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See how verdicts workProperty · LN1 3AL
For saleListed 417 days
Opportunity summary
See Archie’s verdict, returns by strategy and what to check before viewing.
About
An extremely rare opportunity to purchase this block of 11 car parking spaces with a leased commercial building in the uphill Cathedral Quarter of the City at the foot of the castle wall and within a few hundred yards from the Bailgate.
Location A very rare opportunity to purchase this prominent block of car parking and commercial building situated in a prominent position on from St Pauls Lane and at the foot of the Castle Wall.
The Property is within the Bailgate commercial centre and Cathedral Quarter. The property is situated in a mixed residential and commercial area of the city which is a highly popular location.
This area is an extremely popular destination for tourists and this historic Uphill area of Lincoln enjoys close to 2 million tourist visitors annually.
The property is close to a range of commercial businesses and is also midway between the Lincoln Hotel and the Famous White Hart Hotel.
ACCOMMODATION Main Building Basement 52.7 sqm (567.26 sqft) Ground Floor 84 sqm (904.17 sqft) First Floor 51.3 sqm (552.19 sqft)Car parking for 11 vehicles PLANNING The property has planning for a car park and the building planning for a storage building but has potential for a change of use.
The site is on an ancient monument and adjoins and ancient monument.
SERVICES Mains electricity, water and drainage are connected TENURE The property is freehold however their is a car park arrangement with the council.
There is a licence contract that will need agreeing with the council to access the site. However the site is not land locked and access could be from the main building.
At present there is a lease with White Hart Hotel (TSP operations) Ltd on an annual basis at £5000 pax and in addition the annual licence fee payable to City of Lincoln Council is £4000 pax.
The store is leased on a lease for 12 months at £14000 pax. RATEABLE VALUE The property has a rateable value of £7200 on the car park.
The building has a rateable value of £3600 CEPC Not applicable LEGAL COSTS Each party are responsible for their own legal costs VAT The price is exclusive of VAT if applicable LOCAL AUTHORITY Lincoln City CouncilCity Hall Beaumont FeeLincoln LN1 1DDTel VIEWINGS Contact Pygott & Crone Commercial 36a Silver Street LincolnLN2 1EWTel
Value & comps
No previous sales on record.
Returns
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Archie refurb estimate: a Pro feature
0.0% below asking
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Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
See real sub-let margins (HMO room rates & SA nightly rates) vs the landlord rent.
Area
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FAQ
About St. Pauls Lane, Lincoln, LN1
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