Retail Property (high street) for sale

Ground Floor, Provincial House, Nelson Square

Under Offer £479,950

Property Description

Key features

  • Current gross income of 50,000 per annum
  • Net initial yield of 10.92%
  • Opportunity to further increase income from vacant retail unit. Potential to achieve circa 6,500 per annum
  • Situated on main leisure circuit in Bolton Town Centre
  • Nearby occupiers include JD Wetherspoons, Levels Nightclub, Yates Wine Lodge and Panda Coffee Co

Full description

LOCATION
The subject property is located upon Nelson Square and occupies a prominent position fronting directly onto the main leisure circuit in Bolton Town Centre, surrounded by a mix of uses including student accommodation, bars, nightclubs and restaurants.
There are also a number of professional practices, which include Solicitors and Accountants.
Bolton itself is situated approximately 12 miles north west of Manchester City Centre and the Train and Bus Stations are within a short walking distance from the property.
DESCRIPTION
The subject premises combine to provide for three ground floor retail units, constructed of brick elevations with substantial display window frontages. Two of the three units are currently occupied.
The Bar
This unit is currently occupied by ‘The Bar’ and is a drinking establishment, providing for tiled floor coverings, decorative wall coverings, bar area and customer seating.
Ciao Napoli
This corner unit is utilised as a restaurant, comprising of tiled flooring, plaster painted wall coverings, customer seating area, kitchen facility and both male and female WC’s.
ACCOMMODATION
We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) and accordingly, we have calculated the following Net Internal Areas: -
Sq M Sq Ft
Unit 6 50.54 544
The Bar 287.81 3,098
Ciao Napoli 79.68 858
SERVICES
The mains services connected include water, electricity and mains drainage. We assume gas is supplied to the restaurant premises.
Please note that Lamb & Swift Commercial have not tested any of the service installation or appliances connected to the property prior to marketing, and we are therefore unable to comment upon their adequacy or condition.
OCCUPATIONAL LEASES
The Bar
This unit is let by way of a 25 year lease dated 24th March 2003 at a rental of £37,000 per annum exclusive. The unit is let to Nelson Square Leisure Limited (Company No 07640151) guaranteed.
Ciao Napoli
This unit is let by way of a 10 year lease dated 1st April 2009 at a current passing rent of £13,000 per annum exclusive. The unit is let to Summers Eat Limited (Company No 6559933).
SALE PRICE
£479,950
TENURE
Available by way of long leasehold for a term of 999 years from 1st January 2015.
GROUND RENTS
The Bar - £1500 per annum
Ciao Napoli - £780 per annum
Vacant Unit - £750 per annum
VAT
VAT may be applicable, and if so, will be charged at the prevailing rate.
LEGAL COSTS
Each Party are to bear their own legal costs involved in the transaction.
EPC
An EPC has been commissioned and a copy will be made available upon request.
VIEWING
Strictly by appointment with sole agents,
LAMB & SWIFT COMMERCIAL
Contact: Andrew Kerr or Daniel Westwell

More information from this agent

Nearest stations

  • Bolton (0.3 mi)
  • Hall i' th' Wood (1.5 mi)
  • Moses Gate (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Lamb & Swift Commercial, Bolton

179 Chorley New Road Bolton BL1 4QZ

01204 299115 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Bolton (0.3 mi)
  • Hall i' th' Wood (1.5 mi)
  • Moses Gate (1.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Lamb & Swift Commercial, Bolton

179 Chorley New Road Bolton BL1 4QZ

01204 299115 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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