each of the 11 Bedrooms has an En-Suite WC, wash hand basin and shower cubicle. Each of the 3 Kitchens has an electric oven, electric hob and extractor fan with two having built-in microwave ovens. The property is to be sold on a fully furnished basis as it is rented as such presently.

Externally, there is an enclosed rear Yard suitable for cycle and bin storage.
The property benefits from full double glazing with UPVC framed Units to all external window and door openings with solar panels to the roof covering producing some of the property's electricity requirements. The property has a fire alarm system with emergency lighting.

Location

85 Monks Road comprises the former Monks Abbey Public House which is situated on the corner of St Hugh Street.

Lincoln is a Cathedral & University City with an urban population of approximately 130,000 people as of the 2011 Census. The City is located approximately 33 miles North East of Nottingham, 41 miles South East of Sheffield and 48 miles North of Peterborough.

Monks Road is a popular Residential district and home to many similar Houses in Multiple Occupation favoured by students and young professionals. There are a number of Shops and Hot Food Takeaways in the immediate vicinity to serve the Residential population. The Arboretum is also situated close by comprising public open space.

Accommodation

We have measured the 3 Flats on each Floor and In terms of Net Internal Area the property comprises as follows:

GROUND FLOOR FLAT

Description Sq M Sq Ft
Lounge 15.3 164
Kitchen 7.6 82
En-Suite Bed 1 15.0 161
En-Suite Bed 2 8.6 92
En-Suite Bed 3 17.0 183

FIRST FLOOR FLAT

Description Sq M Sq Ft
Lounge / Kitchen 15.6 168
En-Suite Bed 1 7.9 85
En-Suite Bed 2 9.5 102
En-Suite Bed 3 9.4 101
En-Suite Bed 4 8.5 88

SECOND FLOOR FLAT

Description Sq M Sq Ft
Lounge / Kitchen 15.7 169
En-Suite Bed 1 13.65 147
En-Suite Bed 2 9.0 96
En-Suite Bed 3 9.8 105
En-Suite Bed 4 8.9 96

We have also measured the un-refurbished Basement area which has a gross internal area of 91.1 sq m (981 sq ft) which we believe is suitable for conversion on a Subject to Planning basis to provide further En-Suite Bedroom accommodation from which to derive rental income.

Business Rates

COUNCIL TAX BANDINGS

Each of the 3 Flats within 85 Monks Road is assessed for Council Tax purposes as Band A properties.

Prospective purchasers should check the level of Council Tax payable in respect of each of the 3 Flats via Lincoln City Council. Tel: 01522 881188.

Services

We understand that each of the 3 Flats within the property are connected to mains electricity, gas, water and drainage. We understand that each of the 3 Flats benefits from its own gas-fired central heating system via a combination boiler.

Prospective buyers are advised to check upon the adequacy and provision of services and utilities with the relevant Statutory Authorities prior to making an offer to purchase this property.

Viewing

Strictly by prior appointment with the Sole Selling Agents:

Brown & Co
5 Oakwood Road
Lincoln
LN6 3LH
Tel: 01522 457800

Brown & Co
1 Mint Lane
LN1 1UD
Tel: 01522 526526

James Cameron
01522 457172
07768 465753
james.cameron@brown-co.com

William Gaunt
01522 504322
07919 694235
william.gaunt@brown-co.com

James Mulhall
01522 504318
07919 694232
james.mulhall@brown-co.com

VAT

The asking price quoted herein is exclusive of but may be liable to VAT at the prevailing rate, and prospective purchasers are advised to check the VAT position prior to making an offer to acquire this property.

Legal Costs

Each party is to be responsible for their own legal costs incurred in respect of any transaction negotiated.

Other

EPC RATINGS

There are 3 EPC's appropriate to each of the 3 Flats within the property, each valid until 16th September 2031 providing the following Ratings:

Ground Floor Flat - C80
First Floor Flat - B83
Second Floor Flat - B81

PLANNING

Planning permission was granted in January 2011 to convert the property from a Public House to 4 Residential Flats under Reference 2010 / 0941 / F.

Permission granted for property to continue to be used as a House in Multiple Occupation (Class C4) (Application for Certificate of Lawfulness) under References 2021/1017/CLE, 2021/1009/CLE & 2021/1004/CLE.

We understand that the property is not a Listed structure nor is it situated within an established Conservation Area.

Prospective purchasers should make their own planning-related enquiries via the Planning Department at Lincoln City Council prior to making an offer to purchase this property. Tel: 01522 881188.

Terms

We are quoting an asking price of £525,000 for the freehold interest in this property subject to the terms of the 11 Assured Shorthold Tenancy Agreements appropriate to each of the En-Suite Bedrooms within the 3 self-contained Flats within the building.

We understand from our client that the approximate gross rental income derived from the property in its entirety is currently £53,000 per annum. Subject to these figures being verified as correct, this produces a gross level of 10.16% before outgoings and acquisition costs have been factored in.