Burnley, BB11 1HB | Investment Property for Sale | VES-BB11-003

Opportunity to purchase a 34-unit broken block in Burnley with the potential to generate a 7.2% gross yield

£2,380,000

34-unit Broken block

VES-BB11-003

INITIAL INVESTMENT

£701,900

Based on

deposit: £595,000

stamp duty: £71,400

mortgage fees: £1,500

conveyancing fees: £34,000

GROSS RENT

£171,000

GROSS YIELD

7.2%

ADD TO FAVOURITES

The block

TENURE

Leasehold

NO OF UNITS

34

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

13,405

PRICE SQ FT

£178

GROUND RENT

£11,900

SERVICE CHARGE

£25,058

Leasehold information

  • Length of lease: 125 years
  • Year lease started: 2016
  • Years left on lease: 119 years (from 2022)
  • Ground rent review period: tbc
  • Service charge review period: tbc

Block information

  • Converted office to residential
  • The building consists of 57 units of which 34 are available, comprising:
    • 4 x studio apartments
    • 30 x 1-bed apartment
  • Apartment sizes vary between 275 - 420 sqft
  • EPC ratings B & C
  • Council tax band A

Rental information

  • At the time of listing 97% of the units are let, all others are being advertised
  • Once fully let the units are expected to achieve:
  • Monthly rental income £14,250
  • Annual rental income £171,000

Location information

  • The property is located just on the edge of Burnley town centre
  • All of the town centre amenities and shops are on the doorstep
  • Burnley Central railway station can be reached in just over 10 minutes on foot
  • Burnley Manchester Road railway station is closer, just 0.3 miles away

Notes

Please note that Vesta has not visited this property and that the vendor has provided all material.

The floorplan is an example of a 1-bed apartment in this development. Layout and sizes will vary.

The photos are for illustrative purposes only and represent apartments within the building.

Floorplans

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.

About Burnley, Lancashire

Burnley is a town in Lancashire, north-west England. It lies around 21 miles north of Manchester and 20 miles east of Preston.

Burnley is very well connected via road and rail. Junctions 9, 10 and 11 of the M65 motorway serve the town, running west to Accrington, Blackburn and Preston where it connects to the M6, and north-east to Nelson and Colne. There are several A roads going through town and the A56 dual carriageway links to the M66 motorway going to Manchester and the M62.

There are four railway stations in town, Burnley Manchester Road, Burnley Central, Burnley Barracks and Rose Grove. Trains are operated by Northern, with an hourly semi-fast service from Manchester Road to Preston and Blackpool North, Leeds and York. Whilst Central and Barracks stations run services to Blackpool South and Preston as well as Nelson and Colne.

Burnley is surrounded by the Pennine countryside and is ideally located for anyone who enjoys outdoor activities. For example, the Prairie Sports Village, which offers excellent facilities for golf enthusiasts. There is a golf course, driving range, mini golf, lessons and golf activities for juniors such as footgolf. At Thompson Park there are rowing boats or kayaks for hire, and at Clowbridge Reservoir activities include windsurfing and sailing. The town’s waterways are also ideal places for a walk or an escape into nature. On Crown Point Moor stands the iconic Singing Ringing Tree, a three-meter-tall steel sculpture.

Other attractions include the two historic houses Towneley Hall and Gawthorpe Hall. Towneley Hall is surrounded by historic parkland with woodland walks, formal gardens, sculpture and nature trails. There are annual cultural events such as the Burnley Literary Festival and the Canal Festival. The Mechanics Theatre and Burnley Youth Theatre offer a varied programme throughout the year for the whole family.

The manufacturing sector remains very strong in Burnley and key manufacturing employers are in highly specialised fields such as: Safran Aircelle (aerospace), GE (aerospace), AMS Neve (professional audio), TRW Automotive and Futaba-Tenneco UK (automotive components). Burnley still has strong economic links with Manchester and Leeds as well as neighbouring towns along the M65.

Manchester Road,

Burnley,

Lancashire,

England,

BB11 1HB

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