Block of 17 individual apartments for sale! Corporate let with FRI lease in place and rental turnover of £195,820 per annum.
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.
View payable Stamp Duty for this property
Beautiful buildings being brought back to life with luxurious interiors throughout. Special opportunities like these do not come up often!
Ryan GriffinProperty agent