Summary
The property originally formed part of the old naval yard dating back to the 19th Century. This former red brick warehouse has been sympathetically restored to provide bespoke and characterful open plan office space over 3 floors, featuring high ceilings, excellent natural light and exposed brick and beam finishes.
The property is currently 2/3 let and is offered as a TOGC investment. However, there is significant scope for future development of the site in line with many of the neighbouring properties.
Key Points
Largely open plan office space to 3 floorsAttractively presented throughoutERV of £116,850Currently 2/3 floors letPrime Ancoats locationFeatures include exposed red brick finish, beams and vaulted ceiling to the top floorTenure
The property is held by way of a 999 year lease from 2nd July 2014 under title number MAN230294.
Tenancy
The ground floor is presently let out to Jacksonheim Concierge Limited on a 5 year lease to 26th November 2027, while the top floor is presently occupied by Northern Lights Gaming Ltd with agreement reached over a new contract at a rent of £25psf. The first floor space is currently being offered at £40,000pa (£26.33psf).
Sale
We are instructed to invite offers in the region of £1.95 million.
A purchase at this level would reflect a reversionary yield of 6% against the current ERV of £116,850.
VAT
The property is elected for VAT, but should qualify as being outside of the scope for VAT as a TOGC.
Service Charge
An annual service charge is levied to cover maintenance, management and upkeep of the building and common areas. Further details can be provided on request.
Services
We understand that mains gas, electric, water and drainage are connected to these premises.
Location
Located in the heart of the Ancoats neighbourhood of Manchester, Manchester's historical industrial heartland. It is situated at the junction where Naval Street meets Radium Street and is just a short walk from the New Islington Marina. Ancoats continues to see significant investment in new developments and has transformed in recent years into a trendy residential location with a vibrant restaurant and bar scene. The site is adjacent to the upcoming Phoenix Ironworks development, which is transforming the surrounding industrial land into new residential and creative workshop spaces.
It is approximately a 5-minute walk to Piccadilly Gardens and the Northern Quarter, and a 10 minute walk to Piccadilly Station and the Arndale Centre. It sits directly opposite the New Islington Metrolink stop and is a 1 minute walk from the popular Cutting Room Square, which provides an abundance of independent and national operators including 'Rudy's Neopolitan Pizza', 'Seven Brothers' craft beer bar and 'Mana' Michelin Star restaurant.