Retail property (high street)

Discover Residential are pleased to be offering an exciting opportunity to acquire a large multi-let building within Accrington town centre. The property occupies a prime corner position on Broadway and Union Street and comprises three tenanted units, across basement, ground, first and second floors. The property was fully let, but Barclays Bank have exercised their withdrawal notice and vacated from January 2022.

Location 

The subject property is very prominently positioned along Union Street and Broadway, Accrington. Well situated in a prominent town centre position, the property is between the bus station and nearby Accrington train station. The location is expected to be a major route of high foot traffic in Accrington for years to come. It is close to all major town centre amenities, high streets and pedestrian zones.

Accommodation 

Sizing as follows: 5 Union Street (bank): 440.39sqm (4,740sqft) 1 Broadway (sandwich shop): 32.39sqm (349sqft) 3 Broadway (barber shop): 41.40sqm (446sqft) 5-7 Broadway (convenience store): 89.32sqm (961sqft) Total NIA: 603.5sqm (6,496sqft)

Tenancy Information 

We are advised that the units are & were let on the following agreements: 5 Union Street (Barclays bank) was Let by way of a 20 year FRI lease from 15th January 2007, granted to Barclays Bank PLC at a rent of £38,600 per annum, Barclays exercised their break clause from January 2022 & vacated . 1 Broadway Let by way of a 3 year IRI lease from 7th September 2021 at a rent of £6,000 per annum, granted to an individual. 3 Broadway Let by way of a 3 year IRI lease from 18th September 2020 at a rent of £4,560 per annum, granted to an individual. 5-7 Broadway Let by way of a 3 year FRI lease from 18th September 2020 at a rent of £5,700 per annum, granted to an individual. This combines to a total annual income of £54,860 achievable when fully let.

Energy Performance Certificate 

EPC Rating: D Available upon request.

Development Opportunity

This property offers a unique opportunity to convert a large portion of the property under permitted development rights, into residential accommodation. A high yielding proposal would require reconfiguring some of the commercial units to offer a two bedroom apartment and a 5-bedroom HMO. Further information on this proposal can be provided upon request.

Tenure 

Freehold. Title Number LA833098

Rateable Value 

The adopted rateable values are as follows: 5 Union Street: £27,750 1 Broadway: £5,900 3 Broadway: £4,200 5-7 Broadway: £8,900 Sourced from VOA.