Commercial Property Chartered Surveyors and Valuers

Blackburn Office01254 699 030

Chorley Office01257 204 900

Refine Search

Green Lane Mills, Green Lane, Padiham, BB12 7AE

Full Details

Price: £375,000 (no VAT)

Location

The properties are located on the corner of Green Lane and Stockbridge Road, a short walk from Padiham town centre. The surrounding area is a mix of commercial uses and high density residential housing. Junction 10 of the M65 motorway is approximately 2 miles away from the subject premises.

Description

The site comprises four individual buildings, which are all being sold as one lot. Unit 1 Green Lane: 8,709 sq.ft arranged over ground, first and second floors. (2,903 sq. ft. per floor) There is a goods lift which serves all floors and 3 phase electric. The property has had a completely new roof installed in 2018 so is in good condition. This unit may suit development (subject to planning). Access to this unit is via an electronically operated roller shutter door on the gable end and also a pedestrian entrance door on the gable end fronting Stockbridge Street. Unit 3 Green Lane: Single storey workshop extending to 1,975 sq. ft. The property has most recently been used as a mechanics workshop / car breakers. The property benefits from 3 phase electricity and has an open plan layout. The unit benefits from its own designated yard. This unit has been found to be in a relatively poor state of repair with access via an electronically operated roller shutter door. The entrance is shared off Stockbridge Road with Whitegate Motors. Further details of this arrangement are available on request. 7 Green Lane: Two bed residential property has been found to be in relatively good condition. Floor plans are available on request. Currently let on AST. 9 Green Lane: Two bed residential property which is currently let on a assured shorthold tenancy. Further details of this tenancy are available upon request.

Accommodation

The accommodation for the various buildings are arranged as follows :

Unit 1 Green LaneGround floor2,903 sq.ft (269 sq.m)
 First floor2,903 sq.ft (269 sq.m)
 Second floor2,903 sq.ft (269 sq.m)
Total 8,709 sq.ft
   
Unit 3 Green LaneSingle storey workshop1,975 sq.ft (183 sq.m)

Residential Properties:

Both 7 and 9 Green Lane are both two bed semi-detached properties.  Floor plans are available upon request

Services

It is understood that all mains services, with the exception of gas, are available to the site.

Rating

Unit 1 Green Lane has a rateable value of £9,100. We have not been able to determine the rateable value of Unit 3 Green Lane. However, we anticipate that this property will be below the £12,000 threshold for business rates relief

Investment Details

Unit 1 Green Lane - Currently let to sole trader (builders merchants) producing £24,500 per annum. This tenancy expired in January 2021 and the tenant is currently holding over. Unit 3 Green Lane - Currently let to a sole trader (car breakers) producing £7,800 per annum. Lease expires October 2022 however vacant possession is available immediately if required. 7 Green Lane (Residential) - Let on AST at a rent of £395 pcm. 9 Green Lane (Residential) - Let on AST at a rent of £295 pcm. Total rent currently receivable - £40,580 per annum.

Tenure

Freehold

Price

£375,000 (no VAT)

Availability

The property is available for purchase immediately

Legal Costs

Each party to be responsible for their own legal costs involved in the transaction

Viewing

Strictly through agents Taylor Weaver (James Taylor) 01254 699030