- High Quality Grade 2 Listed Business Centre Investment Opportunity
- Fully refurbished
- 16,126 sq.ft (NIA) Subdivided with suites from 178-2,176 sq.ft
- ERV £126,888 pa
- High occupancy rate
The property is situated with prominent frontage to King Street on the edge of Blackburn Town Centre, close to the inner ring road.
King Street is an established commercial area with a number of national, regional and local occupiers situated in the vicinity.
It is also close to Blackburn Shopping Centre & Markets, King Georges Hall, Reel Cinema and Blackburn College
Junction 3 of the M65 motorway is approximately 2.5 miles from the property.
The property comprises a Grade 2 Listed multi let office investment opportunity providing a net lettable area of approximately 16,126 sq.ft.
The original structure (fronting King Street) was constructed in 1804 and was known for many years as 'The Royal Hotel'.
The property was acquired by East Lancashire Deaf Society at the turn of the millennium. The Charity then embarked on an ambitious refurbishment project investing in excess of £2.5 million to bring the property into modern office/business centre specification.
The current owners have further invested in the property creating a number of meeting and conference rooms, provision of LED lighting, redecoration and servicing to the entire heating system through the building.
The building is sub-divided in to a number of good quality suites which are available to lease.
In addition there is a reception area together with 4 conference rooms and an on site restaurant (let to a third party). The property has lift access to the upper floors.
Parking is available within the surrounding public car parks and streets.
The property has been sub-divided into a number of lettable office suites, conference rooms, together with a restaurant on the ground floor.
The property provides a net internal areas of 16,126 sq.ft
In addition there is a basement housing the plant room and ancillary storage rooms.
Offers in the region of £1.2 million
Understood to be freehold
The property is let to numerous tenants currently generating a rental income of £93,132 per annum.
On letting of the vacant suites assuming a rental of £12.00 per sq.ft, this would increase the rent by approximately £33,756 per annum.
Therefore the potential rent generated from the development would be £126,888 per annum.
The leases are held on flexible terms with the tenants contributing towards the service charge provision of the building. A copy of the tenancy schedule is available on request.
The individual suites are accessed separately. It is understood that the majority of the suites are rated below the current threshold for small business rates relief, meaning that all eligible businesses would pay no rates.
The property being Grade 2 Listed means that if there are any suites available to lease the Landlord would be able to claim full relief. Further details on request.
An EPC is available on request
The property has planning consent for its established use as a business centre under Class E(g)(i) under the Town & Country Planning Use Classes Order.
It is understood that all main services are available to the premises.
Based on the initial rent of £93,132 per annum the yield equates to 7.33% when allowing for acquisition costs, however this would improve to just under 10% when the property is fully occupied.
Contact Neil Weaver MRICS 01254 699030 [email protected]