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FOR SALE - Substantial mixed use opportunity with development potential - 93 King Street, Lancaster, LA1 1RH

For sale: POA|5,059 Sq Ft|Retail, Leisure

Property details

FOR SALEPOA
SIZE5,059 Sq Ft
ADDRESSFOR SALE - Substantial mixed use opportunity with development potential - 93 King Street, Lancaster, LA1 1RH
TYPERetail, Leisure
TENUREFor Sale Leasehold
POSTED ON3rd May 2024

Description

Location
The property occupies a prominent position fronting King Street, part of the A6 circulatory route around the centre of Lancaster, close to the city’s main retail core. The vicinity comprises a mix of retail, leisure and business uses interspersed with residential
properties. Nearby commercial occupiers include Tesco Express, Parkinson Estate Agents, Ibis Hotel, Snap Fitness, KFC, King Street Surgery and Queens Square Medical Practice.

Description
The property comprises a four storey, mid-terrace building, being of cut stone construction beneath a pitched roof. To the rear, the property has been extended, with the addition of a 3-storey brick structure, beneath flat roof covering which has significantly increased the building footprint. Internally the ground floor is currently used as a meditation centre, with attractive reception and
kitchen together with large open plan workspace. The upper floors provide extensive residential accommodation comprising 8 bed sits, in addition to 2 communal bathrooms and 1 shared kitchen. Both the ground and first floor are accessed via a shared entrance from King Street. To the rear, is a spacious yard, with rights of access to Penny Street.

Accommodation
We have estimated the building extends to a gross internal floor area of 470 m² (5,059 ft²).

Services
The property benefits from mains connections to electricity, gas, water and drainage.

Rating Assessment
We understand the ground floor premises have a rateable value of £5,100. The upper floors presently have a Council Tax assessment within Band B. Interested parties, should, however, make their own enquiries of the local rating authority.

Planning
We believe the ground floor premises offers an established use classification generally within Class E with the upper floors being a HMO (Sui Generis) within the Town and Country Planning (Use Classes) Order 1987 (as amended). The premises also benefit from planning permission (21/00971/FUL) w.e.f 28th July 2021 for a change of use of the 8 bed HMO to a 9 Bed HMO including external alterations. Further information is available upon request.

Tenure
Understood to be long leasehold being the remainder of a 2000 year lease w.e.f 2nd December 1895 (Virtual freehold).

Tenancy Information
7 of the 8 bedsits are currently occupied and presently generate a gross income of £420 per bed, per calendar month, equating to a gross annual income of £35,280. The 8th bedsit is occupied by a representative of the vendor.

Asking Price
Offers in the region of £525,000.

VAT
All prices are quoted exclusive of, but may be subject to, VAT at the standard rate.

Legal Costs
Each party to be responsible for their own costs incurred in the transaction.

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. Our client reserves the right not to accept the highest or any offer received.

Location

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Location: FOR SALE - Substantial mixed use opportunity with development potential - 93 King Street, Lancaster, LA1 1RH

Lancaster (0.3 miles)

Bare Lane (2.5 miles)

Morecambe (3.5 miles)

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