Terraced house for sale in Newland Street West, Lincoln LN1

A rare opportunity to purchase a licenced five bedroomed house of multiple occupancy. The property is currently let for the remaining academic year with an income of £24,632 per annum (inclusive of bills until the 31st July 2023) and also the upcoming academic year with an income of £28,560 per annum (inclusive of bills from August 2023 until July 2024). The property is located in the West End of Lincoln and is within walking distance of Lincoln University and Lincoln City Centre. To the rear of the property there is a large brick and tile outbuilding (see plan) which, in our opinion, offers the possibility of development for extra accommodation or usage and associated rental enhancement (subject to any relevant Planning Permissions). The attached next door house (105 Newland St West) is in the same ownership under a non-hmo rental AST and could be made available for separate purchase potentially offering greater development flexibility.

A rare opportunity to purchase a licenced five bedroomed house of multiple occupancy. The property is currently let for the remaining academic year with an income of £24,632 per annum (inclusive of bills until the 31st July 2023) and also the upcoming academic year with an income of £28,560 per annum (inclusive of bills from August 2023 until July 2024). The property is located in the West End of Lincoln and is within walking distance of Lincoln University and Lincoln City Centre. To the rear of the property there is a large brick and tile outbuilding (see plan) which, in our opinion, offers the possibility of development for extra accommodation or usage and associated rental enhancement (subject to any relevant Planning Permissions). The attached next door house (105 Newland St West) is in the same ownership under a non-hmo rental AST and could be made available for separate purchase potentially offering greater development flexibility.

Location The historic Cathedral and University City of Lincoln has the usual High Street shops and department stores, plus banking and allied facilities, multiplex cinema, Marina and Art Gallery. The famous Steep Hill leads to the Uphill area of Lincoln and the Bailgate, with its quaint boutiques and bistros, the Castle, Cathedral and renowned Bishop Grosseteste University.

Current rental income The property is let for the remaining academic year (ending July 2023) and is producing an annual rental income of £24,632 (inclusive of bills) and for the next academic year (August 2023 to July 2024) producing an annual rental income of £28,650 (inclusive of bills).

Hall

bedroom 11' 4" x 11' 2" (3.45m x 3.4m)

communal room 12' 8" x 11' 4" (3.86m x 3.45m)

kitchen 17' 5" x 6' 1" (5.31m x 1.85m)

bathroom 7' 8" x 6' 1" (2.34m x 1.85m)

first floor landing

bedroom 11' 4" x 10' 7" (3.45m x 3.23m)

bedroom 11' 3" x 8' 1" (3.43m x 2.46m)

bedroom 12' 10" x 11' 9" (3.91m x 3.58m)

bedroom 12' 11" x 6' 8" (3.94m x 2.03m)

outbuilding 21' 11" x 12' 2" (6.68m x 3.71m)