The property is a former picture house that has been converted to provide a prominent three storey mixed use property.
To the ground floor are five retail units trading as a range of uses to include a Cafe and Spar. There are three commercial spaces at first floor and 7 self contained flats to both first and second floor. Externally, the property benefits from a surfaced car park accessed from George Street with 18 parking spaces and 7 of these allocated for the residents of the apartments.
Location
The property is located in the centre of Whalley, a rural village in Lancashire. Whalley is an affluent suburb of Clitheroe, located 30 miles to the north of Manchester and 7 miles to the east of Blackburn and benefits from a variety of restaurants and bars, which serve a thriving night time trade.
The A671, Accrington Road, provides access to Junction 7 of the M65 Motorway, approximately 5 miles south. In turn, the M65 Motorway provides connections to the wider Northwest region.
Whalley Train Station lies less than half a mile from the property and provides hourly services between Blackburn, Manchester and Rochdale.
Accommodation
Ground / First Floor Retail - 9,788 sq ft (909.4 sq m)
First and Second Floor Residential - 10,021 sq ft (931 sq m)
TOTAL - 19,809 sq ft (1,840.4 sq m)
Terms
TENURE - The property is held freehold (title number: LAN141687 Unit 9 is held leasehold (title number:LAN250371).
TENANCIES - See attached brochure for information.
EPC - See attached brochure for information.
BUSINESS RATES - See attached brochure for information.
PLANNING - The Picture House is a landmark building in the heart of Whalley, recognised as a Building of Townscape Merit within the Conservation Area.
Planning permission was granted in April 2022 (Ref: 3/2021/1004) for the conversion and extension of the upper floors to create seven high-quality residential apartments, alongside a rear extension to the ground floor retail unit and boundary wall rebuild. Since then, several applications have been made to refine and discharge conditions. Whilst some were refused or withdrawn, including the most recent application (Ref: 3/2024/1016) which sought to regularize the “as built” development, which deviated from the original approval, the principle of the core vision and use has not been questioned. Further information is available.
LEGAL COSTS - Each party will be responsible for their own legal costs.
VAT - All figures quoted are exclusive of VAT which may be applicable.
PRICE - We are instructed to seek offers in excess of £3,750,000 for the freehold interest, STC. A purchase at this level reflects the following investment profile NIY of 4.50% and reversionary yield of 8.31%. This is after a 7.27% purchasers cost.
Specification
- High yielding mix use investment
- Located in Whalley, an affluent town in Lancashire
- Approximate total floor area of 19,809 sq ft
- Total site area of approximately 0.45 acres
- The property comprises 5 retail units to ground floor, 3 retail units to first floor and 7 residential apartments to first and second floor
- Current passing rent of £181,200 PA
- Potential rental uplift to £334,328 PA once fully let reflects a reversionary yield of 8.31%
- Offers in excess of £3,750,000
- Asset management opportunity with vacant/under rented property