The block
TENURE
Freehold
NO OF UNITS
45
TENANCY STATUS
Vacant
FURNISHED
No
TOTAL SQ FT
18,754
PRICE SQ FT
£133
Please note that this is an off-market opportunity that is available to qualified buyers only.
Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.
This property is being sold on an off-market basis by Vesta.
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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Documents available on request, please contact for viewings or further questions.
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.
Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.
Financials
VIEW FINANCIALS WITH
Rental Income
GROSS RENT PER ANNUM
£253,800
GROSS RENTAL YIELD
10.2%
NET RENT PER ANNUM
£194,938
NET RENTAL YIELD
7.8%
FULLY MANAGED OPERATING COSTS
£58,862
Click to understand assumptions.
Profit & Growth
HPI GROWTH (PREV 5 YRS)
14.2%
Disclaimer
All financial information is provided as a guideline only, is based on estimates and assumptions and is subject to change. Buyers are advised to seek independent financial advice. Capital at risk.
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).
Abbey Street,
Accrington,
Lancashire,
England,
BB5 1EB
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Important Note
All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.
Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.
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