- FOR SALE
- Town Centre Retail & Office Investment Opportunity
- Prominent location close to The Mall shopping centre
- Popular pedestrianised retailing street
The property is situated in a prominent position on the corner of Northgate and Lord Street West, in a pedestrianised part of Blackburn town centre. Occupiers nearby include Debenhams, Cash Generators and The Mall shopping centre. Public car parking is available in Blackburn Shopping Centre and the new multi storey car park situated adjacent to Blackburn College.
The property comprises a substantial three storey corner premises of brickwork construction under a pitched slate roof. It provides good quality retail and office space let to a number of tenants The property has been upgraded over the years by the current owner to include modernisation of the entrance & common areas to the offices, refurbishment to the shared WC facilities, repair work to the roof, upgrading to the entry system to the premises.
The property is subject to the following tenancies
|Retail||GF||Age UK Ltd.||
|15 years from 29/09/15 (1)|
|Retail||GF||Northgate News||£8,000 pa||Holding over (2)|
|Retail||GF||Dark Secrets||£5,200 pa||Holding over (3)|
|Offices||FF||VACANT||£6,700 pa||On market|
|Offices||SF||NIS Ltd.||£3,500 pa||Holding over (4)|
The rental income generated from the premises on the letting of the fist floor offices is £40,400 per annum.
(1). Incorporates tenant only break clauses every 5 years subject to 6 months notice. Upward only rent reviews every 5 years.
(2). Tenant has been in occupation since 2006
(3). Tenant has been in occupation since 2012
(4). Tenant has been in occupation since 2009
All mains services are available to the premises.
Each part of the premises is separately assessed for rating purposes.
Service Charge and Insurance
The leases are held on effective Full Repairing leases. Full details on request.
We are instructed to seek £425,000 subject to contract and exclusive of VAT reflecting a net initial yield of 9.11% after deducting the usual purchasers costs of 4.33%,
The property has been elected for VAT purposes and it is assumed that the transaction will be dealt with as a TOGC.
Energy Performance Certificate (EPC)
An EPC is available on request
Strictly through agents Taylor Weaver (Neil Weaver) 01254 699030