For Sale, To Let £140,000 per annum - Development Opportunity, Office
TO LET / MAY SELL
Detached Five-Storey Office Building
Redevelopment Potential – Residential
2,525 sq m (27,177 sq ft)
The property occupies a prominent position on Primrose Hill just off London Road (A6), the main thoroughfare through the City of Preston, and approximately one mile to the south end of the city centre. The are is a mixed commercial/residential area with a number of office occupiers such as Job Centre situated close by, retailers such as Lidl, The Range and Aldi, and a number of residential schemes such as Centenary Mill.
The property comprises a five-storey office building, which until recently was occupied as an education establishment together with on-site parking for approximately 50 vehicles.
|Ground Floor||489.88 sq m||5,273 sq ft|
|First Floor||505.76 sq m||5,444 sq ft|
|Second Floor||496.20 sq m||5,341 sq ft|
|Third Floor||517,75 sq m||5,573 sq ft|
|Fourth Floor||515.24 sq m||5,546 sq ft|
|Total||2,524.83 sq m||27,177 sq ft|
The above are net internal floor areas, but please note they have been provided by the client.
The property is held on a long lease from Preston City Council to run from 1 December 2017 to 20 November 2142. The rental paid is £11,500 pa to 31 May 2021 and £15,000 pa to 31 May 2032. At 31 May 2032 there is a rent review. Under the terms of the lease the premises can be used as offices, for education purposes or residential (a copy of the ground lease is available upon request).
The property is entered in to the Rating List at Rateable Value £181,000.
The property is available on the basis of a new lease at a commencing rent of £140,000 pa for a term of years to be agreed.
All prices and rents quoted are or maybe subject to the addition of VAT at the prevailing rate.
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.
Each party are to be responsible for their own legal costs.