- FOR SALE - Multi Let Office Investment
- £2,300,000 - Equates to low capital value of £26.76 psf.
- Total NIA - 85,932 sq. ft. / 7,983 sq. m.
- Total net rent received £205,828 p.a.
- (Allowing for landlords 12 month rent top up on vacant suites equating to £46,960 p.a.)
- 8.41% net initial yield (Assuming purchaser costs of 6.34%)
- NHS occupy 28,296 sq. ft. and pay net rent of £77,871 p.a.
- Asset management potential
- Total site area - 2.93 Acres
The property is located on the edge of Blackburn town centre, lying on the banks of the Leeds Liverpool Canal, in a convenient position for both the town centre and Junction 6 of the M65 motorway. See location plan. The surrounding area is an established commercial location with a number of well known businesses, such as Graham & Brown and Granby Marketing Services, located in the immediate vicinity.
The property is an impressive five storey brick and dressed stone building which was built as a former corn mill. It is a predominantly multi let office accommodation however there is a small amount of retail and industrial also included within the site. The office accommodation ranges from 300 sq.ft up to 28,000 sq.ft on tenancies with varying lease terms (full tenancy schedule is available on request). It was refurbished in the early 1990's and subsequently in 2016/17 by the current owners. The whole building has been refurbished to a good standard throughout and the offices include new carpeted floors, painted plastered walls, mounted fluorescent lighting, double glazed windows and electric storage heaters. There is ample on site car parking which serves the site, with two car parks within walking distance of the main reception (full site plan available on request).
The net internal floor area of the entire site is 85,932 sq. ft. (82,342 sq. ft. Offices and 3,590 sq. ft. Industrial).
There is currently 8,898 sq.ft of vacant office accommodation available to lease.
The NHS are largest occupier with 28,296 sq.ft of self contained office accommodation on the ground and first floors.
A full tenancy schedule is available on request.
All mains services are connected to the premises. The offices suites all have separate electric meters and tenants are responsible for these costs.
Each suite has been rated separately and the tenants are responsible for payments of their own business rates for the areas which they occupy. Full details are available on request.
The building is let to a large number of different tenants and is currently producing a gross annual rental of £318,631 per annum. The NHS is the largest tenant occupying 28,296 sq.ft of space on a 20 year lease from March 2007. The current gross rent received from the NHS is £125,000 per annum, with the landlord having a service charge liability of £47,129 per annum. (Net rent from NHS - £77,871 p.a.) The NHS have a rent review and break clause on the 25th December 2021. Full tenancy schedule is available on request.
At a purchase price of £2,300,000, it equates to a net initial yield of 8.41% assuming acquisition costs of approximately 6.34%
An Energy Performance Certificate is available on request
The property is VAT elected but it is anticipated that the transaction will be treated as a Transfer of Going Concern (TOGC).
The property is held on a freehold basis.
The investment is available for immediate purchase
Each party to be responsible for their own legal costs
Strictly through agents Taylor Weaver (James Taylor) 01254 699030