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Retail Property (high street) for sale

113 - 117 Deansgate

164 sq. m.

Property Description

Commercial information

  • 1,765 sq ft (164 sq m)

Key features

  • Let to Northwood (Bolton) Ltd
  • Lease guaranteed by Northwood GB Ltd
  • 10 years from 1st November 2013 with Tenant's break at 5th
  • 20,000 per annum rental, rising to 25,000 at 5th anniversary
  • Excellent Bolton town centre location adjacent to Beales
  • Representing a Net Intial Yield of 8.2%

Full description

The property is located very prominently on Deansgate at its junction with Howell Croft North in Bolton town centre, adjacent to Beales Department Store, opposite Cash Convertors and in close proximity to McDonalds, Max Spielmann and Nationwide Building Society.

The Maretplace Shopping Centre is approximately 200 m north east and the property is a short walk from Bolton’s new bus and train station development.

The property benefits from convenient access to St Peters Way (A666) and in turn the National Motorway Network.
* (corner position and access to St Peters Way)

The subject property comprises a former banking hall which has been redeveloped to consist of offices at ground and basement levels with student accommodation above.

The part of the building available for sale is occupied by Northwood (Bolton) Ltd and extends to 164.60 sq m (1,771 sq ft) arranged over ground and basement levels.

The offices have been fitted out to exacting standard and benefit from being open plan.

In accordance with the RICS Code of Measuring Practice (6th Edition) we have calculated the following Net Internal Areas:

164.60 sq m (1,771 sq ft)

All mains services are connected to the property.

Please note that none of the service installations or appliances have been tested by Lamb & Swift Commercial and we are therefore unable to comment on their condition or adequacy.

Held long leasehold for a term of 250 years at a passing rental of £250 per annum.

The ground rent is subject to 10 yearly reviews in line with the CPI.

The property is let to Northwood (Bolton) Ltd with Northwood GB Ltd as Guarantor. The lease is for a term of 10 years from 1st November 2013 at a passing rental of £20,000 per annum, rising to £25,000 per annum at the 5th anniversary. The lease incorporates a Tenant break option at the 5th anniversary.

The lease is a Tenants Effective Full Repairing and Insuring lease and the Tenants are responsible for 33.33% of the cost of any general maintenance or external repairs - capped at £2,000 for the first 5 years of the term.

£250,000, representing a Net Initial Yield of 8.2%.

VAT may be applicable and if so will be charged at the prevailing rate.

Each party are to be responsible for their own legal costs involved in the transaction.

An EPC has been commissioned and a copy of the Certificate is attached herewith.

A full copy of the Report can be made available upon request.

Strictly by appointment with sole agents, LAMB & SWIFT COMMERCIAL.
Contact: Nick Swift, Daniel Westwell

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