(GROSS YIELD 17%)
6 Week completion
Located on the west side of Hammerton Street, just off the pedestrianised St James Street with nearby multiple retailers including Marks & Spencer, DW Sports, Skipton Building Society, Santander and Game.
Burnley is a busy market town lying just off the M65 (Junction 10) midway between Blackburn and Halifax, some 24 miles north of Manchester.
Forming part of a mid-terraced building comprising a Ground Floor Betting Shop.
Ground Floor Betting Shop
Gross Frontage 23'2"
Internal Width 20'7"
Shop Depth 55'9"
Built Depth 101'4"
Sales Area Approx. 1,080 sq ft
Store Area Approx. 305 sq ft
VAT is applicable to this Lot
Leasehold for a term of 250 years from June 2016 at a peppercorn ground rent.
The property is let on a full repairing and insuring lease to Coral Racing Limited (not in occupation) (T/O for Y/E 26/09/15 £667.8m, Pre-Tax Profit £81.1m and Shareholders' Funds £409.98m) (having approx. 1,600 branches) for a term of 10 years from 29th September 2008 at a current rent of £11,000 per annum exclusive.
Note: We understand that in July 2016 Coral indicated to the Vendor that they would pay £30,000 to be released from their lease.