DescriptionThe 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.
LocationColne 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 AccommodationThe 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 OpportunityA rare opportunity to acquire a recently refurbished supported living property located in a high-need driven location.
Investment SummaryWe 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%.
TenureThe lease is subject to annual rent reviews from July 2027.
TenancyNew 20-year lease term agreed to Empower Housing Association Ltd, incorporating a tenant break option at year 10.
