5-bedroom flat · LN1 1NL
For saleListed 994 days
Opportunity summary
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About
Prime City Centre investment opportunity Fully let with £46,392 income per annum 3 x One Apartments, 1 x 2 bed Apartment, Ground floor Bistro Basement & garden area with further development potential (stp) Prime City Centre investment opportunity - Fully let with £46,392 income per annum - 3 x One Apartments, 1 x 2 bed Apartment, Ground floor Bistro - Basement & garden area with further development potential (stp) - Lapsed planning under ref 2012/0246/RN Detailed Description A city centre investment opportunity comprising 3 x one bedroom apartments, 1 x two bedroom apartment and a ground floor cafe/bistro with indoor and outdoor seating.
The accommodation is arranged over four floors and extends to around 3,000 sq ft with the basement level and rear garden offering further development potential subject to planning.
The property is fully let with a total rent passing of £46,392 p/a which breaks down as follows and includes bills.
Deli - £866 per annum Flat 1 £775 pcm Flat 2 £725 pcm Flat 3 £650 pcm Flat 4 £850 pcm *including the rent increases due on the 1st March 2024 Town & Country Planning The property benefitted from a full planning permisson as per the below reference which lapsed in 2015.
Lincoln City Council planning ref 2012/0246/RN Conversion of existing property to accommodate 5 flats and erection of a two storey rear extension to accommodate 4 flats.
(Renewal of planning permission 2008/1109/F) Interested parties are advised to speak to the planning team on Services We understand the property offers mains water, gas, electric and main sewer connections.
Mobile We understand from the Ofcom website there is good mobile coverage from EE. Three, O2 and Vodafone.
Broadband We understand from the Ofcom website that superfast broadband is available at this property with a max download speed of 80 Mbps and an upload speed of 20 Mbps.
Tenure & Possession Freehold and for sale by private treaty subject to the existing assured shorthold tenancies on the apartments and lease on the cafe.
Council Tax Band A for all flats Lapsed planning under ref 2012/0246/RN
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 West Parade, Lincoln, Lincolnshire, LN1 1NL
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