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 11th July 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
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.
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.
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
Use
Tenant
Term
Rent p.a.x
11 mile canal
CANAL & 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.
