Commercial Property for sale

Woodhead House, 44 Market Street

Offers in Excess of £400,000

Property Description

Key features

  • FREEHOLD PROPERTY
  • PLANNING PERMISSION GRANTED
  • CONVERSION TO 8 APARTMENTS
  • PRIVATE REAR PARKING
  • 'PENSIONABLE' INVESTMENT
  • OPPURTUNITY TO ADD VALUE

Full description

Tenure: Freehold

 

REDEVELOPMENT OPPORTUNITY This freehold site, situated in the heart of Hyde town centre, currently operates as office space above a Cash Converter Ltd covenant. Planning permission has been granted for conversion to 8, 1 bedroom apartments. There is a rear car parking that is leased from the local authority at £2500 per annum, whilst is should also be noted that the council have indicated an interest in selling the freehold of the car park, subject to negotiations.

Interested parties will no doubt see this potential, subject tot he acquisition of the car park, in cantilevering over it to maximise the development whilst there may also be scope for adding an additional floor to the building. * The car park is presently leased on a 99 year arrangement from 1971 with 8 car spaces dedicated to the upper 2 floors.

Interested parties should note that we are in possession of structural reports and management survey to assist with any potential feasibility. 

GROUND FLOOR

Cash Converters Ltd have a 5 year lease on the ground floor until 2021 at a headline rent of £18,600.00 per annum. The next review is 22nd December 2020. The opportunity exists, therefore, to create a 'pensionable' investment from the mixed residential arrangement or to separate the titles, sell the residential units and profit from the downstairs covenant. Cash Converters have now sold the shop to their Franchisee and we are in the process on sorting legal formalities for same.

FIRST FLOOR

Two units currently empty. Potential rent £6000/annum/unit

SECOND FLOOR

Hardy and Company ( Hyde ) Ltd, firm of Accountants.

10 year Lease starting 27/7/2007 with 3 year reviews and expiring 27/7/2017. Passing rent £15000/annum. Tenants have bought their own building and will be moving out shortly but remain responsible for the Rental etc till the end of their term next year.

SINKING FUND/SERVICE CHARGE

All tenants responsible for all internal repairs and make a contribution ( not exceeding 10% of Rent ) to a Sinking Fund for common parts, Car Park and Roof repairs. Current balance in Sinking Fund circa £15k.

All tenants share the cost of Utilities and Building insurance by way of Service Charge which we apportion in accordance with the Leases.

CAR PARK

Car Park on a 99 year Lease from TMBC dated 25/12/1971 with 21 year Rent reviews and current Rent payable from 24/6/2016 £2500/annum. TMBC would consider selling the Car Park for circa £40k. My solicitors dealing with removal of the restrictive covenant for using the car park for residential parking.

Interested parties should note that we are in possession of structural reports and management survey to assist with any potential feasibility. 

More information from this agent

Nearest stations

  • Hyde Central (0.2 mi)
  • Newton for Hyde (0.7 mi)
  • Flowery Field (0.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Joules Estate Agency, Heaton Mersey

450 Didsbury Road Stockport SK4 3BS

0161 468 0418 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.

Floorplans

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To view this property or request more details, contact:

Joules Estate Agency, Heaton Mersey

450 Didsbury Road Stockport SK4 3BS

0161 468 0418 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

  • Hyde Central (0.2 mi)
  • Newton for Hyde (0.7 mi)
  • Flowery Field (0.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Joules Estate Agency, Heaton Mersey

450 Didsbury Road Stockport SK4 3BS

0161 468 0418 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.

Disclaimer - Property reference 101669003845. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Joules Estate Agency, Heaton Mersey. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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