Block of flats for sale in Robey Street, Lincoln LN5

Investment Consideration:
Gross Initial Yield: 8.88%
Rental Income: £13,770 p.a.
VAT is not applicable to this property
Let to students. New ASTs for 2024/2025 season agreed and signed
Comprises 2-bedroom self-contained ground floor apartment
Bus stop located 1 min walk from the property provides direct services to Lincoln Train Station and Town Centre (8 min journey). Nearby occupiers include kfc, Lidl, Gymnasium, Post Office and more.

Property Description:
Comprises 2-bedroom self-contained ground floor apartment, providing the following accommodation and dimensions:
7 Robey Court: 41.10 sq m (442 sq ft)
Ground Floor: 2 bedrooms, kitchen/living area, bathroom

Tenancy:
The property is at present let on AST to Individuals for a term of 51 Weeks from 5th September 2023 at a current rent of £13,770 p.a. Deposit held of £600. Tenants have agreed and signed new AST for a term of 51 Weeks from 5th September 2024 at agreed rent of £13,770 p.a. Deposit held of £600.

Tenure:
Long leasehold. Held on a 250 Year lease from 1st January 2018 at a ground rent of peppercorn. Reversion 2268.

Location:
The property is located on Robey Street within a residential area just a 20-min walk from Lincoln’s City Centre and 20-min walk from the University of Lincoln. Bus stop Robey Street located 1 min walk from the property provides direct services to Lincoln Train Station and City Centre (8 min journey). The train station offers regular connections throughout the country, with regular services running to Newark Northgate, Edinburgh and London Kings Cross. Nearby occupiers include kfc, Lidl, Gymnasium, Post Office and more.