The Exchange, Spring Ln, Colne, BB8 9BD

Offer in excess of

£2,400,000

Size

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Tenure

Freehold

EPC

Parking

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Primary use
Care home facility

No floor / site plan

Key features

  • New 20-year FRI lease to Empower Housing
  • Passing rent £172,380 pa (£13,260 per bed pa)
  • Annual rent reviews from July 2027
  • Swanton nominations & void agreement in place
  • Completion targeted Sept/Oct 2026
  • EPC rating C or above on completion
  • Christie & Co Ref: 5671094

Description

Description

The Property comprises a modern and comprehensively refurbished property to provide a supported living scheme in the
centre of Colne. Planning permission was granted in 2023 to convert the property into 13 self-contained one-bedroom apartments, together with dedicated staff accommodation.

Arranged over three storeys, the accommodation will comprise modern one-bedroom apartments ranging from approximately 40 sq m (430 sq ft) to 50.7 sq m (545 sq ft), alongside ancillary staff facilities to accommodate 24-hour on-site care provision.

The property is targeting a minimum EPC rating of C.

Location

Colne is a well-established market town strategically positioned at the eastern end of the M65, providing excellent connectivity to Burnley, Blackburn and Preston. The town serves a population of approximately 18,000 residents.

The Exchange occupies a central town centre location on Spring Lane, within walking distance of shops, supermarkets, cafés, public transport and essential services. Colne Health Centre is located nearby, with Burnley General Teaching Hospital readily accessible via the local road network, supporting the property’s suitability for supported living provision.

The property also benefits from close proximity to Colne railway station and local bus services, providing convenient access to the wider East Lancashire region and supporting resident independence and community integration.

Letting Accommodation

The property is let to Empower Housing Association Ltd on a new 20-year institutional-grade lease, generating a passing rent of £172,380 p.a. (reflecting £13,260 per bed). The lease benefits from annual rent reviews from July 2027, with a nominations and void agreements with a leading care provider. We have summarised the lease below.

The Opportunity

A rare opportunity to acquire a recently refurbished supported living property located in a high-need driven location.

Investment Summary

We are seeking offers in the region of £2,400,000 (Two Million and Four Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT.

A purchase at this level would reflect a Net Initial Yield of 6.75% based on purchaser’s costs of 6.36%.

Tenure

The lease is subject to annual rent reviews from July 2027.

Tenancy

New 20-year lease term agreed to Empower Housing Association Ltd, incorporating a tenant break option at year 10.

Additional information
Service charge
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Business rates
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Use class
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Listed building
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Business for sale
Yes
Energy performance certificate: C

An Energy Performance certificate helps you understand the current energy efficiency of a property.

Read more about EPC requirements

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Environmental data
BREEAM rating
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Environmental description
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Read more about energy considerations for commercial property

The Exchange, Spring Ln, Colne, BB8 9BD

NEAREST STATIONS

National Rail

Colne Station

0.34 miles

National Rail

Nelson Station

2.24 miles

National Rail

Brierfield Station

3.4 miles

About Christie & Co, Care

Christie & Co, Care

We’re the leading specialist advisor for buying and selling businesses in our sectors - hotels, pubs, restaurants, childcare, healthcare, convenience retail, leisure and medical.

If you’re looking to buy or sell a business in our specialist sectors – from a pharmacy in Sussex to a hotel in Austria – our expert advice and collaborative support will help you achieve your goals. You may be an independent first-time buyer or a multinational adding to your portfolio; either way, you’ll discover that our personalised service is focused on helping you achieve your ambitions.

Clients have access to our carefully managed network of potential buyers. This unique database of contacts has been continually developed by our advanced IT capabilities and benefits from both our years of experience developing our network and our wide geographical coverage.

Where we work
We employ the largest team of sector specialists in the UK and the largest group of hotel specialists in Europe, providing professional brokerage and advisory services from offices in major cities across Britain and Europe. And because we’ve been doing this for over 80 years, we know our sectors and local markets inside out. We work closely with our clients to guide and conclude transactions of any size, covering hotels, restaurants and pubs, leisure, forecourts and convenience retail businesses, social care and elderly care, childcare & education facilities, dental practices and pharmacies.

Our professional services
We offer unrivalled insight, experience and expertise across your choice of services, including brokerage, consultancy, finance, development, investment, surveying, rent reviews, dispute resolution, corporate valuation, and turnaround & recovery. These services are all underpinned by our in-depth market intelligence and leading-edge technology. And we’re accredited by the Royal Institution of Chartered Surveyors (RICS), so you can trust in our professionalism.

What makes us tick
Businesses are about people, so relationships matter to us. We bring an integrity and transparency to business which can be all too rare – and that’s why people trust us. Our clients will attest to our genuine desire to help achieve their objectives, our attention to detail, and our tireless hard work on their behalf. We understand that buying a business can bring its own pressures and strains; needs can change, plans may need to be adjusted, and opportunities can come and go. But we’re always here, a constant, flexible and reliable force you can count on.

Our opening hours for all offices:

Mon – Fri, 9am – 5.30pm

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Disclaimer - Property reference 5671094-fh. 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 Christie & Co, Care. 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.