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Commercial Property
A grade II listed, three story historic building having a gross internal area of approximately 4147 sqft (385 sqm) which was was originally built as a warehouse and wool market for the Louth Corporation in 1825 for the storage and sale of wool and since 1987 has been used by John Taylors as an auction room, but is now available for sale due to the purchase of new premises at 127, Eastgate Louth.
Please note that the property will be sold with a restrictive covenant prohibiting its use as an auction room.
The property is constructed of solid red brick walls and has a traditional clay pan tile pitch roof. A single story extension was added in late 1990s by the current owners to provide office accommodation and toilets. The property retains many original features with Historic England stating that it is one of the best preserved storage warehouses in the late 18th of the early 19th centuries.
Although property has been used for many years as an auction room, it has the potential to be used for a number of alternative uses subject to any necessary local authority consents.
Location:
Louth is an attractive market town with a population of approximately 17,000 and enjoys a weekly open market, independent shops and national retailers, three supermarkets, leisure centre, two golf courses, cinema and theatre. The town is positioned on the edge of the Lincolnshire Wolds, a designated area of natural beauty and is situated some 25 miles north-east of the city of Lincoln and some 16 miles south of the town of Grimsby. The property is situated close to the retail centre of the town and fronts onto Kidgate with a return frontage to Lee Street and is a mostly a residential area but having a J D Wetherspoon directly opposite as well as pedestrian passage way linking Kidgate to Mercer Row and the towns main shopping area.
Brick cavity construction with a pitch and pan tile roof. The accommodation comprises of:
With fitted counter. 16ft 4 x 9ft 6 (5m x 2.93m)
With fitted wall and base cupboards, worktops, stainless steel sink and drainer, tiled floor and access to roof space. 9ft 6 x 8ft (2.94m x 2.44m)
Separate male and female/disabled WC
The original three storey building comprises of:
With brick and part York flag stones, boarded ceiling (possibly containing asbestos), power and lighting. Maximum length and minimum width measurements. 72ft 1 x 18ft 1 (22m x 5.52m)
With access via an external metal staircase and having attractive ceiling beams, exposed largely original floorboards, power and lighting and internal staircase leading to the second floor. Maximum length and minimum width measurements. 72ft 1 x 18ft 1 (22m x 5.54m)
Attractive original roof timbers, largely original floorboards, and<br>lighting. Maximum length measurement. 72ft 1 x 17ft 9 (22m x 5.48m)
Block paved enclosed yard with large automatic timber gates.
The property has mains water, electricity and drainage.
According to the on line Valuation List for the 1st of April 2023, the property has the following description and rateable value - Description: Auction room and premises Rateable value: £9,200
The property purchase price is not subject to VAT.
The site and premises has been used for many years as an auction house and is classified as retail . We would advise that any interested parties contact East Lindsey District Council regarding any planning related matters in relation to this property.
Broadband - Standard, Ultrafast and Superfast is available in this location. Mobile signal - O2 and vodafone are showing as high in this area, and EE and Three as low. Satellite and Cable - BT and Sky show as available in this area.
No heating system.
Under the Estate Agents Act 1979 we are required to declare any conflict of interest. The seller of this property is also our partner agent in the sale, and will receive part of any Buyers Fee as commission. If you have any queries regarding this, please contact us for further information.
Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Please note that the adjoining site to the south of the property is in the ownership of John Taylors and has planning permission for a scheme of houses under planning reference N/105/02305/22. The site currently for sale and a brochure can be obtained from our website or our office. Full plans and documents are available on East Lindsey District Councils planning portal.
These sales details are awaiting vendor approval.
Freehold. Vacant possession upon completion.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Variable Fee (England and Wales).
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price for properties sold for up to £250,000, or 3.6% of the purchase price for properties sold for over £250,000 (in all cases, subject to a minimum of £6,000 inc. VAT). For worked examples please refer to the Auction Conduct Guide.
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
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 all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction 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.
