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For Sale - Investment Opportunity with Development Potential - Telephone House - Fenton Street Lancaster

For sale: £2,400,000.00|25092 Sq Ft|Residential, Retail, Offices, Leisure, Hotel, Office, Other, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£2,400,000.00
SIZE25092 Sq Ft
ADDRESSINVESTMENT OPPORTUNITY Telephone House, Fenton Street, Lancaster, LA1 1AB
TYPEResidential, Retail, Offices, Leisure, Hotel, Office, Other, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON19th July 2019

DESCRIPTION

Location
The offices are situated fronting Fenton Street in the centre of the city of the Lancaster. The premises enjoy a central position close to the city’s main retail, leisure and professional districts with the immediate vicinity comprising a varied mix of commercial and residential occupiers. The area benefits from good transport links with Lancaster’s mainline train station being located less than 500 metres away from the property.

Description
Telephone House is a five storey multi occupied building, together with extensive basement, offering predominantly open plan
accommodation together with WC and kitchen facilities on each floor. Access to the building is via a communal entrance from Fenton Street which provides both stair and passenger lift access to all floors.
The property benefits from on-site car parking to the rear of the building accessed directly from Fenton Street.
The property is currently occupied by a range of commercial tenants but has potential for redevelopment for a variety of uses such as hotel or residential uses, subject to securing the necessary statutory consents.

Accommodation
The property extends to a total approximate net internal area of 2,331 m² (25,092 ft²) including the basement.

Services
Mains gas, electricity, water and drainage supplies are connected to the property.

Planning
The premises have a permitted use under Class B1 (Offices) of the Town & Country Planning (Use Classes) Order 1987 (as
amended) but are considered suitable for a redevelopment for a range of uses, subject to securing the necessary statutory consents.
Interested parties are, however, recommended to make their own enquiries with the planning department at Lancaster City Council (tel. 01524 582900).

Tenure and Tenancies
The property is held Freehold.
The property is occupied by a range of commercial tenants being 77% let producing a gross income before costs of circa £98,590 per annum. The first floor, being a further 12% of the accommodation, is presently under offer.
Full details are shown on the attached tenancy schedule.
Asking Price
Offers in the region of £2,400,000.

LOCATION

Location: INVESTMENT OPPORTUNITY Telephone House, Fenton Street, Lancaster, LA1 1AB

Lancaster (0.2 miles)

Bare Lane (2.3 miles)

Morecambe (3.3 miles)

AGENT'S DETAILS

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