88-90 Old Church Street, Manchester, Lancashire, M40 2JF

Guide Price* : £180,000

High Street Mixed Use Investment

  • Betting shop investment with upper parts
  • Let to Coral (Ladbrokes) with six years unexpired
  • Producing an annual rent of £15,369
  • Upcoming rent review to £17,388 per annum or greater
  • Guide Price of £180,000 reflects an attractive NIY of 8.35% and a reversionary yield of 9.46%

Description

The property comprises a two storey property arranged on ground and first floor. The ground floor provides a betting office, whilst a former flat is situated on the first floor, which is accessed from the rear and is not presently used by the tenant.

The ground floor comprises approximately 1,169 sq ft.

Location

The property is located on Old Church Street, which is populated by a number of both national and local occupiers including Greggs and Lloyds Bank.

The property is located 3.5 miles from Manchester City Centre and the amenities that the city offers.

Tenure

Freehold

Tenancy

The property is let to Coral Racing Limited on a lease expiring 27/02/2027.

There is an upcoming rent review, due 24/06/2021 at which point the rent is reviewed to the greater of 2.5% compounded per annum or open market rent. We therefore expect the rent to be reviewed to £17,388 per annum.

Please consult the legal pack for further information.

Planning Authority

Manchester City Council - https://secure.manchester.gov.uk/

VAT

The property is not elected for VAT

Contact

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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Sold for £200,000

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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Max Mason
07917 865 212

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton July 2021

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.