This property is no longer on the market
Retail property (high street)
Property description & features
- Tenure: Leasehold
- Ground floor retail unit
- NIA 41.4sqm (446sqft)
- Planning permission granted
- For conversion to residential apartment
- Excellent Investment Opportunity
- Long leasehold of 999y (from 1864)
We are pleased to offer to auction this ground floor commercial unit, well located in a corner position along Albion Street, Burnley. The unit is current a retail unit, formerly a laundrette, and has been granted full planning to be converted into a residential apartment. This offers a great opportunity either for a buy to let investor or developer, with a minimum yield of 10% easily achievable once developed and refurbished (based from rental figures of £100pw/£5,200pa). Rental demand is high in this area, with many amenities including Manchester Road Train Station and Burnley town centre just a 5 minute walk from the property.
Please note that we have not inspected this property.
Rooms
Location
The subject property is located on a prominent corner position along Albion Road and Piccadilly Road, Burnley. The street is a primarily residential area, with good transport links nearby including a bus stop directly opposite and Burnley Manchester Road train station just along the street.
Accommodation
Ground floor retail unit measuring an NIA of approximately 41.4sqm (446sqft).
Planning Permission
The property was granted planning on 22nd April 2020 for the 'conversion of existing ground floor commercial shop unit in to a flat'. Planning reference FUL/2019/0633. There is a project outline in place with full specification and materials confirmed for the conversion including a local architect design/submission, refurbishment team and management. Please direct all planning enquiries to Burnley Borough Council.
Tenure
Long leasehold of 999 years from 12 January 1864. Title number LA435354.
Rateable Value
The adopted rateable value is £2,700 as of 1st April 2017.
Sourced from VOA.
EPC
We currently await a copy of the Energy Performance Certificate.
Auctioneers Additional Comments
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.
Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between both the marketing agent and The Auctioneer in order that all matters can be dealt with effectively.
This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.
The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via The Auctioneers or the Marketing Agents website.
Auctioneers Additional Comments
Your details may be shared with additional service providers via the marketing agent and/or The Auctioneer.
A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.
In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures.
Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit of 5% of the purchase price of the property. The deposit will be a contribution to the purchase price. A non-refundable reservation fee may also be payable upon agreement of sale (Details of which can be obtained from the auctioneers website). The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.
Both the Marketing Agent and The Auctioneer may believe it necessary or beneficial to the customer to pass your details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.
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Broadband availability and predicted speed
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Super-fast: Between 30 Mbit/s and 300 Mbit/s
Ultra-fast: Over 300 Mbit/s
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Mobile phone signal availability and predicted strength
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Clear: No bars, no signal predicted
Red: One bar, reliable signal unlikely
Amber: Two bars, may experience problems with connectivity
Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
Energy Performance data and Internal floor area
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