The Channel & Navigation of the Fossdyke Canal
Lincoln to Torksey
Lincolnshire
-

Long-Dated Investment Secured on UK's Oldest Man-Made Waterway

  • Let to Canal & River Trust
  • Lease expires in June 2740 with no breaks (721 years unexpired)
  • Includes Canal Towpath
  • Important 11 mile gateway between Lincoln and the River Trent
  • VAT-free secure investment
  • Lot
    10
  • Auction
    11/Jul/2019
  • Rent
    £9,570 per Annum Exclusive
  • Status
    Sold
  • Price*
    £255,000
  • Sector
    Ground Rent
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • On Behalf of Trustees
Important Auction & Property Update
  • The Channel & Navigation of the Fossdyke Canal<br>Lincoln to Torksey<br>Lincolnshire<br>-
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
Roads
Rail
Air
Situation

The Fossdyke Canal runs between Brayford Pool in Lincoln City Centre to Torksey, some 11 miles to the north-west where it joins the River Trent. This canal was built to provide a link between the River Witham and the River Trent at Torksey.

Tenure

Virtual Freehold. Held on two leases both from Lincoln City Council. Part of the property is held for a term of 999 years from 29th September 1741 (721 years unexpired) at £50 per annum fixed, and the remainder is held for a term of 999 years from 1st August 1741 (721 years unexpired) at £25 per annum fixed.

Description

The property comprises 11 miles of canal waterway as well as the canal towpath. Known as 'The Channel and Navigation of the Fossdyke Canal', it runs between Brayford Pool in Lincoln City Centre to Torksey, some 11 miles to the north-west, where it joins the River Trent. The canal is believed to be the oldest man-made waterway in the UK, having been constructed by Romans in AD120 (Source: canalrivertrust.org.uk).

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

UseTenantTermRent p.a.x
11 mile canalCANAL & RIVER TRUST (1)894 years from 26/06/1846 until 25/06/2740 (2)£9,570.27 (fixed)

(1) For the year ending 31st March 2018, Canal & River Trust did not report a turnover, but reported a Total Net Worth of £791,200,000. Canal & River Trust is responsible for 2,000 miles of canals and navigations in England, Scotland and Wales.
(2) The lease contains tenant obligations to repair and keep the channel open for navigation.

Property Documents

  • Catalogue Page
    Updated Date
    19.06.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Fladgate LLP 16, Great Queen Street
London
WC2B 5DG
Stephen Lewis 0203 036 7231slewis@fladgate.com

Useful Links

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