Apartment Block, Heritage Quarter House, Exchange Street, Colne, Lancashire, BB8

Block of 17 individual apartments for sale! Corporate let with FRI lease in place and rental turnover of £195,820 per annum.

Description

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.

Location

Situated on the edge of the Pennines, the market town of Colne is steeped in history in addition to being a hub of connectivity.

The town famous for its encapsulating views, is also known for being home to Wallace Hartley, bandmaster on the RMS Titanic, to whom a memorial statue stands proud on Albert Road, erected in 1915 (0.3m distance).

Wycoller Country Park is situated 3.3m from the development and offers a variety of walking routes, in addition to local beauty spots such as Wycoller Beck.

Alkincoats Park is also positioned nearby, ideal for relaxing outdoors in the open park with an abundance of recreational space (0.8m).

Conveniently located for groceries, Heritage Quarter House is only 0.3m from both Tesco Express and Co-op Food.

There's a variety of independent shops, restaurants and bars within easy reach of the development too, many boutique pubs and cafes situated along the bustling high street (Boyce's Barrel 0.1m, Emmott Arms 2.3m, Trawden Arms 2.0m).

Colne railway station is 0.5m from the property, offering rail links across the North West. There is also a variety of bus links available from as close as 0.1m.

The property is also positioned conveniently between cities Manchester (30m) and Leeds city centre (28.6m), offering residents access to two of the UK's major cities in circa one hour by car.