This substantial stone-built property, once a beloved local bakery, presents a unique opportunity for investors and developers looking to capitalize on its renovation potential. With its historical charm and period features, the building offers a solid foundation for various redevelopment options.
Currently vacant, the property is primed for transformation. Previous planning approval was granted in May 2018 for a seven-bedroom House in Multiple Occupation (HMO) across the upper floors, while the ground floor was envisioned as a restaurant or bar space, with the basement designated for storage. Although this approval lapsed in early 2021, it can be renewed with the local planning authority, making it an appealing prospect for those interested in pursuing this avenue. Details regarding the original plans are accessible through the Rossendale Planning Portal (Reference: 2018/0078).
From an investment standpoint, there are multiple pathways to explore—continuing with the previous plans or reimagining commercial space to enhance residential potential on the ground floor could yield significant returns. The vendor estimates that this property could achieve a yield of approximately 10% to 12%, contingent on final costs and execution of renovations.
Spanning approximately 2,978 square feet, this property includes commercial spaces on both the basement and ground floors as well as spacious residential rooms above. Each level provides generous dimensions that can accommodate various layouts post-renovation.
This location benefits from its existing community ties and accessibility, making it an attractive option for future tenants or patrons. The combination of historical significance and investment potential makes this property worth exploring for those ready to undertake a rewarding development project.
