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See how verdicts workCommercial property · PR1 2QL
For saleListed 8 daysAuction 11 Nov · in 13 days
Opportunity summary
See Archie’s verdict, returns by strategy and what to check before viewing.
About
A Vacant Seven Storey Substantial Office Building Offered with Planning Permission to Convert to 36 Flats. Part of the Rooftop is Let to Telecommunication Companies at a Rent of £13,750 Per Annum
The property comprises an office building arranged over ground and six upper floors.
Tenure
Leasehold. The property is held on a 125 year lease from 2nd January 2008 (thus approximately 106 years unexpired ) at a ground rent of £33,000 Per Annum.
Location
The property is situated on a residential road close to local shops and amenities. The open spaces of Avenham Park are within easy reach. Transport links are provided by Preston rail station.
Accommodation
Ground Floor
Car Parking Space for 17 Cars
First, Second, Third, Fourth, Fifth and Sixth Floors
Office Space WCs
Total G.I.A. Approximately 21,968 sq ft.
Planning
Preston City Council granted the following planning permissions:
ref: 06/2024/0608 on 1st August 2024: 'Prior notification submission for change of use from offices (Class E) to 8no. residential units (Class C3)'.
ref: 06/2023/0699 on 23rd June 2023: 'Prior notification submission for change of use from offices (Class E) to residential (up to 28 units) Class C'.
Tenancy
Part of the roof top is subject to two tenancy agreements to telecommunication companies at an annual combined rent of £13,750 per annum
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable.
Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - Purchasers will be required to pay an administration fee of £1,800 inc VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Value & comps
No previous sales on record.
See the independent valuation, upside vs guide, and per-strategy max bid for this lot. Sign in to see it.
Returns
Set an offer; the calculator follows it.
Archie refurb estimate: a Pro feature
0.0% below starting price
This is not financial or investment advice. Prop AI Deals is not authorised by the Financial Conduct Authority (FCA) to provide investment advice.
All investment calculators, property analyses, and AI-generated insights are for informational purposes only. Property investment carries risk and may result in financial loss. All calculations should be independently verified and you should consult with FCA-authorised financial advisers before making any investment decisions.
Past performance does not guarantee future results. Tax implications vary by individual circumstances.
Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
See real sub-let margins (HMO room rates & SA nightly rates) vs the landlord rent.
Area
Agent & docs
FAQ
About Ribchester House, Lancaster Road, Preston, Lancashire, PR1 2QL
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