BNP Paribas Real Estate (BNPPRE) has completed the unconditional sale of a Depot and former Gas Holder site in Lincoln on behalf of National Grid to Hawksmount Properties for a price in excess of £600,000.
The circa 5.93 acre site on Clayton Road (LN5 8RE) has development potential for a range of uses (subject to planning). It was sold subject to a short term lease to Cadent Gas for the office / depot, workshop, stores, car parking and yard located within the northern section of the site.
The remainder of the site was vacant and comprises the cleared site of the former gas holders and associated hard standing used for parking, storage and access.
The site is located less than 2 miles from Lincoln City Centre and is surrounded by a number of commercial and residential properties, as well as The Priory Academy LSST secondary school.
Alex Willis, senior associate director, development consulting at BNP Paribas Real Estate, said: “The sale of this significant site demonstrates the continued attraction of the National Grid property portfolio, as well as the strength of the Lincoln and wider East Midlands markets. Development sites in major towns and cities such as Lincoln are currently in high demand, particularly where amenities, transport links and a skilled local work force can be easily accessed.”
John Carter at Hawksmount Properties Limited said: “We were very pleased to acquire this interesting site in Lincoln and will continue to operate it at its existing use as warehouse/storage accommodation for the foreseeable future but will explore its potential for alternative uses in the longer term. We are currently looking for tenants for the 2 acres of open storage.”
Hawksmount Properties is an investment / development company specialising in properties which have challenging and complex land use and planning issues and the company is actively on the lookout for similar opportunities.
BNP Paribas Real Estate and Shakespeare Martineau acted for National Grid. Browne Jacobson acted for Hawksmount Properties Ltd.
