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Retail Property (high street) for sale

8 - 10 Ridgeway Gates


Property Description

Key features

  • Fully let to HPT Trust Ltd T/as Barnardos
  • 5 years from 6th April 2015
  • Held freehold and free from chief rent
  • Two storey retail investment
  • Located in busy position nearby the Market Place Shopping Centre and Deansgate
  • Retail sales on ground floor plus storage and amenities above
  • Passing rent 10,000 per annum
  • Nearby occupiers include Max Spielmann, McDonalds and Cafe Nero
  • Sale price: 109,950 - representing a N.I.Y of 8.93% assuming standard purchaser's costs

Full description

The subject property occupies a corner position on the south eastern
side of the intersection between Ridgeway Gates and Palatine Street.
It is on the western side of the Town Centre, to the north of Deansgate
and west of Knowsley Street. The property backs onto a retail unit on
Deansgate occupied by Max Spielmann, and is close to a fish & chip
shop and the rear shopper’s entrance to Poundstretcher. There is a
public car park on the diagonally opposite side of the road junction.
The property comprises of a two storey structure which appears to be
of framed construction, with a flat roof and brick infill panels, dating
probably from the 1960’s. The ground floor shop unit has display
windows to almost the full depth of the Ridgeway Gates frontage and
return frontage to Palatine Street, and is served by a single shop door.
Within the sales area, the floor area rises by two flights of two steps,
at approximately one third and two thirds of the shop depth. The shop
also narrows towards the right hand side. Internally the sales area is
finished with suspended ceilings and recessed lighting, with shelving
racking to the walls and solid carpeted floor.
The first floor has been divided to provide a staffroom and separate
storage room, plus a toilet. Internally the property is of a quite basic
finish and is generally in need of redecoration. The internal roof
surface of the staff room area is exposed to the metal deck roofing.
The premises are heated by old style electric storage heaters and
portable devices.
We have calculated the following Net Internal Areas in accordance
with the RICS Code of Measuring Practice:
Ground Floor Sales 51.11 550
First Floor Ancillary 52.81 568
TOTAL 103.92 1,118
We understand that all mains services are connected to the property.
Please note that none of the service installations or appliances have
been tested.
Rateable Value: £11,500
Rates Payable: £ 5,715 (2016/2017)
Interested parties are advised to verify this information with the Local
Rating Authority.
Legal Costs
Each party to be responsible for their own legal costs involved in the
Tenure / Lease Terms
The property is let to HPT Trust Ltd, a Registered Charity, on Full
Repairing and Insuring lease terms for a term of 5 years from 6th
April 2015. There is a tenant option to break on the 24th March 2018.
The passing rent is £10,000 per annum.
An EPC has been commissioned and a copy will be made available
upon request.
VAT may be applicable and if so, will be charged at the prevailing rate.
Strictly by appointment with sole agents, LAMB & SWIFT
Contact: Nick Swift, Daniel Westwell or Andrew Kerr

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