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Investment For Sale
| 1 & 2, Queens Lancashire Way, Burnley, Lancashire, BB11
Key Features
- 1.04 Acres (0.42 Hectares)
- For Sale: £1,100,000 for the Freehold
- Highly prominent modern purpose-built commercial premises
- Edge of town centre location
- 1,129.78 sqm (12,161 sqft) on a site area of 0.421 hectares (1.039 acre)
- Provides car parking for 70 vehicles
- Unit 2 let to National Probation Service with lease expiry October 2029
- Income of £55,000 per annum generated from the letting of Unit 2 plus income from car parking management which in the initial months of implementation generated £900 per calendar month net income
- Considered to offer an attractive opportunity to both investors and potential owner occupiers with a business that could occupy the vacant unit
- Outstanding rent review in respect of Unit 2 in October 2024
- ERV considered to be circa £130,000 per annum upon the letting of Unit 1 and averaging income generated from car park management
Property Description
The property consists of a freestanding, purpose built, retail unit that has been sub-divided 2 units. The originally unit was built as a food store and is of steel frame construction beneath an artificial slate roof and benefiting from on-site car parking for approximately 70 cars. The 2 units are completely independent of one of another with Unit 1 providing for open plan commercial space along with dock level loading bay, stores, plant room, WC and staff facilities. Unit 1 is currently vacant and being offered to the market at a rent of £65,000 per annum but equally would suit an owner occupier.
Unit 2 has been repurposed by the occupier to provide predominately office style accommodation. A considerable investment (Understood to be seven figure investment) into the building has been made by the tenant the National Probation Service (Secretary of State for Housing, Communities & Local Government) who provide a unique and undoubted UK Government back covenant.
A car parking management scheme has been implemented at the site and in the first months of implementation this has generated a net monthly income for the Landlord/Owner in the order of £900 per calendar month. This income is obviously variable with the management scheme in place to serve both additional income generation but also to provide a satisfactory car parking management solution on behalf of the tenants.
Unit 2 has been repurposed by the occupier to provide predominately office style accommodation. A considerable investment (Understood to be seven figure investment) into the building has been made by the tenant the National Probation Service (Secretary of State for Housing, Communities & Local Government) who provide a unique and undoubted UK Government back covenant.
A car parking management scheme has been implemented at the site and in the first months of implementation this has generated a net monthly income for the Landlord/Owner in the order of £900 per calendar month. This income is obviously variable with the management scheme in place to serve both additional income generation but also to provide a satisfactory car parking management solution on behalf of the tenants.
Location
The subject premises are located on the outskirts of Burnley town centre in an elevation positioned directly opposite Newtown Mill that is currently undergoing redevelopment to provide an extension to the University of Central Lancashire. The subject fronts Queens Lancashire Way (B6240) at its intersection with Westgate, St James Street and the A679.