Lincoln canal sells at auction for £255k

An 11 mile stretch of canal between Brayford Pool and Torksey has been sold at auction for £255,000.

The auctioneers could not give out the name of the canal’s new owner but said that the private investor has bought similar properties before.

Believed to be the oldest man-made waterway of its kind, the Fossdyke Canal was built to provide an important link between the River Witham and River Trent.

It had a guide price of £200,000 when Acuitus Auction started bidding at the Montcalm Hotel in London.

When the new owner takes over they would achieve £9,500 in rent each year.

The tenancy for the Canal and River Trust has been open from 1846 and will finish in 2740, so for a total of 894 years.