Lot
026
Auction Ends: 21/10/2020 11:06

36-40 Northgate, Blackburn, Lancashire BB2 1JL

Property Details
Location
Auction Details
Description
A substantial three storey mid-terrace retail investment property extending to approximately 445.10 Sq M (4,791 Sq Ft), which is currently let for a term of 10 years years from 16 October 2018 at a rent of £24,000 per annum. The lease benefits from fixed rental uplifts with the next increase to £25,000 per annum due on 16 October 2020. The property offers redevelopment potential to the upper floors, subject to obtaining the necessary consents and lease negotiations with the tenant.
Location
The property is located on Northgate, between New Market Street and Lord Street West, in the centre of Blackburn. Nearby occupiers include David Pluck, Age UK, CEX and Ladbrokes.
Accommodation

DescriptionSq MSq Ft
Ground Floor264.002,842
First Floor181.101,949
Second Floor*--
Total445.104,791
*Not measured as no access.
Outside
There is a loading area to the rear of the property.
Approx Site Area
Approximately 0.04 Hectares (0.10 Acres).
Tenure
Unknown
Planning
We understand the property sits within the Blakey Moor Townscape Heritage Project and grant funding may be available for certain building improvements. Interested parties should consult direct with the Local Planning Authority: Blackburn with Darwen Borough Council, Town Hall, King William Street, Blackburn, BB1 7DY. Telephone: 01254 585 585. Email: [email protected].
Tenancy
The property is let to Wellcome Store Ltd by way of a 10 years lease from 16 October 2018 with no breaks. The current passing rent is £24,000 per annum with fixed increases as follows:

£25,000 per annum from 16 October 2020 to 15 October 2021
£27,500 per annum from 16 October 2021 to 15 October 2023
£28,500 per annum from 16 October 2023 to 15 October 2025
£29,500 per annum from 16 October 2025 to 15 October 2027
£30,500 per annum from 16 October 2027 to 15 October 2028
VAT
VAT will be charged at the prevailing rate in addition to the purchase price but the say may be treated as a Transfer Of Going Concern if the buyer qualifies.
General
1. All the information provided on our website is for indicative purposes only and interested parties should rely upon the contents of the legal pack and their own due diligence as a prudent bidder.

2. The property is entered in the 2017 Rating List as "Shop & Premises" with a Rateable Value of £26,500.

3. Energy Performance Certificate = C.
Addendum
VAT will be charged at the prevailing rate in addition to the purchase price but the say may be treated as a Transfer Of Going Concern if the buyer qualifies.

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