For Sale £795,000 Guide Price - Development Opportunity, Investment, Residential Development
Superb Investment/Development Opportunity
53 Fylde Road
Situated in the heart of UCLAN Campus
11,220 sq ft arranged over four floors
Part income producing
Potential for residential conversion, subject to the appropriate consent
The premises occupy a prominent position fronting Fylde Road (A583), directly opposite the UCLAN Student Union building, and situated in the heart of the University Quarter. The property is situated adjacent to a small retail parade where there is a variety of occupiers including a small convenience store, Subway, a variety of takeaways, and a tanning studio. Approximately a quarter of a mile to the south is the main city centre retail area.
The area is the principal and most vibrant student area in the city centre and, at its peak, benefits from a high foot flow from both students and staff travelling to and from the University, where approximately 30,000 students attend.
The property comprises a three/four-storey detached building which was probably originally constructed as a small mill during the late 18th century. Over time the building has been converted and extended to create a variety of bar areas and leisure facilities. The property provides the following gross internal floor areas:
Ground floor: 3,945 sq ft (366.5 sqm)
First floor: 3,205 sq ft (297.75 sqm)
Second floor: 3,120 sq ft (290 sqm)
Third floor: 950 sq ft (88.25 sqm)
Total: 11,220 sq ft (1,042.5 sqm)
Please note, some of the above areas have been provided by the client and represent the approximate gross internal floor area for the whole building.
The property currently has two tenancies.
The front section ground floor and first floor occupied by New Continental Properties Limited t/a The Mad Ferret, on the basis of a lease which runs from 11 September 2013 to 10 September 2023, at a rent of £26,000 pa. The lease is on an internal repairing and insuring basis, and benefits from 1954 Landlord & Tenant Act Protection.
Second and third floor, this area is occupied on the basis of a six month tenancy agreement, at a rent of £3,600 pa without review, and is let to Red Kite Thai Boxing Gym Limited. This lease is excluded from the Landlord & Tenant Act.
The remainder of the building is currently vacant.
An Energy Performance Certificate will be available in due course.
We have been informed by the client the property is not elected for VAT.
ANTI-MONEY LAUNDERING REGULATIONS
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
The building offers excellent opportunity to be further redeveloped and refurbished, subject to the appropriate planning consent being obtained.
Guide price of £795,000 (Seven Hundred and Ninety Five Thousand Pounds) subject to contract.