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Property for sale

Lord Street, Carleton Court, Fleetwood

Offers in Excess of £1,400,000

Property Description

Key features

  • MIXED USE INVESTMENT OPPORTUNITY
  • CURRENT RENTAL INCOME OF 160,725 P/A PLUS VAT
  • GROUND FLOOR OCCUPIED BY POUNDSTRETCHER, PILLOWTALK AND CARD FACTORY
  • MODERN BESPOKE RETAIL AND OFFICE PREMESIS OVER GROUND & FIRST FLOOR
  • FOUR SELF CONTAINED OFFICE UNITS ABOVE
  • PLANNING PASSED FOR 12 x 2 BED + 8 X 1 BED
  • OPPORTUNITY TO CREATE 2,220 PW X 52 = 115,440 PER ANNUM (FOR FLATS)
  • LIFT ACCESS TO THE FIRST FLOOR
  • SITUATED IN PRIME RETAIL LOCATION
  • PLANS AVAILABLE UPON REQUEST

Full description

Tenure: Freehold

- FREEHOLD MULTI-LET RETAIL INVESTMENT
- LOCATED ON FLEETWOODS PRIME RETAIL PITCH
- PASSING INCOME OF £160,725 PER ANNUM
- REVERSIONARY WITH AN ERV £171,175
- DEVELOPMENT POTENTIAL WITH THE UPPER FLOORS BENEFITING FROM PLANING PERMISSION FOR THE CREATION OF 20 FLATS ( 12 X 2 BED AND 8 X 1 BED ) TOTALLING 1,86 SQ M (20,042 SQ FT)
- OFFERS IN EXCESS OF £1,400,000 SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT WHICH REFLECTS A NET INITIAL YIELD OF 10.83% AND A REVISIONARY YIELD OF 11.53% BASED UPON PURCHASER'S COST OF 6.05%


SUMMARY
Residential development opportunity for sale with recently granted planning consent for 10 apartments on the upper floors.

- Prime central location in central Fleetwood occupying a position at the heart of the Towns prime retail pitch on Lord Street

- Asset management opportunity to create rental income by developing the upper floors for residential use. Currently arranged as four suites.

- Modern building and configuration with a reception area and lift on the ground floor providing access to the first floor.

- Opportunity to acquire either the whole building including the income producing ground floor retail (£94,500 per annum) or purely the upper floors.

LOCATION
The property is located in a prime position on Lord Street in Fleetwood, a coastal town in Lancashire, lying at the northern end of the Fylde Peninsular. Fleetwood has s resident population of 27,000 people and forms part of the larger Blackpool conurbation with a population of 261,000. The town is located approximately 7.5 miles north of the centre of Blackpool.

The subject property is situated in Fleetwood town centre, occupying a position at the heart of the towns prime retail pitch fronting Lord Street, adjacent to the upgraded tramline allowing ease of access into Fleetwood from both Cleveleys, Blackpool and the surrounding area. The town has good road communications with the a585 providing direct access to the M55 (junction 3).

The property adjoins mixed retail use, with the tenant mix comprising a combination of national multiple retailers and local traders. The Freeport Outlet Shopping Village is located on the fringe of the town centre and is a major retail destination for the region. The property benefits from a 65,000 sq ft ASDA super store located to the rear, which provides approximately 350 car parking spaces for the town centre. Free parking is available for a period of 60 minutes immediately in front of Carleton court and free parking is available on adjacent streets.

DESCRIPTION
The property comprises a modern, bespoke retail and office premises over ground and first floor respectively, constructed in 2000 on a steel frame and comprising facing brickwork contained under a pitched tiled roof, with full height display frontages to the three ground floor retail units. The building has direct frontage onto Lord Street, and includes a large single retail unit occupied by Pound Stretcher and two smaller retail units occupied by Card Factory and Pillow talk Beds, with rear servicing off Back Cop Lane and a communal bin lock up.

A separate entrance on Lord Street provides access to a reception/lobby/lift area, which in turn provides access to first floor offices. These are arranged as four self contained suites The offices are fitted out with suspended ceilings incorporating grid lighting, plastered and emulsion walls, perimeter trunking, carpeted floors, category II lighting, gas central heating and include kitchen and toilet facilities. The property benefits from a lift providing access from the ground floor to the first floor. There are 3 flights of stairs from the ground floor to the first floor. One leads from the reception area fronting onto Lord Street on the ground floor to the offices on the first floor, the other two provide emergency exit access from the 1st floor to the ground floor at the rear of the building on Back Cop Lane.

FLOOR AREA
The property comprises the following net internal areas;

POUNDSTRETCHER - Retail unit on the ground floor - 8,017 sq ft
PILLOW TALK - Retail unit on the ground floor - 1,678 sq ft
CARD FACTORY - Retail unit on the ground floor 1,499 sq ft

VACANT FIRST FLOOR - SUITE 1 - 3,200 sq ft
VACANT FIRST FLOOR - SUITE 2/3 - 2,168 sq ft
VACANT FIRST FLOOR - SUITE 4 - 4,092 sq ft

TOTAL = 20,655 sq ft

Please note the above measurements do not include ground floor reception, 1st floor access corridors, toilets.


TENURE
FREEHOLD

TENANCIES
The ground floor units are currently let to three tenants; Poundstretcher Ltd, Sportswift Ltd trading as Card Factory and Matthew & Darren Jones trading as Pillowtalk beds. The 1st floor office suites are currently vacant.

The leases are effectively drafted on institutional fully repairing and insuring terms. The rent review clause in the poundstretcher lease provide rent uplift to market rent on an upward only basis with all the usual assumptions.



INCOME
The property has a passing rental income of £94,500 per annum plus VAT.

The estimated rental value of the 1st floor assuming the space is let for office use is between £6.50-£7 per square foot which equates to an £ERV of approximately £64,000 P/A.

PLANNING ON THE UPPER FLOORS FOR CHANGE OF USE TO RESIDENTIAL
Planning consent was granted on 27.07.2017 to provide 20 apartments on the upper floors consisting of 12-2 bed apartments and 8 1-bed apartments ( full planning permission approval is attached). There are no onerous requirements within the consent, and no obligations for social housing or capital contributions. The apartments are to be arranged as 6 - 2 bed apartments and 4 - 1 bed apartments on each f the 1st and 2nd floors.

Currently there is no 2nd floor in the building. A 2nd floor would need to be created within the existing shell of the building regulations the flat roof needs to be lifted in sections by a minimum of 300mm. The current height from the 1st floor to the under side of the roof is 4680mm. We understand that the cost to lift the roof in sections amounts to approximately £70,000 plus VAT.

We consider the current market rental value to be approximately £120 PW for a two bedroom apartment and £90 for a one bedroom apartment. This equates to an estimated rental value for the upper floors of £112,320 per annum at today's value.

It is worth noting that the floor areas of the 1 bed apartment at Carleton Court are approximately 70 sqm and 100 sqm for the two bed apartments. This is approximately 15-20% larger than the market average.

The development would be suitable for private lettings/sales, retirement flats, social housing or student lets. Fleetwood is home to the nautical college which is regarded as one of the UK's top nautical institutions attracting both domestic and international students requiring accommodation year round.

PROPOSAL
Offers are invited to acquire either the whole of Carleton Court or purely the upper floors and ground floor reception area ( element with granted residential planning consent).

Offers are invited for the upper floors and will be considered on their merit. Any offer on the whole building should factor in an asking price in excess of £1,000,000 plus VAT for the ground floor retail element of the property, which reflects an initial yield of 9.45%.


Listing History

Added on Rightmove:
19 October 2017

Map & Street View

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