Victoria Buildings, Cleveland Street/Chapel Street, Chorley, PR7 1BH
Size
7,685
Tenure
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EPC
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Parking
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- Primary use
- High street retail
- Other use(s)
- Traditional office, High street retail, Out of town retail
- Frontage
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No floor / site plan
Key features
- Ready made town centre investment with further Asset Management opportunities
- Occupies a prominent corner position fronting both Cleveland Street and Chapel Street, within the main retail core in Chorley Town Centre
- Situated within a popular mixed-use location
- Walking distance from Chorley Bus & Train Stations
- Held Freehold under Title Number LA761657
- Nearby uses include retail, hardware store, office, opticians, pubs, bars, cinema, restaurants and cafes
- Ample parking available nearby
- Producing a Net Initial Yield of 8.12% from completion of Unit 5's lease
- For Sale - £1,195,000
Description
The property occupies a prominent corner and accessible position upon Cleveland Street and Chapel Street, in the heart of Chorley's main retail core, located upon a pedestrianised section of Chapel Street within Chorley Town Centre, situated within a popular and mixed-use retail area.
Nearby occupiers include Barnardo's, Cancer Research, Specsavers, Clarks and a number of other independent retailers. The property is located within close proximity to Chorley Outdoor Market (every Tuesday and Saturday).
Description
The subject property itself comprises a substantial traditionally constructed, two storey, town centre retail property, set beneath a pitched and slated roof covering.
The property has been sub-divided in order to provide for 5 x self-contained retail units arranged across both ground and first floor levels, currently generating £83,777.38 per annum, rising to £102,777.38, upon completion of the lease in relation to Unit 5.
The units are all presently let by a range of occupiers, such as Derian House Children's Hospice Shops Ltd, Riley's Taproom and 2 x independent retailers, with an Agreement for Lease recently having exchanged in regards to Unit 5 (further details available on request).
The property benefits from a range of potential asset management opportunities, to increase the current income.
There is currently a service charge in place for the management of common external areas.
Services
The mains services connected to the property include water supply, gas supply, electricity supply and of course, mains drainage. The accommodation benefits from its own supplies for both water and electricity.
Please note that Turner Westwell Commercial Agents have not tested any of the service installations or appliances connected to the property.
Sale Price
£1,195,000, reflecting an attractive Net Initial Yield of 8.12% (following completion of Unit 5's lease), allowing for standard purchaser's costs.
VAT
VAT is applicable and will be charged at the prevailing rate, however, we assume a sale will be treated as a Transfer of Going Concern (TOGC). Interested purchasers are advised to obtain advice from their accountant/financial advisor.
Occupational Leases
Occupational lease information is available on request.
Legal Costs
Each party are to be responsible for their own legal costs involved in the transaction.
EPC
Full copies of valid EPC's are available upon request.
Viewings
Strictly by appointment with the sole agents TURNER WESTWELL COMMERCIAL AGENTS.
- Service charge
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- Business rates
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- Use class
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- Listed building
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An Energy Performance certificate helps you understand the current energy efficiency of a property.
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- BREEAM rating
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- Environmental description
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Brochure
Victoria Buildings, Cleveland Street/Chapel Street, Chorley, PR7 1BH
About TURNER WESTWELL LIMITED, Chorley
Turner Westwell Commercial are a highly qualified Firm of General Practice Chartered Surveyors who have the highest level of accreditation in property via Royal Institution of Chartered Surveyors (RICS).
We aim to provide and deliver a premium service to our clients, at all levels. We aim to give our clients the advice they desire in order to manage and add value to their property assets.
We have over 30 years? combined experience in commercial property, delivering advice to clients at all levels, that meet the exacting standards expected by the RICS.
WE OFFER ADVICE IN FOLLOWING AREAS:
General Agency ? Sales and Lettings
Valuations ? Redbook Valuations, Pension Valuations, Probate Valuations and General Accounts Valuations
Acquisition ? Leasing and purchasing advice of property including the preparation of condition schedules to limit repair liability
Development ? Commercial, (Industrial, Office and Retail) Mixed use schemes and Residential
Rent Reviews and Lease Renewals
Property Investment Advice
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Disclaimer - Property reference 1194FH. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by TURNER WESTWELL LIMITED, Chorley. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.