Summary
The property is a substantial three-storey end terraced property plus basement, with brick elevations beneath a pitched slate roof. The property comprises a well appointed ground floor and basement restaurant premises t/a 'My Thai', with seating area, servery, kitchen and food preparation area to the ground floor, and a fully useable basement providing storage, office, staff room and customer toilet facilities.
The uppers floors have been extensively refurbished and provides high quality residential accommodation in this highly popular area. The accommodation over two uppers floors provides entrance hall, lounge, dining / kitchen, utility room, bathroom and three well proportioned bedrooms on the upper floors.
Key Points
Prime Burton Road locationRecently refurbished to a high standardEstablished restaurant tenantWell appointed 3 bedroom flat overCombined rental income of £38,800paPotential for considerable rental growthAttractive 6.16% NIY
Services
We understand that mains gas, electric, water and drainage are connected to these premises.
Tenancy
The ground floor and basement are let to My Thai Wilmslow Limited by way of a 10 year effective FRI lease from 16th October 2023 at an initial rent of £22,000pa, subject to 3 yearly upward only rent reviews and no break options. There is considerable scope to increase the rent at the 2026 rent review.
The upper floor 3 bedroom flat is let by way of a 12 month AST agreement at £1,400pcm (£16,800), providing a combined rental income of £38,800pa.
Tenure
The property is held Freehold
EPC
Restaurant = C (63)
Flat = D (56)
VAT
The property is not elected for VAT and so no VAT is attributable to the sale.
Sale
We are instructed to invite offers in excess of £600,000. A purchase at this level would reflect an attractive net initial yield (NIY) of 6.16% after allowing purchasers costs of 5.05%, on the basis of a TOGC.
Legal Fees
Each party are to be responsible for their own legal fees incurred in this transaction
Location
Occupying a prime position at the heart of Burton Road in West Didsbury, one of South Manchester’s most thriving and popular areas. Manchester City Centre is located approximately 4.5 miles to the north via Princess Road. The immediate area boasts excellent transport links, being less than 2 miles from junction 5 of the M60 Motorway. Additionally, regular bus services run along Burton Road, linking South Manchester to the City Centre and the property is around a 2-minute walk from both Burton Road Metrolink stop.
The immediate area is home to many local boutique and regional retail and leisure operators, including Reserves Wines, Sante Restaurant, Proove Wood Fired Pizzeria, and M20 Dental to name but a few.