Presenting a rare opportunity to acquire a recently renovated freehold development comprising both residential and commercial units, situated in a popular location within walking distance of Lancaster city centre. An attractive investment, the unique proposition has been expertly converted consisting of 6 flats and 6 offices, with a large emphasis on eco efficiency along with good quality finishes. The apartments vary in size and are spread across the ground, first and second floors, ranging from one bedroom to four bedrooms, all with contemporary kitchens and bathrooms as well as well proportioned bedrooms and high efficiency heating systems. Two of the properties are located via a private entrance on Willow Lane creating potential to be sold separately should a buyer wish to assign leases to each property, with the remaining flats accessed via the communal entrance on West Road or round the back. The commercial offices area located to the ground floor with a welcoming communal entrance space and allow for tenants to work in professional surroundings with adequate facilities such as a kitchen area and separate toilets. The building also has additional benefits including a communal bike store and workshop area, photovoltaic solar panels and energy efficiency ratings of A or B for all the units.
A popular location, the building sits in a perfect position to take advantage of a wide range of amenities that the historic city of Lancaster has to offer. A multitude of high street shops, ample restaurants, bars and supermarkets are all within easy reach, as well as highly regarded schools, the University of Cumbria, the Royal Infirmary and a handy West Coast mainline railway station. For commuters, local buses provide regular travel in and around the city including routes to the University of Lancaster and further afield, the M6 motorway lies within two miles.
Ground Floor - 6 Offices with a total floor area of 1011sq.ft. fully accessible. Also includes a kitchen plus a WC and an Accessible WC. Two offices currently vacant with the remaining four let. Provides access to the cellar and services, along with a private access through to stairway up to the residential apartments. This entrance also leads through to the external bike store and workshop plus seating area.
Ground floor apartment accessed from a shared entrance on Willow Lane with just one other apartment (first floor). Gross internal floor area of 43.9m2 and comprises of two bedrooms, a bathroom and an open plan kitchen / living dining room. Also has separate service supply which provides potential to be split and sold separately along with the first floor apartment providing the necessary lease obligations are set up.
First floor apartment accessed from a shared entrance on Willow Lane with just one other apartment (ground floor). Gross internal floor of 45.8m2 and comprises of two bedrooms, a bathroom and an open plan kitchen / living / dining room. This property also boasts high ceilings and some character features. Also has separate service supply which provides potential to be split and sold separately along with the ground floor apartment providing the necessary lease obligations are set up.
Second floor one bedroom apartment with a gross internal floor area of 35m2. Comprises an open plan kitchen / living / dining room, a shower room and a bedroom. Tenanted.
Second floor, four bedroom apartment with a gross internal floor area of 85.2m2. Comprises of four double bedrooms, an open plan kitchen / living / dining room, a bathroom and a WC (2 toilets in total). Currently let on a HMO licence.
First floor two bedroom apartment with a gross internal floor area of 41.7m2. Comprises of one double bedroom and one single, a shower room and an open plan kitchen / living / dining room. Tenanted.
First floor, four bedroom apartment with a gross internal floor area of 85m2. Similar layout to flat 2, comprising of four double bedrooms, a bathroom and an open plan kitchen / living / dining room. Let to post graduate students on a HMO licence.
External seating area for residents, providing cycle storage and maintenance facilities. Enclosed waste and recycling area. On street parking available on West Road or Willow Lane.
2 West Road has mains services supplied to the block with the electricity then metered for each apartment. The block also has a communal laundry room to the ground floor. Victoria House on Willow Lane has a separate supply as previously mentioned. The block also has a rainwater collection system that is gravity fed to the tanks in the cellar and then pumped back up into the flats and used for the flushing of toilets. The apartments area also fitted with MVHR (Mechanical Ventilation with Heat Recovery) systems which supply fresh heated air to the dwellings. Solar Thermal panels contribute towards hot water supply alongside a gas boiler. The building benefits from a comprehensive fire detection system and CCTV security.
The current owners have rarely had a problem attracting high-quality tenants, due to the building's high standard and its proximity to rail station, bus services and city centre. Historically, occupancy has been over 95% since its refurbishment in 2016. The flats are let on a part or fully-furnished basis and the owner's fittings and furnishings will be included in the sale. Management accounts will be made available to prospective purchasers once their sincere interest and access to funds are established.
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