Opportunity to purchase a 45-unit residential block in Accrington
Offers in region of
£2,500,000
45-unit Block
VES-BB5-001
INITIAL INVESTMENT
£746,500
Based on
deposit: £625,000
stamp duty: £75,000
mortgage fees: £1,500
conveyancing fees: £45,000
GROSS RENT
£253,800
GROSS YIELD
10.2%
The block
TENURE
Freehold
NO OF UNITS
45
TENANCY STATUS
Vacant
FURNISHED
No
TOTAL SQ FT
18,754
PRICE SQ FT
£133
Opportunity to acquire a newly built, freehold apartment block with high rental yield potential in the centre of Accrington, Lancashire.
This is a new office-to-residential conversion development with practical completion having occurred in October 2019. It comprises 45-apartments spread over three floors:
- 13 x studios
- 28 x 1-bed apartments
- 4 x 2-bed apartments
The developer has recently appointed a local lettings agent to commence the process of finding tenants. The total estimated rental value is in the region of £21,150 pcm (£253,800 pa) based on the local lettings agent’s initial forecasts assuming that all of the units are let over a 4 to 6 month period.
The development is based in Accrintgon town centre, within a 10-minute walk to Accrington train station and with easy access to the M65 and A56. Drive times to Blackburn and Burnley are circa 15-minutes and Manchester is around 45-minutes away.
The local council has recently embarked on a £2 million of capital investment programme to support the regeneration of Accrington town centre, including the renovation of Town Hall and Market Hall (both a 5-minute walk) and along Blackburn Road. A further quarter of a million pounds has been earmarked by the council to improve the central Milnshaw Park (a 15-minute walk).
The property has been finished to a high, contemporary standard and is unique to the local area.
Vendor is seeking offers in the region of £2,500,000.
Please contact our sales team for further details.
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The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.
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About Accrington, Lancashire
Accrington is a town in Lancashire and lies approximately 4 miles east of Blackburn, 6 miles west of Burnley, 13 miles east of Preston and 20 miles north of Manchester.
The town is well connected via railway as it lies on the East Lancashire Line with trains running from Blackpool to York and Leeds. A change at Preston enables a vital link to London or Scotland.
Some of the local landmarks include Haworth Art Gallery, Accrington Town Hall, Oakhill Park and The Coppice and Peel Park.
The local council has recently embarked on a £2 million of capital investment programme to support the regeneration of Accrington town centre, including the renovation of Town Hall and Market Hall (both a 5-minute walk) and along Blackburn Road. A further quarter of a million pounds has been earmarked by the council to improve the central Milnshaw Park (a 15-minute walk).
Point of reference - not exact location,
Accrington,
Lancashire,
England,
BB5 1EB
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