16-18 ORCHARD STREET PRESTON, PR1 2EN - BA ...
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16-18 ORCHARD STREET
PRESTON, PR1 2EN
INVESTMENT FOR SALE –
THREE WELL SECURED RETAIL UNITS
• Located in Preston city centre
• Prominent position on Orchard Street
• Passing Rent: £106,000 per annum
• Price: £1,100,000 subject to contract
• Net Initial Yield: 9.10% after allowing
for usual purchaser’s costs.
LOCATION The City of Preston is situated 12 miles south east of Blackpool, 30 miles North West of Manchester and 35 miles north east of Liverpool. Preston benefits from excellent transport links with the M6, M61, M65 and M55 all within 4 miles of the city centre. Preston serves an extensive catchment area with a primary catchment population of 508,000 and an estimated shopping population of 295,000. Preston benefits from a substantial student population of approximately 35,000 students studying at the University of Central Lancashire which is ranked 67th in the Guardian’s University Guide.
SITUATION REDEVELOPMENT
The subject property is prominently located at the junction The property offers the opportunity for potential redevelopment of the upper floors, subject to the
relevant consents. Current residential developments in the city centre include –
of Orchard Street and Market Street in close proximity to
the recently refurbished Preston Market and the city • Charles House – 70 flats planned to be constructed inside a former Government Tax Office.
centre bus terminus. The property was purchased for £4 million in April 2020.
Orchard Street forms part of the pedestrianised section of • 5 Church Row – the council have recently approved plans for a 21-story apartment building
Preston city centre and links the city centre bus terminus in the city centre. Containing 80 one and two bed apartments.
and Market Square with St Georges Shopping Centre and
Friarsgate.
Orchard Street is a strong secondary retail pitch within
Preston city centre. National occupiers in the immediate
vicinity include Iceland, Greggs, Greenwoods, Pound
Bakery, PDSA, Halifax, Café Nero, David Pluck, British Heart
Foundation and Max Spielman.
DESCRIPTION
The subject provides a terrace of three, self-contained,
retail units which starts at the junction of Market Street
and Orchard Street. The properties are of brick
construction beneath a mix of pitched and flat roofs in
part.
Each property benefits from ancillary accommodation in
the upper floors. Please note no access is available to the
upper floors of 16 Orchard Street as the former tenant has
removed the staircase under a Licence to Alterations.
ACCOMMODATION TENANCY SCHEDULE
Address Tenant Lease Start Lease End Review Tenant Rent
The properties have the following Net Internal Break
Areas and dimensions:
16 Orchard Cashino Gaming 13/10/2020 13/10/2035 5th and 10th 5th and 10th £40,000
Street Ltd anniversary of anniversary of
16 ORCHARD STREET
the term the term
Sq. m Sq. Ft
Ground Floor 102 1,098
First Floor No Access 17 Orchard St Greenhalgh's 24/06/2016 23/06/2026 24/06/2021 23/06/2021 £30,000
Craft Bakery Ltd
Second Floor No Access
18 Orchard St Sportswift 06/09/2017 05/09/2022 06/09/2020 £36,000
17 ORCHARD STREET T/A GREENHALGH’S Limited t/a Card
Sq. m Sq. Ft Factory
Ground Floor 79.08 851
First Floor 71.09 765 Total £106,000
Second Floor No Access
18 ORCHARD STREET T/A CARD FACTORY
Sq. m Sq. Ft
Ground Floor 118.91 1,280
First Floor 70.42 758
TENURE
Freehold
PLANS/PHOTOGRAPHS PROPOSAL
Any plans or photographs forming part of these were We are instructed to seek offers of £1,100,000 subject to contract and exclusive of VAT.
correct at the time of preparation and it is expressly stated
that these are for reference, rather than fact. A purchase at this level will reflect a net initial yield of 9.10% after allowing for the usual
purchaser’s costs.
COVENANT
The properties are well secured to recognised national and
AGENTS NOTE
regional covenants. Under Money Laundering Regulations, we are obliged to verify the identity of a proposed
purchaser/tenant once a sale/let has been agreed and prior to instructing solicitors. This is to help
combat fraud and money laundering and the requirements are contained in statute. A letter will
EPC be sent to the proposed purchaser/tenant once the terms have been agreed.
EPCs are available upon request.
VAT VIEWING
Strictly by appointment through the agents - Ref: RCC
Not elected for VAT.
robbie.clarke@bacommercial.com
SUBJECT TO CONTRACT 07741 320910
IMPORTANT NOTICE
BA Commercial conditions under which particulars are issued:
Messrs BA Commercial for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that:
i. the particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of, an offer or contract.
ii. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending
purchasers or tenants should not rely on them as statements or representations of fact, but satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii. no person in the employment of Messrs BA Commercial or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property.
iv. all rentals and prices are quoted exclusive of VAT.
Reproduced by the courtesy of the Controller of HMSO. Crown copyright reserved. Licence No. ES73291E
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