Prominent corner position fronting the pedestrianised Market Street and Hotel Street
Adjacent to Crompton Place Shopping Centre
Nearby occupiers include Barclays, Thorntons, Marks & Spencer, Accessorize and Clarks
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 34
Auction 16th February 2017
Rent £60,000 per Annum Exclusive
Status Sold
Price £650,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
12 miles north west of Manchester
Roads
A58, A666, M6, M60, M61, M62
Rail
Bolton Rail
Air
Manchester Airport
Situation
The property occupies a prominent corner position fronting the pedestrianised Market Street at its junction with Hotel Street. The property is located adjacent to the Crompton Place Shopping Centre which houses occupiers including Lloyds, TSB, Ernest Jones and Poundland. Just south of the property is Victoria Square and Newport Street which is currently undergoing considerable regeneration, including a new £48m transport interchange. Other nearby occupiers include Barclays, Thorntons, Marks & Spencer, Accessorize and Clarks.
Tenure
Freehold.
Location
Miles
12 miles north west of Manchester
Roads
A58, A666, M6, M60, M61, M62
Rail
Bolton Rail
Air
Manchester Airport
Situation
The property occupies a prominent corner position fronting the pedestrianised Market Street at its junction with Hotel Street. The property is located adjacent to the Crompton Place Shopping Centre which houses occupiers including Lloyds, TSB, Ernest Jones and Poundland. Just south of the property is Victoria Square and Newport Street which is currently undergoing considerable regeneration, including a new £48m transport interchange. Other nearby occupiers include Barclays, Thorntons, Marks & Spencer, Accessorize and Clarks.
Tenure
Freehold.
Description
The property comprises a retail unit arranged over ground, basement, first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a retail unit arranged over ground, basement, first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground First Second Basement
Retail Ancillary Ancillary Ancillary
192.00 sq m 143.30 sq m 122.00 sq m Not Measured
(2,066 sq ft) (1,542 sq ft) (1,313 sq ft)
SPORTSWIFT LIMITED t/a Card Factory (1)
10 years from 18/08/2015 (2)
£60,000 (2)
18/08/2020 (18/08/2025)
Total
457.30 sq m
(4,921 sq ft)
£60,000
(1) For the year ending 31 January 2015, Sportswift Limited reported a turnover of £336,676,000, pre-tax profits of £62,320,000 and a total net worth of £58,826,000. (Source: Experian Group 12/09/2016). Card Factory is the UK's leading specialist retailer of greeting cards, gift dressings and associated gift and party products with over 800 stores in the UK and c.6,500 employees. (Source: cardfactory.co.uk 12/09/2016) (2) The current lease is for a term of 5 years expiring 17/08/2020, although, in addition, a reversionary lease is in place from expiry of the current term until 17/08/2025. Sportswift Limited is currently benefitting from a rent free period due to expire on 2nd October 2017. The seller has agreed to adjust the completion monies so that the unit will effectively produce £60,000 per annum from completion of the sale.
