10-14 Hammerton Street, Burnley, Lancashire BB11 1NA

Description

An imposing stone built Grade II Listed property that has traded as a bar/nightclub for many years. The site was occupied originally by Walkabout and has its accommodation arranged over four floors. In recent years the property has traded as a bar on the ground floor together with a nightclub on the first floor and two flats on the second floor which have now been removed. The site is ideal for a bar or restaurant but would also convert into apartments, retail units or offices, subject to obtaining the necessary planning consent.

Accommodation

Accommodation arranged over four floors; bar on the ground floor, nightclub on the first floor and two flats on the second floor which have now been removed

Location

Positioned in a highly prominent location in the heart of Burnley town centre, on the corner of Hargreaves Street and Hammerton Street, close to Marks & Spencer's and St James Street. Close to various bars, restaurants, offices and retail outlets. Located in the Burnley Town Centre conservation area and Burnley BID zone.

Tenure / Property Information

Investment Analysis

The supplied evidence does not support a reliable market value or GDV. The comparables are on the same street but relate to different properties, with prices ranging from £150,000 for 18 Hammerton Street in 2019 to £515,000 for 6-8 Hammerton Street in 2022. The subject itself sold for £395,000 in 1997, but that historic transaction is not a current valuation. No floor areas, condition assessment, planning position, rental evidence or sufficiently comparable completed sales are supplied. The £275,000+ guide therefore cannot be tested reliably against the evidence.

Investment Snapshot

Strategy Recommendation

Do not rely on a BTL, BRRR or flip model until legal title, leasehold matters, planning history, Listed Building constraints, condition, floor areas and a professional valuation are obtained. The property may warrant specialist commercial redevelopment due to its prominent town-centre position, but the current evidence is insufficient to set a defensible bid.

Works Required

No specific physical defects or quantified works are evidenced. Any scheme would require condition and building surveys. Potential uses described by the auctioneer include continued bar or restaurant use, or conversion to apartments, retail units or offices, subject to planning consent. As the property is Grade II Listed and in a conservation area, alterations and conversion would require careful consent assessment. The two former second-floor flats have been removed, but no reinstatement scope or cost is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment is not supportable from the evidence. The acquisition price is only a guide, refurbishment costs are unquantified, there is no evidenced rent, and no reliable GDV or refinance valuation can be derived. Conversion to apartments would also depend on planning and Listed Building/conservation-area consents.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence, passing rent, floor areas or completed residential configuration is supplied. The described former flats have been removed, and residential conversion would be subject to planning consent. The annual Burnley BID fee of £1,730 is a stated occupational cost, but wider operating costs are unknown.

Flip Analysis

A flip appraisal cannot be reliably calculated. The available sales are different properties and are too inconsistent to establish a subject GDV, while no works budget or selling-cost allowance is supplied. The building’s Grade II Listed status, conservation-area location, leasehold-title matters and potential planning requirements add execution uncertainty.

Investor Risks & Due Diligence

• Grade II Listed status and location within the Burnley Town Centre conservation area may restrict alterations and conversion.

• Apartment, retail or office conversion is expressly subject to obtaining planning consent; no consent is evidenced.

• The freehold is purchased with full knowledge of leasehold title LAN171416 and matters in special conditions SC5 and SC12; these have not been supplied for review.

• No sufficiently specific rental evidence or passing rent is supplied, preventing reliable income analysis.

• The former second-floor flats have been removed, but the cost and legal/planning implications of any reinstatement are unknown.

• The 4.8% buyer fee, subject to a £6,000 minimum, applies to the purchase price; additional special-condition fees and VAT may also apply.

• The property attracts an annual Burnley BID fee of £1,730.

• The auction guide is not a valuation, and the supplied completed sales relate to different properties with materially varied prices.

Recommendation

Do not rely on a BTL, BRRR or flip model until legal title, leasehold matters, planning history, Listed Building constraints, condition, floor areas and a professional valuation are obtained. The property may warrant specialist commercial redevelopment due to its prominent town-centre position, but the current evidence is insufficient to set a defensible bid.

Strategy Rating

Analysis Confidence

The evidence confirms location, tenure, historic use, guide price, buyer fee and planning constraints, but provides no measured areas, condition report, EPC, rent, planning consent, current occupancy, reliable subject comparables or quantified works budget.