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Lot 9

Freehold Commercial Investment – Gross Yield 12.2%
On behalf of a PLC
6 Week Completion

Situation

Located at the junction with George Street amongst such multiple retailers as Cash Converters, Dignity Funeral Directors and King's Castle and a variety of independent traders.
The pedestrianised town centre retail facilities and Blackburn Railway Station are both under ¼ mile distant.
Blackburn lies on the main A666 midway between Preston and Burnley, enjoying easy access to the M65 and M6 motorways.

Property

A substantial corner property comprising a Large Ground Floor Retail Unit with Storage on the Mezzanine Floor.
In addition, there is a Customer Car Park to the rear for approx. 10 cars.

Accommodation

Ground Floor Retail Unit
Gross Frontage 76'9"
Internal Width 73'6"
Shop Depth 82'7"
Built Depth 112'0"
Sales Area Approx. 6,225 sq ft¹
Store/Staff Area Approx. 1,415 sq ft¹
2 WCs
Mezzanine Floor
Store Area Approx. 1,595 sq ft¹
________________

Total Area Approx. 9,235 sq ft¹

¹Areas provided by Vendor.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to British Heart Foundation as a registered charity (having over 670 branches) (T/O for Y/E 31.03.23 £381.3m, Pre-Tax Profit £7.9m and Shareholders' Funds £125.6m) for a term of 10 years from 28th September 2017 (renewal of a previous lease - in occupation since 2012) at a current rent of £55,000 per annum exclusive.

Note: On 30th January 2023, the lease was varied to remove the Tenant's September 2023 Break Clause in lieu of a 4 month rent free period which expired on 29th May 2023.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

79 Darwen Street, Blackburn, Lancashire BB2 2BL