Summary -
Flat 1,37-39, Ripon Street,LINCOLN,LN5 7NJ
LN5 7NJ
17 bed 6 bath Flat
High-yield student and HMO opportunities close to university and amenities.
• 17 bedrooms across three self-contained flats and two offices
• Current income £8,500 pcm (£102,000 pa) — housing association tenant
• Can be sold with vacant possession; tenant on rolling contract
• Newly renovated throughout; high ceilings and large arched windows
• Freehold building dating to circa 1900; solid period construction
• EPC D across all three flats — energy improvements may be needed
• Minimal private outdoor space; communal paved rear yard only
• Located city centre near university; area classified as deprived
A substantial red‑brick former warehouse converted into three large flats, recently refurbished and arranged to provide 17 letting bedrooms and six shower rooms. The building sits on a prominent street‑corner in Lincoln city centre, a short walk from the university and local amenities, making it well suited to student or HMO lettings or single‑landlord management.
The property is offered freehold with a current rent roll of £8,500 pcm (£102,000 pa) from a housing association tenant on a rolling contract — the tenancy can be continued or the building sold with vacant possession. Practical features include high ceilings, large windows, three modern kitchens, shared communal yard, and two ground‑floor offices suitable for on‑site staff or alternative uses.
Known negatives are factual and material: the property is in a deprived area classification with average crime levels, all three flats carry EPC ratings of D, and external/private outdoor space is minimal. Although recently renovated, the building’s age (c.1900) and mixed‑use past mean ongoing maintenance and compliance checks should be factored into budgeting.
For investors this presents a high‑yield, city‑centre letting block with operational flexibility — keep the current tenancy, relet as student HMOs, or explore alternative uses subject to planning. Buyers should verify tenancy terms, budgets for periodic maintenance, and energy‑efficiency improvements to reduce running costs.
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