Investment Property With Development Potential
- Asking Price: £229,950
- Tenure: Freehold
Hilton Smythe is delighted to welcome to the market this two storey investment property, which is ideally located within the town of Accrington, Lancashire. The property, which was formerly a building contractor business currently consists of two offices and a kitchen to the ground floor, as well as two storage rooms and a WC. The first floor offers 3 x self-contained flats, one of which has two bedrooms, the other two are both one bedroom. The flats are currently rented out generating a rental income of £18,000 per annum, plus a further £5,000 per annum to rent out the ground floor offices and store rooms, which our client currently uses free of charge, giving a yield of approximately 10% per annum. In addition, there are 15 self storage units, the average annual income per annum will be around £20,000. 00 and are protected by cctv cameras. Being located close to the town centre, the property is an ideal opportunity for a new owner to redevelop, perhaps into new offices or into residential apartments. The local area is being redeveloped with funding from the local council, so grants may be available upon application. Just opposite the property, planning permission has been granted for further housing. This is a fantastic opportunity for a developer or for a purchaser looking for the perfect plot for a business. The property has permission for residential and business use so could be a great investment. Hilton Smythe highly advises early viewing, to take in the full potential of this large premise.
This substantial two storey investment property set in an ideal location within the town of Accrington, in the Hyndburn borough of Lancashire. The property is surrounded by densely populated residential areas and benefits from its own car parking facilities. The property is located just within the town centre off a busy main road. Accrington is a former centre of the cotton and textile machinery industries. The town is famed for the hardest and densest building bricks in the world. The Hyndburn Borough Council is spending £10 million to refurbish the town centre, which includes upgrading all the shops in the town centre and building a new bus station. The area of the property is well served by the public transport system, with several bus stops within easy walking distance. Accrington railway station is just over 10 minutes’ walk away. The area is also well served by the A-roads, with the A680 and A56 both being within easy driving distance, which link to the national A-road and motorway networks. Blackburn is approximately 7 miles away, Bury is 14½ miles away and Bolton is 20 miles away.
Large stone built premise in quiet location. Door leading to the ground floor of the building to which there are 2 offices and a kitchen. There is electricity but no gas on site. To the rear are a further two storage rooms and a door leading to the WC. To the left of the building which is approximately 2200 sq. foot is a small industrial unit. This unit is currently let out, with car parking for three cars. The unit has shutter doors The first floor has a total of 3 self-contained flats that are currently let out. This generates a rental income of £18,000 per annum. The flats consist of 1 two bedroom flat and 2 one bedroom flats. The flats have separate doors. 15 self-storage units. The unit is fitted with roller shutter doors.
We are advised the business is Freehold.