Commercial Property for saleLimeside, Oldham
Offers Over £800,000
Neighbourhood Retail Parade Investment - currently producing £58,700 pa
Net initial yield - 7.04%
Location - The parade is situated fronting Elm Road at the junction with Limeside Road and St Chads Crescent, immediately adjacent to the St Chads Centre, housing a Library and Information Centre. Both Elm Road and Limeside Road branch from Hollins Road (A6104), approximately 2 miles south of Oldham town centre.
Description - Single storey modern retail parade constructed in approximately 2001 providing a terrace of 3 self-contained retail units anchored by Spar Convenience Store together with hot food take-away occupier and cafe.
Off road parking is provided to the front of the parade in front of the St Chads Centre.
Accommodation - According to the Valuation Office Agency (VOA) the units provide the following net internal floor areas:
Unit 1 - 46.8 sq m (504 sq ft)
Unit 2 - 58.9 sq m (634 sq ft)
Unit 3 - 256.3 sq m (2,759 sq ft)
Tenancy Schedule - The parade is currently let as follows:
Unit 1- Lulu's Shakes and Cakes -10 year lease from 27 January 2012 - £6,600 pa - next review due 25 January 2017
Unit 2- Tangs Chippy - 18 year lease from 2016 - £9,500 pa - 5 yearly rent views linked to RPI
Unit 3 - Spar (James Hall & Co Southport Ltd) - 25 year lease from October 2001 - £42,600 pa - Rent reviews every 5 years - 2016 rent review outstanding
Total Rental Income £58,700 pa
Tenancy Profile - The parade is anchored by James Hall & Co (Southport) Ltd with the parent company James Hall & Co (Holdings) Ltd having a current turnover (up to October 2015) of £489.6 million with an EBITDA of £18.7 million and post tax profit of £4.9 million, pre-tax profit of £6.5 million, total assets of £184.9 million and net assets of £85.9 million.
James Hall accounts for approximately 73% of the total rent.
Yield - A purchase at £800,000 equates to a net initial yield of 7.04% assuming purchasers costs at 4.19%.
Tenure - Believed to be freehold
Vat - Registered for VAT.
VAT will be payable on the purchase price
Viewing/Further Information - All units are currently tenanted however should you require further information please contact:
Roger Hannah & Company
14 St Marys Parsonage
Tel: 0161 817 3399 Fax: 0161 817 3398
All our properties can be viewed on the internet at www.roger-hannah.co.ukthe sole agents Roger Hannah & Co
Roger Hannah & Co Ltd act as agents for the vendor(s) or lessor(s) of this property and gives notice that: (i) The particulars are a general outline only for the guidance of intending purchasers or lessors and do not constitute an offer or contract (ii) All descriptions are given in good faith and are believed to be correct, but any intending purchasers or lessees should not rely on them as statements of fact and must satisfy themselves by inspection or otherwise as to their correctness. (iii) None of the buildings services or service installations have been tested and are not warranted to be in working order. (iv) No employee of the two agents has any authority to make or give any representation or warranty whatever in relation to the property. (v) Unless otherwise stated all prices are quoted exclusive of VAT. (vi) Where applicable an Energy Performance Certificate is available upon request.
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