Tenanted Parade of Retail / Commercial Units Currently Producing £102,718.84 pa - Consent For 50 no. Flats on Upper Floors
Parade of ten ground floor retail/commercial units together with first and second floors (currently utilised as storage) with planning consent to convert and extend the upper floors to provide residential accommodation. LOCATION Prominently situated at the corner of Yorkshire Street and Croft Street in the centre of Burnley close to the main retail thoroughfare of St James’s Street and Charter Walk Shopping Centre. TENANCIES We are informed that the property is currently let as follows:- Number 1 Croft Street – Convenience Store - 5 year lease from November 2018 - £7,880 pa Number 3 Croft Street – Pound Shop – 5 year lease from April 2017 - £8,088 pa Number 5 Croft Street – Vacant Number 7 Croft Street – Tanning Shop – 3 year lease from June 2022 - £6,600 pa Number 9 Croft Street – Café – 15 year lease from March 2016 - £10,415 pa Number 11 Croft Street – Taxi Office – 7 year lease from May 2023 - £10,849.92 pa Number 13-17 Croft Street – Convenience Store – 5 year lease from March 2023 - £24,066.96 pa Number 3 Yorkshire Street – Barber - 6 year lease from May 2019 - £9,540 pa Number 5 Yorkshire Street – Gift Shop - 3 year lease from June 2022 - £6,540 pa Number 7-9 Yorkshire Street – Restaurant - 5 year lease from July 2022 - £18,738.96 pa The total rental income being £102,718.84 pa PLANNING Outline planning application approved December 2022 (OUT/2021/0234) subject to a 106 agreement for £5000 for benches in the town centre. The planning permission is to convert floorspace above ground floor shop units for residential use and construct up to three additional floors creating 50 flats (18 within the existing property shell and 32 within the floors of the approved outline planning application). We have been informed that The Council have agreed (in principal) to negotiate a new lease for the property. The new lease would be drawn up in modern terms and allow the areas above the shops to be used for residential use (the existing lease precludes residential) and be for a commercially viable term. Tenure: Leasehold Title number: LA561280 Length of Lease/Term: 99 years from 31 August 1962 Ground Rent : £22,500 pa Service Charge: £ Council Tax Band : n/a
Additional Information
Finance is available on this lot. For a decision-in-principle visit togethermoney.com/amydip/ ANTI-MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. Every effort has been made to confirm the accuracy of the lot details including any defect in the title both with the vendor and their solicitor. Auction House will not be held responsible for any failure to disclose any such defects. Any purchasers choosing to buy without viewing in person are doing so at their own risk and acknowledge that the auctioneer will not be held responsible for any issues that may arise due to them being unintentionally missed from the video or sales particulars. Please refer to legal pack for additional fees and the Auction Information document for guidance prior to bidding.
Energy Efficiency Rating (EPC)
Current Rating F, C
Local Authority
Burnley Borough Council
Solicitors
E&K Solicitors, Ref: E&K Solicitors
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - 1.98% inc VAT of the purchase price, subject to a minimum of £1980 inc VAT, payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.