5 Union Street, Accrington
Auction Guide Price £495,000

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    5 Union Street

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  • Multi-Let Investment Property
  • Development Opportunity STPP
  • Prime Town Centre Location
  • NIY 11.27% based on starting bid
  • Potentially High Yielding Investment

FOR SALE BY ONLINE AUCTION. Terms and conditions apply.

Duckworths Estate Agent are pleased to be offering an exciting opportunity to acquire a large multi-let building within Accrington town centre. The property occupies a prime corner position on Broadway and Union Street and briefly comprises four tenanted units, across basement, ground, first and second floors. The property is currently fully let, but Barclays Bank have exercised their withdrawal notice and so the bank unit will be vacant from January 2022.

The subject property is very prominently positioned along Union Street and Broadway, Accrington. Well situated in a prominent town centre position, the property is between the bus station and nearby Accrington train station. The location is expected to be a major route of high foot traffic in Accrington for years to come. It is close to all major town centre amenities, high streets and pedestrian zones.

We are advised that the units are let on the following agreements:

5 Union Street (Barclays bank) Let by way of a 20 year FRI lease from 15th January 2007, granted to Barclays Bank PLC at a current rent of £38,600 per annum, which is subject to upwards only rent reviews in December 2018 and 2023. Barclays have exercised their break clause from January 2022.

1 Broadway Let by way of a 3 year IRI lease from 7th September 2021 at a rent of £6,000 per annum, granted to an individual.

3 Broadway Let by way of a 3 year IRI lease from 18th September 2020 at a rent of £4,560 per annum, granted to an individual.

5-7 Broadway Let by way of a 3 year FRI lease from 18th September 2020 at a rent of £5,700 per annum, granted to an individual.

This combines to a total annual income of £54,860.

Sizing as follows: 5 Union Street (bank): 440.39sqm (4,740sqft) 1 Broadway (sandwich shop): 32.39sqm (349sqft) 3 Broadway (barber shop): 41.40sqm (446sqft) 5-7 Broadway (convenience store): 89.32sqm (961sqft) Total NIA: 603.5sqm (6,496sqft)

This property offers a unique opportunity to convert a large portion of the property under permitted development rights, into residential accommodation. A high yielding proposal would require reconfiguring some of the commercial units to offer a two bedroom apartment and a 5-bedroom HMO.

Further information on this proposal can be provided upon request.

Auctioneers Additional Comments

Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'. Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between both the marketing agent and The Auctioneer in order that all matters can be dealt with effectively. This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent. The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via The Auctioneers or the Marketing Agents website.

Auctioneers Additional Comments

Your details may be shared with additional service providers via the marketing agent and/or The Auctioneer. A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase. In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures.

Auctioneers Additional Comments

In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit of 5% of the purchase price of the property. The deposit will be a contribution to the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum of 6,000 inc VAT) is also required to be paid upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs. Both the Marketing Agent and The Auctioneer may believe necessary or beneficial to the customer to pass your details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.

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5 Union Street
Accrington BB5 1JY
County: Lancashire
Sale Type: For Sale
Ref #: DEA06385

P: 01254 772244
M: 07860877347
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