Lincoln Properties Reenter the Market
Three Lincolnshire-based Avenue properties are back on the market as previous deals did not pan out. The Lincolnshire County Council is weighing various alternative uses for the properties, including their suitability as managed office spaces.
Auction History
The council initially listed the 9/11, 13, 15/17 properties on The Avenue for sale in December 2022, pricing the trio at a collective £1.6 million. Despite gathering offers, the council resolved to reinitiate the selling process.
"We've had a couple of offers that have been accepted, but as we've worked through the process, the agreement hasn't gone through really. So we've decided to take the step just to put them back on the market and see what happens."
These remarks were from Councillor Richard Butroid, the Property Portfolio Holder for Lincolnshire County Council. Previously, the properties' potential revamp into student accommodation was examined, which would have required City of Lincoln Council’s planning committee approval.
Property Details
The properties, erected during the Victorian era (1890s-1900s), have an overall floor space of 15,780 sq ft. The edifices, made of solid brick with a pitched slate roof, previously served as the county council's office spaces.
The properties have been listed as:
- 9/11 The Avenue with 6,049 sq ft floor space for £575,000
- 13 The Avenue with 3,208 sq ft floor space for £425,000
- 15/17 The Avenue with 6,523 sq ft floor space for £600,000
Lambert, Smith and Hampton, the estate agents, stated the buildings would be suitable for diverse uses and are prominently situated adjacent to a busy city centre thoroughfare.
Future Plans for the Properties
The council is considering multiple options for the properties, including conversion into managed office spaces or collaboration with other organisations for varying uses.
"It’s early days yet; there have been a number of viewings since they went back on the market. We’re probably looking at six to eight months before we will go through with the sale anyway.
Cllr Butroid mentioned the council is engrossed in discussions with three to four potential buyers.
Part of Broader Strategy
The council is also implementing a broader property strategy designed to support flexible working arrangements and attract talent from different parts of the country. More buildings are anticipated to enter the market as part of this initiative, dubbed the Smarter Working Strategy.