The property comprises a prominent double fronted 3 storey public house that is open and trading with planning permission already in place to convert the upper floors into 18 letting rooms. The current tenant has refurbished the ground floor and carried out much of the required structural work for the conversion above. The remaining works required on the upper floors are mainly fitting out and redecorating.
Location
The property is located on the south side of Swan Street in Manchesters fashionable Northern Quarter close to the Band on the Wall, Crown Palza Hotel and the new Co Op headquarters. The Noma scheme to regenerate 20 acres of land owned by the CoOp for a mixed use £800m scheme is in the immediate vicinity. All of the usual City Centre facilities are readily available.
Accommodation
Third Floor
4 Bedrooms 70 sq/m 753 sq/ft
Second floor
8 Bedrooms 168 sq/m 1,808 sq/ft
Fist Floor
5 bedrooms 85 sq/m 914 sq/ft
Ground Floor
Bar 112 sq/m 1,205 sq/ft
WC (Not measured)
Basement
Pool room 42 sq/m 452 sq/ft
Total 407sq/m 5,132SQ/FT
Terms
LEASE TERMS
The property is available by way of an assignment of the recent 25 year free of tie lease. The current passing rent is £35,XXX.a. and the leaseholder does have the first option to purchase the building should the owner decide to sell (price to be decided by two independent chartered surveyors).
PREMIUM
A £100,000 is requested for the trading business, value of all fixtures and fittings and the assignment of the free of tie leasehold interest.
VAT
All prices, rents and outgoings are exclusive of but may be liable to VAT at the prevailing rate.
Specification
- 25 Year Free of Tie Renewable Lease
- Ground Floor Refurbished to a High Standard
- Prominent Location opposite NOMA / Manchester Crown Plaza Hotel
- Over £60k Spent in Refurbishment to date
- Bar Open and Trading. Upper Floors need Work