28 bedroom apartment for sale
Key information
Property description & features
- Tenure: Freehold
- Stunning conversion of 17 self-contained apartments
- Let on a 15 year FRI lease with 7.5 year break
- Annual rent of £195,820, with a 10% increase every three years
- Positioned in Colne, a market town steeped in history
- Internal finish to a high standard
- 7.1% Yield
Description
Introducing a special opportunity to purchase a recently renovated residential conversion, comprising 17 high specification apartments.
Originally built in 1852 and extended in 1902, this loving renovation has brought new life back into this exquisite development.
Formerly known as Wesleyan School and Sunday School dating back to 1852, a young Wallace Hartley attended before going onto become the Band Master onboard the Titanic!
The building has a number of impressive character features, including the prominent Exchange Street Doorway and features the original door dating back to when the building was first constructed. Additionally the development features a beautiful Italianate style tower, visible from many parts of Colne.
We are advised by the vendor that the block is currently let to a corporate tenant, paying an annual rent of £195,820 with rent increases due every three years. The lease we are informed is a full FRI lease to include the roof, and is let on a 15 year term, with a 7.5 year break clause.
Offering a 7.1% yield, with a mixture of one and two bedroom apartments throughout, full details of layout and videos of internal apartments are available upon request from the office.
Images and floorplan provided are of the show apartment at the development, viewings available upon request.
Location
Situated on the edge of the Pennines, the market town of Colne is steeped in history in addition to being a hub of connectivity.
The town famous for its encapsulating views, is also known for being home to Wallace Hartley, bandmaster on the RMS Titanic, to whom a memorial statue stands proud on Albert Road, erected in 1915 (0.3m distance).
Wycoller Country Park is situated 3.3m from the development and offers a variety of walking routes, in addition to local beauty spots such as Wycoller Beck.
Alkincoats Park is also positioned nearby, ideal for relaxing outdoors in the open park with an abundance of recreational space (0.8m).
Conveniently located for groceries, Heritage Quarter House is only 0.3m from both Tesco Express and Co-op Food.
There's a variety of independent shops, restaurants and bars within easy reach of the development too, many boutique pubs and cafes situated along the bustling high street (Boyce's Barrel 0.1m, Emmott Arms 2.3m, Trawden Arms 2.0m).
Colne railway station is 0.5m from the property, offering rail links across the North West. There is also a variety of bus links available from as close as 0.1m.
The property is also positioned conveniently between cities Manchester (30m) and Leeds city centre (28.6m), offering residents access to two of the UK's major cities in circa one hour by car.
Places of interest
See more properties like this:
*DISCLAIMER
Property reference MNS230016. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by Savills - Manchester Bridge Street.
OnTheMarket may have applied supplementary data to this property listing, including:
Broadband availability and predicted speed: obtained from Ofcom on June 8, 2022
Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:
Basic: Up to 30 Mbit/s
Super-fast: Between 30 Mbit/s and 300 Mbit/s
Ultra-fast: Over 300 Mbit/s
The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2
Mobile phone signal availability and predicted strength: obtained from Ofcom on June 8, 2022
Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:
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
Any supplementary data should not be relied upon as forming part of any property particulars and OnTheMarket cannot be held responsible for any incorrectness in this data. See here for more information.