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Modern Retail and Restaurant Parade with Residential Ground Rent Income

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Modern Retail and Restaurant Parade with Residential Ground Rent Income THE FOUNTAINS GISBURN ROAD Modern Retail and Restaurant Parade BARROWFORD NELSON LANCASHIRE with Residential Ground Rent Income BB9 6DT • Convenience retail and restaurant parade William Henry Farnworth t/a Will’s Wine Investment Summary with residential ground rent income in & Pizza Bar attractive North Lancashire village • Total guaranteed rental income of • Central position in the village with £80,675 per annum (£80,000 a strong trading pitch and frontage derived from commercial income) to the busy A682 Gisburn Road • Average weighted unexpired term of • Barrowford is home to various 13.4 years (12.5 years to break), national covenants including Booths disregarding ground rent income this Supermarket, Spar and various reduces to 3.8 years (2.8 years to break) independent boutiques • Freehold • 7,382 sq ft across 4 commercial units with 33 car spaces to the rear • Offers sought in excess of£600,000 (Subject to Contract) • Let to North West Air Ambulance, Total guaranteed • Attractive 12.80% Net Initial Yield Honeywell Estate Agents Limited, rental income of £80,675 per annum THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 2 Location Barrowford is a large village in the Pendle district of Lancashire, 2 miles north of Nelson, 6 miles north east of Burnley and 15 miles north east of Blackburn. The village has a population of 6,171 (2011 Census). Nelson is well served by communication links, with direct links on to Junction 13 of the M65 Motorway some 0.5 miles from the centre, providing access to the wider motorway network and in turn to Manchester to the south via the M66 Motorway. A59 M6 A56 ILKLEY WHITEWELL A682 CABUS BARNOLDSWICK GARSTANG CHIPPING A629 CLITHEROE A6068 KEIGHLEY COLNE POULTON-LE-FYLDE BARROWFORD SHIPLEY LONGRIDGE A658 A585 THE FOUNTAINS HAWORTH A59 BLACKPOOL BROUGHTON A671 M55 BRADFORD A680 BURNLEY M6 M65 A583 A5085 A677 A6036 PRESTON A629 ACCRINGTON BLACKBURN HEBDEN BRIDGE M606 A646 A58 A59 A646 HALIFAX M65 BACUP RAWTENSTALL DARWEN M62 TARLETON A58 A6033 SOUTHPORT A59 CHORLEY RAMSBOTTOM HUDDERSFIELD A666 M62 SLAITHWAITE M66 A629 HORWICH M62 BOLTON A56 HOLMFIRTH ORMSKIRK A627(M) ORMBY SKELMERSDALE A570 M60 UPPERMILL WIGAN M58 M6 M60 A576 M58 A627 A59 A579 A56 A580 A665 A62 A628 A5758 LEIGH M60 A58 MANCHESTER A6018 A580 A580 A57 A580 ST HELENS M57 A6 A5103 A570 M62 SALE A57 A5058 LIVERPOOL A57 STOCKPORT M62 M6 A557 A34 A562 WARRINGTON ALTRINCHAM THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 3 A682 / GISBURN RD M65 THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 4 Situation The property is prominently situated fronting Gisburn Road (A682) in the heart of the high street with Barrowford Park to the rear. Adjacent to the property is the Spar convenience store and two further modern retail units let to Multicare Mobility and Marsden Building Society with local boutiques and restaurants opposite. Booths Supermarket is just 200 metres to the north of the property. A682 PA ST UR E LN B6247 BOOTHS BARROWFORD M65 PARK LOWERFORD THE FOUNTAINS COLNE WATER SWINDON PLAYING FIELDS & CYCKE TRACKS LOWER PARK HILL A682 M65 D D A R N O Y L E R L AT HE N W R U B S I G NELSON AND COLNE COLLEGE R EE DY FO RD R D A56 D RD R C FO A W MILL R RO R AR CHIMNEY H B A L L R D A682 B6249 S C MORRISONS C O A A6068 R T R L R D M65 A N D R O A D A56 VICTORIA PARK C PENDLE AR R RD COMMMUNITY HOSPITAL MANCHESTER THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 5 Description The property comprises a modern terrace of ground floor commercial units with separately accessed residential apartments on first floor above. The attractive property is of traditional brick construction under a pitched slate roof with decorative wrought iron canopy along the front elevation. Car parking is provided to the rear of the property with space for 33 cars. Internally the property provides 4 open plan units fitted out to the tenant’s specification. Ordnance Survey © Crown Copyright 2019. