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Manchester – Prime Long Income Multi-let Retail & Leisure Investment

First Street, Manchester, M15 4FN

Property Type:
Commercial
Sub Types:
Leisure, Retail
Tenure:
Freehold

Income

£788,670 pa

Description

  • A unique opportunity to acquire Manchester’s latest destination leisure scheme in the heart of the city centre.
  • Manchester is the UK’s second city alongside London and the economic and cultural capital of the North West.  The largest and fastest-growing regional city in the UK.
  • First Street is a thriving destination and now established as one of Manchester’s most successful mixed use development.
  • Located adjacent to HOME, a centre for international contemporary art, theatre and a five screen cinema which boasts over 850,000 visitors a year.
  • The property comprises 9 units and totals 32,736 sq ft.
  • Occupiers include Sainsbury’s, Starbucks, Pizza Express, Junkyard Golf, Tiffin Rooms, Dockyard, BJ’s along with the, MasterChef winning Simon Wood Restaurant.
  • A long Weighted Average Unexpired Lease Term of 12.5 years to lease expiry and 9.5 years to break. Providing a good tenant mix of national and independent operators.
  • Current net annual income totals £788,760 per annum which reflects an average of only £24 per sq ft. The latest letting has set a new tone at £37.71 per sq ft proving the significant reversionary potential.
  • The headline Estimated Rental Value is circa £899,500 per annum.
  • Offers in excess of £11,000,000 (Eleven Million), subject to contract and exclusive of VAT. An ac quisition at this le vel would reflect a net initial yield of 6.72%, after the deduction of purchaser’s costs of 6.8% and a potential reversionary yield of 7.66%.