This freehold site offers a well-balanced mix of commercial and residential accommodation, extending to around 12,000 sq ft in total and benefitting from parking for thirteen vehicles. It comprises five commercial units, five fully operational 5-person, all-ensuite HMOs, and two long-leasehold units.
The commercial element includes a recently refurbished building occupied by New Bridge Academy Trust, created from the combination of two units and let on a three-year lease from 24 November 2023 at an annual rent of £30,000, with a floor area of approximately 3,200 sq ft. A further unit of roughly 1,200 sq ft, formerly used as a private dental practice and previously let at £9,500 per annum, is now vacant in shell condition. This provides an attractive opportunity for redevelopment, either into a five-bed HMO (subject to the usual consents) with a projected annual income of about £40,000, or through refurbishment for continued office use, where rental income is anticipated to be in the region of £18,000 per annum. Two additional units, totalling 1,600 sq ft, were historically sold off on 999-year leases.
The residential accommodation comprises five modern HMOs, each configured for five occupants with fully ensuite facilities. Two of these are let on a five-year corporate agreement to a social housing provider, offering guaranteed income with no void exposure or landlord outgoings. The remaining three are operated as private rentals and present scope for phased conversion to social housing use, enabling reduced operating costs and enhanced long-term returns.
The property currently generates a gross income of approximately £180,012 per annum across the commercial and residential elements. With one commercial building vacant and ripe for redevelopment or refurbishment, there remains clear potential to increase yield and overall investment performance.
Location
- Oldham Central (Manchester Metrolink) - 0.05 miles
- Oldham King Street (Manchester Metrolink) - 0.2 miles
- Oldham Mumps (Manchester Metrolink) - 0.42 miles
Accommodation
Unit 1-2 - 296 sq m (3,187 sq ft)
Unit 3 - 109 sq m (1,176 sq ft)
Unit 4 - 112 sq m (1,210 sq ft)
Unit 5 - 112 sq m (1,210 sq ft)
Unit 6 - 109 sq m (1,176 sq ft)
Unit 7 - 109 sq m (1,176 sq ft)
Unit 8 - 109 sq m (1,176 sq ft)
Unit 9 - 74 sq m (800 sq ft)
Unit 10 - 74 sq m (800 sq ft)
Total - 1,104 sq m (11,911 sq ft)
Terms
Price - £1,850,000
Specification
- Freehold mixed-use investment extending to approximately 12,000 sq ft
- Parking available for thirteen vehicles
- Vacant 1,200 sq ft commercial unit offering redevelopment potential for a five-bed HMO or refurbished office use (STPP)
- Five fully ensuite, five-person HMOs providing strong rental demand
- Two HMOs let on a five-year corporate agreement to a social housing provider with no voids or landlord outgoings
- Current gross income of approximately £180,012 per annum with potential to enhance yield through redevelopment of the vacant unit