Auction Date

Tue 12/09/2017

Auction Time

18:30

Auction Venue

Gainsborough Golf Club Belt Road, Thonock Hill, Gainsborough, DN21 1PZ

For Sale By Auction | Navigation Warehouse, Riverhead Road, Louth, Lincolnshire, LN11 0DA

*Guide | £170,000 - £200,000 (plus fees)

Situation: Navigation Warehouse is situated on the Louth to Tetney Canal near to the junction of Riverhead and Riverhead Road about 1 mile from the centre of the historic market town of Louth, often referred to as “the capital of the Wolds”. Grimsby 15 miles, City of Lincoln 25 miles and Humberside Airport 25 miles.

Tenure

Freehold

Description:

Navigation Warehouse was built circa 1790 after the opening of the Louth to Tetney Canal in 1770 and has historic interest “as a late C18 example of a large warehouse which was built following the opening of the Louth to Tetney Canal during the new era of the towns prosperity when warehousing was a lucrative and necessary facility”. This building was Listed under the Planning (Listed Building and Conservation Areas) Act 1990 as amended for its special architectural or historic interest. Navigation Warehouse which is predominantly red brick on three floors with tiled roof was restored in circa 1999 to the highest environmental standards using the latest Green technologies, whilst retaining most of the original fabric and features. There have been various occupants since restoration and these intriguing premises now provide versatile accommodation, displaying many of the original timbers, as follows:

Ground Floor:

Entrance from Outside Decked Area: Foyer: 79sqm (313sqft) overall incorporating Reception Area, w.c. facilities and staircase. Meeting Room: 39.93sqm (430sqft) Office: 26.50sqm (285sqft) Staircase To First Floor Landing Area: Corridor: Office: 22.61sqm (243sqft) Office: 15.46sqm (166sqft), store cupboards. Office: 7.16sqm (120sqft) Male & Female W.C. Facilities: Staircase to Second Floor: Store: Office: 62.28sqm (670sqft) overall. Room: 19.54sqm (210sqft) Former Catering Kitchen: 12.14sqm (131sqft), double bowl stainless steel sink unit, circular bowl stainless steel sink unit. Gas fired underfloor heating is installed. Outside: External steps to first floor with store under. Decked area overlooking the Canal. Dedicated parking area for approximately 6 cars. Area of amenity land/garden. Usage: The building is currently used as offices with a Community Room on the ground floor that is open to the public.

Schedule of Leases

Tenant: Lincolnshire Wolds Countryside Service Lease Date: 1st April 2017 Term: 5 years Rent Per Annum: £10,656.96 Tenant: Bridge Vintners Lease Date: 20th Sept 2015 Term: 2 years Rent Per Annum: £4,300 Tenant: Lindsey Action Zone Lease Date: 1st July 2014 Term: 6 years Rent Per Annum: £1,500 Tenant: Louth Navigation Trust Lease Date: 1st April 2016 Term: 2 years Rent Per Annum: £500 + 50 hours’ annual external maintenance work Tenant: Nicki Jarvis Lease Date: 23rd September 2016 Term: 2 years Rent Per Annum: £1,200 The total gross rent is £18,156.96 per annum on which VAT is charged at 20%. Note: The rent received includes, heat, light and cleaning services. The tenants pay their own rates.

General Remarks:

Tenure: The tenure of the property is Freehold. Possession: The property is sold subject to the existing Leases. Rates: Through verbal enquiries of the East Lindsey District Council we are informed that the Rateable Values are as follows: - Lincolnshire Wolds Countryside Service - £3,100 Bridge Vintners - £1,850 Lindsey Action Zone - £780 Groundwork Lincolnshire - £2,750 Groundwork Lincolnshire - £1,650 Services: Prospective purchasers should make their own enquiries of the relevant Statutory Authorities. Viewing: Strictly by appointment with Auction House 01427 616436.

Property Misdescription Act 1991

These particulars are believed to be correct but their accuracy is not guaranteed and they do not form any part of any contract. Information relating to Rating and Town & Country Planning matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate Authority. All measurements, areas and distances are approximate only. Potential purchasers are advised to check them.

VAT

VAT may be applicable on 90% of the sale price at the standard rate.

Energy Efficiency Rating (EPC)

Current Rating C

Services

Interested parties are invited to make their own enquiries to the relevant authorities as to the availability of the services.

Local Authority

East Lindsey District Council

Solicitors

Illett & Clark, 86 Bridge Street, Worksop, S80 1JA, Tel: 01909 500544

Additional Fees

Administration Charge - £480 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Click the image To view the full-sized floorplan.