Retail premises for sale

Location

Occupying a prime position along Beech Road in Chorltonville, one of South Manchester’s most sought after and affluent areas. The property is located in a highly prominent location on the corner of Beech and Stockton Road, next door to ‘Editorial Studio’ architectural practice and directly across the road from ‘Casa De Moor’ restaurant and the ‘Trevor Arms’ public house.

Manchester City Centre is located approximately 5 miles to the north, and the immediate area boasts excellent transport links, being around 2 miles from junction 7 of the M60 Motorway.

Description

A rare opportunity has arisen to acquire an income producing mixed use investment along the popular Beech Road area of Chorlton-cum-Hardy.

The property is a substantial three-storey mid terraced premises plus basement, with brick elevations beneath a pitched slate roof to the main building plus a single and two storey extension to the rear. The property consists of a hair salon to the ground floor, with a separate 1 bedroom flat to the basement and a substantial 4 bedroom flat to first and second floors, both accessed from a shared entrance door and hallway off Stockton Road.

The ground floor hair salon is occupied by a family member and is trading as ‘De Novo’. A summary of the current lease terms can be found in the table below.

The basement flat (Flat 1) is a well appointed one-bedroom flat, consisting of lounge/kitchen, shower room and large bedroom. The flat benefits from gas central heating and is occupied at present by way of AST agreement at a rent of £775pcm.

The first and second floor 4 bedroom flat (Flat 2) is a generously proportioned flat consisting of a lounge, family bathroom, kitchen, shower room and 4 double bedrooms. The flat is occupied on an AST agreement at a rent of £1,300pcm.

There is considerable scope to increase the rental income here, with the current erv believed to be in the region of £48,800.

Services

We understand that mains gas, electric, water and drainage are connected to these premises.

Tenure

Freehold

Business rates / council tax

Shop – Rateable Value of £12,250 (01/04/23 listing)
Flat 1 – Band A
Flat 2 – Band A

EPC

Shop – We understand that an EPC has been commissioned and will be made available upon request
Flat 1 – D (55)
Flat 2 – D (67)

Sale

Offers are invited in excess of £700,000 for the Freehold, representing a 6.86% yield against the erv of £48,000pa

Legal costs

Each party will be responsible for their own legal costs in connection with this sale.

VAT

We understand that VAT is not applicable to this sale.