Loan #627056 Burnley, United Kingdom

Property location
17 Nicholas Street BURNLEY LANCASHIRE BB11 2AQ United Kingdom

Executive Summary

17-19 Nicholas Street, Burnley is a substantial, stone-built freehold 3 storey building located in the heart of the business district in Burnley town centre.

It was constructed approximately 1844 and is a building of character with some excellent features including an archway entrance to the rear car park of the property – parking on site is rare in the town centre and this is a huge benefit of the building, as well as the centralised location, many competitor office spaces for rent, are located away from the centre and in an undesirable location with little or no amenities near the property.

This business centre is surrounded by many amenities including restaurants, bistros, banks and many more facilities for tenants and clients to enjoy.

Internally the property currently comprises a reception on the ground floor, 3 offices and 1 kitchen on the 1st floor and 3 offices and 2 bathrooms on the 2nd floor of the building as well as a large communal space.

Externally to the rear of the property is a secure/ private car parking area with space for 4-6 vehicles.

Property size/ measurements carried out by a RICS professional.

Ground Floor Reception 19.88 sq. m. 214 sq. ft.
First Floor 91.98 sq. m. 990 sq. ft.
Second Floor 70.51 sq. m. 759 sq. ft.

Total – 182.37 sq. m / 1,963 sq. ft

The property is registered with the local authority as a commercial building and the intended usage will remain commercial with Burnley Property Investments refurbishing the building to benefit from 9 office spaces, 3 bathrooms, 1 communal kitchen and meeting room/ kitchen facilities as well as the external parking spaces.

No planning permission is required due to the retention of the existing usage of the property resulting in this providing a simple refurbishment process of improving and expanding on the current layout, design elements and facilities of the building.

Burnley Property Investments Limited have owned the property and the freehold since June 2021.

The purchase price of the building was £160,000 (£50,000 deposit paid by Burnley Property Investments) and the current RICS valuation is £180,000 with vacant possession as it stands and a finished RICS valuation of £250,000.

Investing FAQ
Loan terms summary
  • Interest per annum 12.00%
  • Fully subscribed 70,000.00 raised
  • Risk class i
  • Expires Closed
  • Target amount €70,000.00
  • Profit share 0.00%
  • Term 12 Months
  • Payment frequency 1 months
  • Loan purpose Bridging
  • Type Bullet i
  • Mortgage rank Second Rank
  • Total Loan Cover (TLC) 171.4%
  • Loan To Value (LTV) 58.3% i
  • Location
    United Kingdom
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