For SaleAttractive Town Centre Mixed Investment Property For Sale Freehold

1-3 Red Lion Street | Spalding | Lincolnshire | PE11 1SX

* Freehold Investment Comprising Ground Floor Coffee Shop, Flower Shop and Antiques Shop with Upper Floor Offices and Escape Rooms
* A Total of 7,000sqft, 650sqm of Accommodation NIA
* Producing £29,400 per annum excluding VAT in 4 Separate Lettings with ERV in the Region of £57,800 per annum

Location…
The historic market town of Spalding is located approximately 100 miles to the north of London on the South Lincolnshire Fens and has a population of around 35,000 residents.

It is renowned for Spalding Flower Parade and celebrates the region’s vast tulip flower production.

The town has a stable economy, well regarded retail offering, good sporting facilities and schools.

The property is located in the centre of town on Red Lion Street which connects the busy conduit of New Road to the Market Place.

Opposite the property is a large college campus, retail properties including Vodafone, Costa Coffee, Holland & Barrett, Barclays Bank are located nearby.

Description…
The premises comprise 6 separate lettings located within one group of buildings.

The lettings comprise 3 retail units with first floor tuition rooms, a recruitment agency and escape rooms on two floors above.

The buildings appear to have been constructed over 3 separate periods and are of conventional construction, being masonry under pitched tiled roofs, the accommodation arranged on the ground, first and second floors.

3 Red Lion Street – Flowers ‘n’ Things
Accommodation…
Sales Area…………………………………13.2m x 6.4m, 88sqm
Ceiling height 3.5m.
Rear Preparation Room………………3.4m x 8.7m, 30sqm
Store…………………4.2m x 2.3m and 2.4m x 2.2m, 15sqm
L Shaped
WC
Having low level WC.
Additional Preparation Area………7.2m x 3.8m, 28sqm
2 Parking Spaces

Agent Note…
Presently this business is currently operated by the sellers of the building.

1 Red Lion Street – Penningtons Coffee Shop
Accommodation…
Sales Counter Area……………………5m x 8.1m, 41sqm
2nd Sales Area/Seating Area……10m x 4.6m, 47sqm
Customer WCs
Having male and female WCs.
Rear Private Courtyard………4.3m ave x 6.3m, 28sqm
Enclosed and Covered.
External Seating Area………………6.4m x 4.8m, 31sqm
Kitchen………………………………3.9m x 2.5m ave, 10sqm
2nd Kitchen/Food Prep Area……3.5m x 3.6m, 13sqm

Agent Note…
Penningtons Coffee Shop is a profitable business which is available separately and is owned by the sellers of the building.

1A Red Lion Street – 1A Antiques
Accommodation…
Ground Floor Sales Area……………9m x 5.29m, 47sqm
First Floor…………………………………6.7m x 5.4m, 36sqm
Store
WC/Kitchenette

Agent Note…
This property is let on Internal Repairing Terms on a lease on Internal Repairing Terms at £9,600 per annum plus VAT.

2 Red Lion Street – Lincs Tuition
Accommodation…
Room 1…………………………………5.2m x 3.4m, 18sqm
Room 2…………………………………4.1m x 3.5m, 15sqm
WC
Kitchenette……………………………1.7m x 1.3m, 3sqm

Agent Note…
This is a first floor teaching centre above the coffee shop. It is let at a passing rent of £4,200 per annum excluding bills. The tenant is responsible for an apportionment of annual building insurance premium.

Above No. 3 Red Lion Street is a communal entrance leading to the first and second floors where there are 2 tenants, one a recruitment agency, the other running Escape Rooms.

3A Red Lion Street – Rush Hour Escape Rooms
Accommodation…
Escape Room Suite………………………5.1m x 8.8m, 45sqm
This area is divided into two partitioned escape rooms.
Kitchen……………………………………………2.8m x 2m, 6sqm
WC

Second Floor
Escape Room Reception Area…………5m x 2.9m, 41sqm
2 Escape Rooms (estimated)……………………………30sqm
Circulation Space……………………………………………10sqm

Agent Notes…
The Escape Rooms are let on Internal Repairing Terms at £7,800 per annum excluding bills and the insurance contribution.

3 Red Lion Street – Capital Recruitment

Accommodation…
Open Plan Office…………………………9.7m x 6.3m, 61sqm
Having modern wall finishes, partitioned areas.
Office 2…………………………………4.1m x 4.1m, 17sqm
Kitchen – Unmeasured
WC

Agent Notes…
Capital Recruitment occupy first floor accommodation let on an Internal Repairing Lease at a rent of £7,800 per annum excluding bills and the annual landlord’s insurance premium.

Schedule of Accommodation…

1 Red Lion St
Penningtons Coffee Shop
Ground Floor Sales
115sqm 1,235sqft
Ancillary Accommodation
47sqm 505sqft
ERV £15,700 pa

3 Red Lion St
Flowers ‘n’ Things
Ground Floor Sales
88sqm 945sqft
Ancillary Accommodation
77sqm 825sqft
ERV £12,700 pa

1A Antiques
Ground Floor Sales
47sqm 500sqft
1st Floor Sales
36sqm 385sqft
Passing Rent £9,600 pa

Lincs Tuition, 2 Red Lion St
1st Floor Net Internal Area
33sqm 355sqft
Passing Rent £4,200 pa

Capital Recruitment
Net Internal Area
80sqm 840sqft
Passing Rent £7,800 pa

Escape Rooms – 2 floors
Net Internal Area
96sqm 1,0335sqft
Circulation
31sqm 335sqft
Passing Rent £7,800 pa

Total NIA
650sqm 7,000sqft
Total Passing Rent £29,400 pa

ERV £57,800 pa

Sales Terms…
The property is available freehold subject to the existing occupational leases.

Outgoings…

Address Rateable Value
Flowers ‘n’ Things, 1-3 Red Lion Street £12,250
Ground Floor 1a, Red Lion Street £11,250
Penningtons, 1-3 Red Lion Street £5,000
Escape Rooms, Red Lion Street £7,800
1st Floor 1a, Red Lion Street £1,425
1st Floor 2, Red Lion Street £1,875

EPC…
1 & 3 Red Lion Street have an EPC asset Rating C63, 1a is rated C51 and 3a, 3b and 3c are rated E108. Full details are available on request.

Viewing…
All viewings are to be made by appointment through the agent.
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