Towneley House, Kingsway, Burnley, Lancashire, BB11
Towneley House, Kingsway, Burnley, Lancashire, BB11 1AA 34% Secured Against Rental Income £87,316 Prominent Town Centre UK Government Per Annum Office Investment Location
Situated fronting Kingsway at the edge of Burnley Town Centre, accessed from Active Way (A679). The property is within walking distance of the main Town Centre amenities. Junctions 10 and 11 of the M65 motorway are within easy reach, with Burnley Central Railway Station approximately half a mile distant. Burnley is one of the largest towns in Lancashire with an urban population of approximately 90,000 and a catchment population of 250,000 within a 50-minute drive. The town is situated approximately 25 miles north of Manchester, 37 miles west of Leeds and 10 miles east of Blackburn. Within 5 miles of the property there is a population of 154,018. The town benefits from excellent communication links, lying adjacent to the M65 motorway with junctions 10 and 11 serving the town and providing rapid access to the national motorway network. Description Accommodation
Modern, detached, three-storey office building with each floor featuring: Basement 117.28 sq. m. 1,262 sq. ft. • Open plan and cellular accommodation
• Brew station Ground floor 394.95 sq. m. 4,251 sq. ft. • Full access raised floors • Suspended ceilings incorporating Cat II lighting First floor 401.13 sq. m. 4,318 sq. ft. • Passenger lift • Ladies, gents and disabled WCs Second floor 377.25 sq. m. 4,061 sq. ft. • 34 car parking spaces All areas are NIA • Situated in a prominent, edge-of-town location • A detached modern office building that can be sub-divided on a floor-by-floor basis
Unit Tenant Floor Lease RR Break Expiry Rent (PA) Comments Tenancies Area Start sq ft • See schedule. The leases are on effective full repairing and insuring terms with a service charge
levied for common parts First floor Smith Jones 8,192 23/07/2014 22/07/2019 N/A 22/07/2024 £57,316 Lease is inside the Act. SC cap is • 34% of the income is secured against the undoubted covenant of the UK covenant – Department of + Second (Solicitors) RPI linked. 18 car spaces allocated. floor Ltd Side letter agreed with Tenant to Health from 2nd April 2021 to 1st April 2026 at a rental of £30,000 per annum. pay Month to Month. • Copies of the leases available upon request Ground Department 4,292 From Sale N/A N/A 02/04/2026 £30,000 From sale completion until 1/4/21, floor of Health Completion tenant will be Mapeley STEPS Contractor Limited and will be Price subject to service charge capped at £23,000 pa. From 02/4/21 tenant Offers are invited for the benefit of our client’s freehold interest of £1.15 million subject to contract will be Department for Health (Secretary of State) - no service and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.23% assuming charge cap and the Lease is inside purchasers costs of 5%. Lease to SoS will be subject to a schedule of condition the Act. 11 car spaces allocated. VAT
VAT will be charged on the purchase price at the current prevailing rate. The sale should qualify as TOGC, subject to purchaser’s status.
Energy Performance Certificate
Available upon request.
Legal Costs
Each party to be responsible for their own legal costs incurred in the transaction.
Tenure
Part of the property held is freehold and the other part is held on a very long leasehold basis from 12 May 1842 and 2 August 1852 for 999 years and 997 years respectively
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an Q M Misrepresentation: Trevor Dawson for themselves and for the vendors or the lessors of this property whose agents they are give notice that i) the particulars are set out as a general outline only for guidance of the intended purchaser or lessees and do not constitute any part of an offer or contract. ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith but without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of them. iii) No person in the employment of Trevor Dawson has any authority to make or give any representation or warranty whatever in relation to this property. Brochure produced by Latitude 01200 538385