Property Information
Address:
18-26, Colne Road, Nelson, BB9 5NS
, BB9 5NS
Price: Property no longer available.
Size: SOA
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH624964
Property Ref/Agent: 18-26, Colne Road, Nelson, BB9 5NS - 669
*Please use the agent ref when calling the agent directly.
Property description
BEST & FINAL OFFERS BY 5PM THURSDAY 7 MAY 2020
We are pleased to offer for sale a substantial corner plot building that is arranged over two main floors together with a large lower ground floor/basement area.
The right hand side ground and lower ground floors are let to Martin McColl Limited (t/a Morrisons Daily) on a 15 year Lease from 2017 at £21,000 per annum.
The left hand side ground floor and lower ground floor benefits from full vacant possession and offers the opportunity for owner occupation or re-letting purposes.
The first floor spans the entire building and benefits from its own independent ground floor entrance.
This section of the building is currently let to a gym on a holding over basis. It has clear future potential for multiple unit residential development, subject to planning.
To the rear is an open yard that could be utilised for parking and rear access.
The property offers an exciting investment and development opportunity, with a reliable income stream currently being received from Martin McColl Limited, who offer outstanding covenant strength, with a 2018 turnover in excess of £835,000,000 and
pre-tax profits for the same period in excess of £34,700,000 (source Top Service).
Location
Brierfield is a small village to the north of Burnley, close to Nelson Town Centre, just off the M65 motorway.
Brierfield is an established residential area with commercial property and amenities fronting Colne Road.
Accommodation
Approximate Internal Areas
McColls
Ground Floor:
219.4 m
2,362 ft
Lower Ground Floor:
125.2 m
1,348 ft
Vacant
Ground Floor:
187.0 m
2,013 ft
Lower Ground Floor:
51.4 m
554 ft
First Floor:
408.8 m
4,400 ft
Total:
991.8 m
10,677 ft
Tenure
Freehold.
Sale Price
£375,000.
Tenancy Details
The right hand side ground floor and lower ground floor is let to Martin McColl Limited (t/a as Morrisons Daily), for a term of 15 years from July 2017 with a tenant break option in 2027 and 5 yearly upward only rent reviews at a current rent passing rent of £21,000 per annum on a tenants effectively full repairing and insuring basis (service charge).
The left hand side ground floor and lower ground floor was previously a funeral directors that has now closed and is sold with full vacant possession.
We are of the opinion that the potential rental value for this section should be in the region of £15,000 to £18,000 per annum, this could potentially be greater if it were sub-divided.
The first floor is let to a private individual operating a gym facility on a holding over lease at a current rent of £5,000 per annum.
VAT
The property is VAT registered and VAT will be applicable to the sale.
Contact Rob Bates
;