Town centre apartments on the market for more than £1.4m
The leasehold of Huddersfield’s former Grade II listed Mechanics Institute is being marketed for offers of more than £1.4m.
The prominent, historic property in Northumberland Street is now called Creative Lofts. It houses 21 self-contained apartments, with scope to increase this to 25 flats, subject to the necessary planning consents.
Property sale experts Allsop, who are handling the sale of the building, said its head leasehold is held for a term of 999 years from 29 September 1883, therefore having about 863 years left to run.
The ground rent payable is £7 per year and the current Freeholder is the Council of Kirklees.
In their description of the property, Allsop have said: “The building is very well located on the doorstep of central Huddersfield and the University of Huddersfield.
“With a view to develop the property, the building is currently under let with 10 flats currently producing an income. Estimated Rental Value, if fully let in current configuration, is £119,129 per annum.
“A council Master Plan is in place to invest £250m in Huddersfield, which promises to vastly improve six key parts of the town centre.”
