Cobden Street, Burnley, BB10
- Development Opportunity
- Commercial To Residential Potential
- Excellent High Yield Buy To Let Project
- Highly Sought After Location For Rental Demand
- 3,000 Sq Foot Build Size. 3 Floors
Property Summary***Commercial to Residential Development Opportunity***
This is an excellent opportunity for a developer or investor to acquire a 3,000 sq ft industrial premises located on Cobden Street, Burnley and convert it into residential apartments.
Rental demand is high in the area with many major employers situated just a short walk from the building - there are a number of new build apartment developments currently being constructed in the area due to demand from tenants and local housing authorities.
The property comprises of three floors of 1,000 sq ft on floor - to the right of the building you have the original two storey house entrance and to the left a double three storey industrial unit with one open entrance and a further bricked up entrance.
Any development and change of use would require local authority planning permission which is the responsibility of the buyer.
Utilities are in place - electric, gas, water and drainage however it is the responsibility of the buyer to ensure they are fit for purpose and intended future usage.
Initial review of the site suggests that 8 x Large self contained 1 bedroom apartments would be the most likely conversion with each apartment generating a rent of £375 per month/ £75,000 sale price per apartment offering total yields of;
- £3,000 per month / £36,000 per annum
- £600,000 sales revenue
At a price of £175,000 this is a highly desirable opportunity.