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Lot
019
Auction: 27th July 2026 Multi-Lot Timed Auction 27/07/2026 - Bidding opens Monday 27th July 1:00 PM

3 & 5 North Street, Gainsborough, Lincolnshire DN21 2HP

Guide Price
£120,000 plus
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Property Details
Location
Auction Details
Description
A pair of ground floor commercial retail units collectively of approx. 1,603 Sq Ft (149 Sq M) - 3 North Street being 495 Sq Ft (46 Sq M) & 5 North Street being 1,108 Sq Ft (103 Sq M) The retail units form the ground floor of a recent development prominently located within the town centre on North Street with ample public car parking at the rear and within walking distance of the train and bus station and Marshall's Yard and would be suitable for a variety of different tenants or owner occupiers to trade from. Currently No 3 is vacant with an estimated rental value in the region of £8,000 per annum, whilst No 5 is subject to a 5 year Lease from October 2025 with a passing rent of £10,000 per annum. Please note that this lot is subject to VAT and as such VAT is payable on completion in addition to the sale price.
Accommodation

3 North Street - 495 Sq Ft (46 Sq M): VACANT
Open Plan Commercial / Retail Space, Office, Kitchen, W.C.

5 North Street - 1,108 Sq Ft (103 Sq M): LET - 5 YEAR LEASE FROM OCT 2025 - £10,000 PER ANNUM
Open Plan Commercial / Retail Space, Office, Kitchen, W.C.

Costs
Auction Details

The sale of this property will take place on the stated date by way of Multi lot timed auction and is being sold under the Unconditional sale type.

Binding contracts will be exchanged at the point of sale.

All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.

Auction Deposit and Fees

The following deposits and non- refundable auctioneers fees apply:

• 10% deposit (subject to a minimum of £5,000)

• Buyer’s Fee of 2.4% of the purchase price (subject to a minimum of £2,400 inc. VAT)

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information

For full details about our auction processes, please refer to the Bidder Terms which can be viewed on our home page.

This explains the types of auction and sale methods we offer, the bidding registration process, your payment obligations, and how to view the Legal Pack (and any applicable home report for residential Scottish properties).

Guide Price & Reserve Price

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms. 
General

Tenancy
Leasehold for a term of 125 years from 29 September 1999 with a peppercorn rent.

3 North Street: VACANT (previously let on a 5 year Lease from 02 March 2020 FR&I at £11,900 per annum)

5 North Street: LET - 5 Year Lease from October 2025 - £10,000 per annum.

Estimated Total Rental Value circa £18,000 when fully let.

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