FOR SALE
Commercial Investment Property

Brookfield Street/Southgate
PRESTON
PR1 1NP

• Modern two-storey showroom premises
• 6,000 sq ft (557.4 sqm) on two floors
• Two separate tenancies producing£63,000 per annum
• Well-located in a mixed retail/leisure/trade centre location

LOCATION
Preston is located in the North-West of England and is the administrative centre of Lancashire. Located twenty-five miles south of Lancaster, thirty-five miles north-west of Manchester, and sixty-two miles west of Leeds.

Preston is considered to be a major commercial centre with the city being home to occupiers including BAE Systems, Springfields Nuclear Processing Plant, James Hall & Co., and Booths Fulwood.

The city benefits from excellent communications being prominently situated on the national road and rail networks, both of which provide links across the UK.

Preston is situated on the M6 providing direct access to Birmingham to the south, and Carlisle and Scotland to the north.

Preston Railway Station is a key hub on the West Coast Main Line, offering direct services to London Euston to the south, and Glasgow, Edinburgh and Aberdeen to the north. Liverpool John Lennon Airport and Manchester Airport, both international airports, are approximately forty miles south-west and south-east of the city respectively.

The property is situated on Brookfield Street/Southgate at the junction with North Road (A6), the man thoroughfare through Preston, approximately half a mile to the north of the city centre. Nearby occupiers include Wickes, American Golf, Dulux, Plumb Centre, Kwik Fit, Padel Republic and BSS.

ACCOMMODATION
The property is arranged on ground floors, each floor with direct access to either Brookfield Street or Southgate, and provides the following floor areas:
Brookfield Street unit:               3,000 sq ft               (278 sqm)
Southgate unit:                          3,000 sq ft               (278 sqm)
Total:                                           6,000 sq ft               (356 sqm)
All measurements have been made in accordance with the RICS Code of Measuring Practice.

PARKING
On the Brookfield Street level there is parking for 5-6 vehicles on a rear yard. There is on-street parking on Southgate.

TENURE
Freehold.

TENANCIES
Brookfield Street is let on a new 5 year effectively full repairing and insuring lease at a commencing rent of £35,000 per annum to Fylde Health Limited.

Southgate is let to A. Goss Limited t/a Direct Windows on an effectively full repairing and insuring lease due to expire 31 September 2031 at £28,000 per annum.

RENTAL
£63,000 per annum exclusive.

PROPOSAL
We are instructed to seek a price of £750,000.00 subject to contract, exclusive of VAT, for our client’s freehold interest in the investment. A purchase at this price would reflect a net initial yield of 8% allowing for normal purchaser’s costs.

VAT
The property is elected for VAT. Providing certain criteria are met, the transaction may be treated as a Transfer of a Going Concern.

ANTI-MONEY LAUNDERING REGULATIONS
In accordance with Anti-Money Laundering Regulations, we are obliged to undertake AML due diligence for both the purchasers and vendors involved in a transaction. As a result, detailed financial personal and/or corporate information will be required before any transaction can conclude. Full details of the information required can be provided upon request.