Lot

Auction Ends: 30/07/2025

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

Guide Price

£125,000 plus

Additional Costs / Fees will apply

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Property Details

Location

Description

A pair of ground floor commercial retail units collectively of approx. 1,553 Sq Ft (143 Sq M) - 3 North Street being 500 Sq Ft (46 Sq M) & 5 North Street being 1,053 Sq Ft (97 Sq M) both of which were previously let and collectively producing £23,900 per annum. 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. There is interest and a pending tenant application for No 5 North Street for a proposed 5 year Lease at a 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 - 500 Sq Ft (39.1 Sq M):	Open Plan Commercial / Retail Space, Office, Kitchen, W.C.
5 North Street - 1,053 Sq Ft (81.8 Sq M):	Open Plan Commercial / Retail Space, Office, Kitchen, W.C.

Approx Site Area

Approximately 221 Sq M (2,377 Sq Ft).

Planning

For any pre-application advice, interested parties should consult directly with the Local Planning Authority: West Lindsey District Council, Guildhall, Marshall's Yard, Gainsborough, Lincolnshire, DN21 2NA. Telephone: 01427 676 676. Email: [email protected]

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:

VACANT (previously let on a 2 year Lease from 9 March 2022 FR&I at £12,000 per annum)

*There is a pending tenant application for No 5 North Street for a proposed 5 year Lease at a rent of £10,000 per annum

TOTAL:

VACANT (Estimated Rental Value circa £23,900 when fully let)

Costs

Details of the Buyer's Premium and any additional fees payable are contained within the legal documents.

General

1. All the information provided on our website is for indicative purposes only and interested parties should refer to the contents of the legal pack and rely upon their own due diligence as a prudent bidder.

2. PLEASE NOTE BIDDING COMMENCES ON TUESDAY 29TH JULY AND CLOSES ON WEDNESDAY 30TH JULY.

3. The property No 3 is entered in the 2023 Rating List as "Shop and Premises" with a Rateable Value of £3,900. The Rateable Value (RV) is not the amount payable. The property No 5 is entered in the 2023 Rating List as "Office and Premises" with a Rateable Value of £8,000. The Rateable Value (RV) is not the amount payable.

4. Energy Performance Certificates: No 3 = C. No 5 = C.