18-26 Colne Road, Brierfield, Nelson, BB9 5NS

  • 10677 sq ft
Investment
£375,000

Investment Opportunity with Development Potential 

Description

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

For further information please contact Morgan Williams, 01925 414909.

Rob Bates  [email protected]

pdf-icon


Contact Information:

Morgan Williams

Mobile: 01925 414909 Fax: 01925 637619

720 Mandarin Court, Centre Park, Warrington, WA1 1GG