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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.
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Agreement Documents
Additional Documents
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2025
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