Rent indexation£190,000 per annum 5-yearly upwards only to OMV
Nr of floors3
Investment Overview
Manchester is the UK’s primary financial and business centre outside of London. Rare opportunity to purchase a retail asset within 200ft of Manchester’s prime pitch situated between three of Manchester’s busiest retail pitches; Market Street, Deansgate & New Cathedral Street. The property is an attractive traditional terraced building constructed with a masonry and steel with recent internal refurbishment. The scheme is arranged over ground, first and second floors plus a basement across two self-contained retail units. The property is fully-let to Ashworth & Parker (Creditsafe 97/100) trading as END. and national multiple Oliver Bonas (Creditsafe 96/100). Passing rent of £565,000 per annum with a WAULT of 9.2 years to expiries. Oliver Bonas have just agreed a reversionary lease extending their term by 5 years showing their commitment to the location.
Additional Information
Sales process
£7,060,000 subject to contract exclusive of VAT. A price at this level reflects a Net Initial Yield of 7.50%.
Performance indicators
Manchester has a population of over 2.6 million people, with more than 12 million people within a 50-mile radius of the city centre.
Overview of the tenants
The property is fully-let to two tenants; Ashworth & Parker Limited trading as END. and Oliver Bonas. Ashworth & Paker occupy 23,324 sq ft have entered into a sale & leaseback agreement and their lease will commence upon completion of contract for a straight 10-year term. Oliver Bonas occupy 6,415 sq ft of space and have recently entered into a reversionary lease until November 2031.
Other relevant information
This property has been elected for VAT purposes and it is expected that the investment sale will be treated as a TOGC.
