Investment opportunity to purchase a ground floor commercial unit with the potential to convert the upper floors into residential accommodation (SUBJECT TO PLANNING) in Gainsborough Town Centre.

SUMMARY -

Freehold
The ground floor commercial unit is occupied by a private individual trading as The Barber Shop
Rental income of £8,000 per annum
Four-storey mid-terrace on Silver Street
Neighbouring occupiers include JD Wetherspoon's, Boots, Savoy Cinema, Argos and Sports Direct
Grade II listed building with expired planning consent to convert the upper floors to flats.
24-hour car park to the rear of the property
Offers in the region of £70,000
A purchase at this level reflects a net initial yield (NIA) of approximately 11.23% assuming usual purchaser costs, and £26.34psf


LEASE SUMMARY -

The retail unit is currently occupied by a private individual trading as The Barber Shop by way a lease from 4th October 2021 for a term of 5 years with an initial rent of £8,000 per annum, reflecting approximately £8.83 psf. The ground floor commercial unit is on an internal repairing and insuring lease.

LOCATION -

The property is located on Silver Street in Gainsborough, a market town, inland port and civil parish in the West Lindsey district of Lincolnshire. 16 Silver Street is located in the heart of Gainsborough Town Centre, with neighbouring occupiers including JD Wetherspoon, Boots Pharmacy, Sports Direct, B&M as well as Halifax Bank and Lidl. The property is approximately 0.4 miles away from Marshall's Yard, a former 18th century ironworks with over 30 popular shops, restaurants and leisure outlets.

The nearest train station is 0.3 miles to the East. Humberside Airport is approximately 21.3 miles to the North East, Lincoln is approximately 18 miles to the South East. The site benefits from easy The town benefits from easy access to the M180 and A1(M).

Silver Street benefits from being within Gainsborough's Masterplan and Town Centre Boundary. Gainsborough Town Centre Heritage Masterplan involves bringing back to life underused spaces, with plans to introduce a new cinema in a redundant shopping centre and Heritage Lottery funded refurbishments of serval heritage buildings. As part of the £10,274,857 Levelling Up Fund, grants of between £10-100k are available to support capital activities, including investment in sites.

DESCRIPTION -

The four-storey, mid-terrace is of a brick build structure with traditional rendering and a glazed frontage to the ground floor. The property became a Grade II listed building on the 12-May-1977, later gaining consent in May 2020 to convert the upper floors into flats (Application Number: 140811).

The building extends to a Net Internal Area (NIA) of 2,118.2 Sq Ft (196.79 Sq M) with the ground floor retail unit benefiting from painted walls, baseboard trimming, suspended ceilings and laminated flooring. The Barber Shop is accessible from Silver Street and shares an entrance to the rear of the building with the upper floors. The upper floors are currently vacant, suitable for refurbishment and hold baseboard trimming, crown moulding, carpet, exposed floorboards and timber windows.