Poundstretcher
Oldham Road
Manchester
M40 3AG

Freehold (and part Long Leasehold) Retail Warehouse Investment

  • Predominantly let to Poundstretcher Limited until November 2025
  • Tenant willing to extend lease by a further five years in return for 12 months rent free
  • 1.72 acres (0.69 hectares) with good parking provisions
  • Fully refurbished in 2015
  • Includes separate vacant parcel of land (held leasehold) to the front (0.13 acres)
  • Class A1 bulky goods consent
  • Prominently situated fronting Oldham Road (A62), a main road 3 miles east of Manchester city centre
  • Possible redevelopment and change of use opportunities (subject to lease and consents)
  • Lot
    18
  • Auction
    04/Apr/2019
  • Rent
    £250,000 per Annum Exclusive
  • Status
    Sold Post
  • Price*
     
  • Sector
    Retail Warehouse
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • Poundstretcher<br>Oldham Road<br>Manchester<br>M40 3AG
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* More information on the term "price" can be found here

Property Information

Location
Miles
3 miles north-east of Manchester city centre
Roads
A62, M60 (J21 & 22), M62 (J18), M67 (J1A)
Rail
Moston, Manchester Victoria
Manchester Piccadilly
Air
Manchester Airport
Situation

The property is situated in a highly accessible location with excellent visibility from the A62 (Oldham Road), the main arterial route linking Manchester city centre to Oldham, with an estimated 27,544 vehicles passing the site each day (source: dtf.gov.uk). The property benefits from excellent connections to nearby motorways including the M60 (J21 & J22) and M62 (J18). Nearby occupiers include Lidl, Asda, Morrisons, McDonald’s and Farmfoods.

Tenure

Freehold. Freehold (edged orange on the plan). A parcel of land fronting Oldham Road (as shown edged blue on the plan) is included within the sale and is held leasehold for a term of 98 years from 15th July 1980 at a fixed ground rent of a bottle of whiskey per annum (if demanded).

Description

The property comprises a large, well configured and proportioned retail warehouse which was fully refurbished in 2015, together with 63 car parking spaces to the front and a large service yard to the rear. The total site extends to 1.72 acres (0.69 hectares), which provides a site coverage of approximately 42%. A separate parcel of land, not let to Poundstretcher but fronting Oldham Road, extending to 0.13 acres (0.05 hectares) is included in the sale.

VAT

VAT is applicable to this lot.

EPC

Band C

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
GroundRetail
Warehouse
2,787.07 sq m
(30,000 sq ft)
POUNDSTRETCHER
LIMITED (1)
10 years from
12/11/2015 until
11/11/2025 on a full
repairing and insuring
lease (2)
£250,000 (3)12/11/2020
 Land
0.13 acres
(0.05 hectares)
----
Total
Commercial
Area
2,787.07 sq m
(30,000 sq ft)
  £250,000 (3) 

(1) For the year ending 31st March 2018, Poundstretcher Limited reported a turnover of £387,442,689, pre-tax profits of £2,070,416 and a total net worth of £21,574,962 (Source: Experian Group 19/02/2019). Established in 1981, Poundstretcher is the UK’s leading variety discount retailer for quality food, toiletries, garden essentials and homeware brands and operates from over 400 stores nationwide (Source: www.poundstretcher.co.uk).
(2) Poundstretcher are willing to extend the lease for a further 5 years from lease expiry, in return for a 12 month rent-free period. The current lease is full repairing and insuring, subject to a photographic schedule of condition.
(3) Please note that the rent passing under the terms of the lease is £125,000 per annum, rising on 12th November 2019 to £250,000 per annum. The vendor has agreed to adjust the completion monies so that the property will effectively produce £250,000 per annum from completion of the sale until the rental uplift in November 2019.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    21.03.19
    File Size
    52 MB
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  • Site Plan
    Updated Date
    17.04.19
    File Size
    1 MB
    View PDF
  • Catalogue Page
    Updated Date
    17.04.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher 020 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Boodle Hatfield 240 Blackfriars Road
London
SE1 8NW
Andrew Wilmot-Smith 0207 079 8138awilmot-smith@boodlehatfield.com  Gabriela Davey 020 7079 8199gdavey@boodlehatfield.com

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