Commercial Property Chartered Surveyors and Valuers

Blackburn Office01254 699 030

Chorley Office01257 204 900

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Bank Chambers, Lord Street West, Blackburn, BB2 1JX

Full Details

Location

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.

Description

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.

Accommodation

The property is subject to the following tenancies

.

Area Floor Occupier Rental Tenancy
Retail GF Age UK Ltd.

£17,000 pa

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

Services

All mains services are available to the premises.

Rating

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.

Investment Yield

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%,

VAT

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

Viewing

Strictly through agents Taylor Weaver (Neil Weaver) 01254 699030