London House, Primrose Hill, Preston PR1 4BX, UK
For Sale, To Let £140,000 per annum - Development Opportunity, Office
27177 sq ft

TO LET / MAY SELL
London House
Primrose Hill
PRESTON
PR1 4BX

Detached Five-Storey Office Building
Redevelopment Potential – Residential
On-Site Parking
2,525 sq m (27,177 sq ft)

LOCATION
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.

DESCRIPTION
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.

ACCOMMODATION            

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.

TENURE
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).

RATEABLE VALUE
The property is entered in to the Rating List at Rateable Value £181,000.

LEASE
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.

PRICE
Upon application.

VAT
All prices and rents quoted are or maybe subject to the addition of VAT at the prevailing rate.

ANTI-MONEY LAUNDERING
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.

LEGAL COSTS
Each party are to be responsible for their own legal costs.

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