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:750. Paper Size - A4 THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 6 The freehold property extends to approximately 0.57 acre, and includes a car park to the rear of the property with space for 33 cars. THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 7 The property is let in accordance with the tenancy schedule Tenancy & below on full repairing and insuring leases producing a AWULT to Accommodation total guaranteed income of £80,675 per annum. expiry of The property provides an AWULT of 13.4 years to expiry 13.4 years (12.5 years to break), disregarding ground rent income this reduces to 3.8 years to expiry (2.8 years to break). Unit Area (sq ft) Tenant Headline Rent per Lease Next Rent Next Option Lease Comments Annual Rent sq ft Commencement Review Date Effective Date Expiration Date Date Rent topped up to 9 November 2019 Unit 1a 1,845 William Henry Farnworth £15,000 £8.13 09/11/2018 - - 08/11/2023 uplift. Tenant break option subject to 2 Unit 1b & 2 2,610 North West Air Ambulance £27,500 £10.54 01/03/2019 - 28/02/2022 29/02/2024 month rent penalty. Lease subject to a schedule of condition. Unit 3 943 Honeywell Estate Agents Limited £12,500 £13.26 13/06/2016 13/06/2019 - 12/06/2022 Service charge capped at £2,200 p.a. Unit 4 1,983 Vacant – 12 month rent guarantee £25,000 £12.61 - - - - 12 month rent guarantee Flat 1 - Private individual £75 - 28/03/2006 - - 31/12/3000 Flat 2 - Private individual £75 - 16/04/2008 - - 01/03/3001 Flat 3 - Private individual £75 - 01/01/2002 - - 31/12/2099 Flat 4 - Private individual £75 - 14/12/2005 - - 31/12/3000 Flat 5 - Private individual £75 - 04/02/2005 - - 31/12/3000 Flat 6 - Private individual £75 - 17/11/2005 - - 31/12/2199 Flat 7 - Private individual £75 - 01/01/2002 - - 31/12/3000 Flat 8 - Private individual £75 - 01/01/2002 - - 31/12/3001 Flat 9 - Private individual £75 - 01/01/2002 - - 31/12/3001 Total 7,382 sq ft £80,675 THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 8 Tenure Energy Performance Service Charge VAT Anti-Money Laundering Freehold under Title number Certificate The property is subject to a The property is elected for Regulations LAN25174. EPC’s available upon request. service charge which for the year VAT and therefore VAT will be In accordance with Anti-Money ending 31 December 2018 was payable on the purchase price. Laundering Regulations, two The tenants of the residential £28,984 p.a, reflecting a rate It is anticipated that the sale forms of identification and flats are each allocated a single of £1.64 per sq ft. Full details will be dealt with as a TOGC. confirmation of the source of parking space within their lease. available on request. funding will be required from the successful purchaser. THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 9 Proposal Our client is seeking offers in excess of £600,000 (Six Hundred Thousand Pounds) for their freehold interest A purchase at this level reflects an attractive Net Initial Yield of 12.80%, after deducting purchase costs. Further Information For further information or to arrange an inspection, please contact: Christopher Dee James Kinsler Mark Powell 40 Peter Street 07825 870209 07825 077724 Manchester M2 5GP [email protected] [email protected] THE FOUNTAINS | GISBURN ROAD | BARROWFORD | NELSON | LANCASHIRE | BB9 6DT 10.
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