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Station House and Orient One, New Hall Hey Road, Rawtenstall, BB4 6AJ

Full Details

Price: £2.5m

Location

The site is situated on the edge of Rawtenstall town centre in a prominent position on New Hall Hey Road, just off Bury Road in an established business location with surrounding occupiers including TK Maxx, M&S Food Hall, Aldi and a range of office and industrial users.

Description

Station House is a detached stone built building with a pitched slate roof and comprises a self contained restaurant on the ground floor and multi-let offices on the upper three floors. The office suites on the upper floors have their own separate access and have been refurbished to a good standard throughout and include shared kitchen and WC facilities. The ground floor restaurant is occupied by The Village Stores (Helmshore) Ltd. t/a The Firepit Restaurant, and they have been trading in this location since 2014. See lease terms for full details. Floor plans are available on request. Orient One was originally constructed as a Kwik Save supermarket however 99p Stores were the most recent tenant until the company entered administration. The property is a detached bradstone clad building with a steel portal frame and it is currently split into two parts. The whole of the ground floor is retail accommodation and the first floor is separately accessed providing multi let office accommodation. The retail accommodation which is currently vacant benefits from air conditioning throughout and there is also a large yard/external area to the rear of the building, which allows the unit to lend itself to a number of different purposes. (Subject to planning) Orient One Business Centre is first floor office accommodation currently let to 8 different tenants on varying lease terms. This business centre has its own separate access and currently has one vacant suite available to lease. The site also benefits from 130+ on site car parking spaces.

Accommodation

Property Use Size (NIA) Current Rent Received
Station House Office/Retail 7,426 sq.ft £110,000 pa
Orient One Business Centre Office 2,077 sq.ft £12,315 pa
Orient One Retail 20,376 sq.ft Vacant

Full tenancy details and lease information is available on request.

Rating

On request

Lease Terms

Station House - The whole building is currently let on FRI terms to The Village Stores (Helmshore) Ltd. (t/a The Firepit Restaurant) for a period of 10 years from 1st March 2018 with no break clauses. The lease also benefits from a guarantor. The current net rent passing is £110,000 pa with rent reviews in Years 3, 6 and 9 of the lease. The upper floor offices are let on sub leases from The Village Stores (Helmshore) Ltd. A copy of the lease is available on request. Orient One Retail - The ground floor unit is currently vacant. We anticipate that the property has an ERV in the region of £150,000 pa. Orient One Business Centre - This office accommodation is currently let to 8 different tenants on internal repairing and insuring leases with varying terms. The combined gross rent received from the business centre totals £20,000 pa. The net rent received is £12,315 pa. (Included within the gross rent received is a service charge of £2.50 psf., building insurance of 0.20p psf. and utility costs of £1 psf.)

EPC

An Energy Performance Certificate is available on request.

VAT

We are advised that the property is elected for VAT purposes and therefore the sale of the property will attract VAT. It is however assumed that the sale will be by way of a transfer of a going concern.

Yield

Based on the current net income of £122,315 and assuming purchasers costs of 6.38%, this purchase price equates to a net initial yield of 4.6%. Following a letting of the retail space at Orient One and assuming a total rental income of £272,315 p.a.,this equates to a net initial yield of 10.24%

Tenure

The properties are understood to be held on a freehold basis

Price

£2.5m

Availability

The investment is available for immediate purchase

Legal Costs

Each party to be responsible for their own legal costs.

Viewing

Strictly through agents Taylor Weaver (James Taylor) 01254 699030