The subject property is located on the southern side of Oldham Road (A62) in the Newton Heath area of Manchester.
The area of Newton Heath is a densley populated residential district and as such it has attracted various national retailers including Tesco, Morrisons and McDonalds.
Manchester city centre is located just three miles southwest of the site and Oldham is 4 miles to the northeast Oldham Road is the main thoroughfayre from Manchester to Oldham, making this an ideal road side retail development.
The premises were formerly a Natwest bank and planning permission has been granted to convert the property to form 4 x new A1 retail units.
There is ample unrestricted parking on site for a total of 15 cars to the right of the premises and further on street parking is available in the vicinity if required.
Heads of terms have been agreed with Greggs & Vets 4 Pets and negotiations are underway with Pizza Hut and Bargain Booze for the final unit.
A special condition within the legal pack will confirm that completion of the sale will not take place until the agreements for lease with both Vets 4 Pets and Greggs has been signed off.
Unit 1 93m2 1006ft2
Unit 2 93m2 1000ft2
Unit 3 111m2 1200ft2
Unit 4 110m2 1180ft2
Approx. gross internal floor area
We understand the property has connections to mains gas, electricity, water and sewage.
Long leasehold. There is 98 years remaining on the lease with Manchester City Council. The annual ground rent payable is £3,250.
Not yet assessed.
The purchaser of the property will be required to complete some outstanding works, before individual tenant fit out commences. The oustanding works have been costed up and will be in the region of £125,000. A schedule can be provided showing a break down of these oustanding works.
Unit 1 – Heads of terms are agreed with Pizza Hut and Bargain Booze. Pizza Hut agreed terms – £14,000pa 20 year lease, break at 10 & 3 months rent free. Bargain Booze agreed terms – £14,000pa, 10 year lease, break at 5 & 6 months rent free.
Unit 2 & Unit 3 – Heads of terms agreed with Vets 4 Pets, 15 year lease with no break clause, £32,500 pa, first 6 months rent free. 10% fixed uplifts at each 5 year review. Average rent over first five years is £29,250. There will be an agreement for lease to reflect these terms.
Unit 4 – Heads of terms ageed with Greggs, 10 year lease with 5 year break clause, £15,000 pa, 12 months rent free – Average annual rent over 5 years is £12,000. There will be an agreement for lease to reflect these terms.
To view this property, please contact John Pye Property – firstname.lastname@example.org – 0115 970 6060
Units 1, 2 , 3 & 4,
1035 Oldham Road
✓ Confirmed tenants – Greggs & Vets 4 Pets
✓ Negotiations in place with Pizza Hut and Bargain Booze
✓ Agreement for lease on 3 units prior to completion
✓ Anticipated headline rent £59,000 p.a.
✓ Full planning for A1 use
✓ £125,000 completion works remaining
✓ Long leasehold – 98 years remaining
✓ Ground rent £3,250 pa
✓ Additional income from cash machines /advertising possible
Matt Kirk/Chris Roper
Phone: 0115 970 6060
Our Ref: PR169