GALLERY
Blockchain
Track all marketing and execution activity for this property in the clicktopurchase Blockchain – only available at the Singer Vielle Network.
Q: Why is this so important?
A: The ultimate in trust, accountability and transparency from the commencement of marketing to conclusion of a sale.
Summary
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Located in in an important part of Greater Manchester
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320 metres from Stockport Railway Station
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Multi-Let to long standing and well-established local businesses
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Potential to increase the income at the next lease events and by letting the basement
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Total income of £24,100 per annum
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£292,000, subject to contract
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8% NIY
Location
Stockport is an important satellite town within Greater Manchester and is located approximately 9.5 km (6 miles) south of Manchester city centre.
The town benefits from good road communications adjoining Junctions 1 and 25-27 of the M60 orbital motorway network. There are also links to the wider regional and national motorway network via the M56, M62, M61 and M66 motorways. The M6 motorway is easily accessible via the M56 and the M62 motorways.
There are direct daily train services between Stockport Railway Station and London Euston with a journey time of approximately 2 hours as well as various other regional routes to and from the surrounding conurbations including Blackpool, Liverpool, Manchester, Preston, Sheffield and Wigan.
Manchester International Airport is 15 minutes away by car. The airport offers routes to other parts of the United Kingdom as well as to all 5 continents.
Situation
The property occupies a corner position off Wellington Road South, opposite Stockport Central Library and moments from St Peter’s Square.
The immediate vicinity is a destination driven location within Stockport and benefits from busy roads, a high footfall and large office buildings.
Stockport Railway Station is approximately 320 metres from the property.
Merseyway Shopping Centre, Asda Superstore, Tesco Extra, Premier Inn, Holiday Inn and various other business are also located close by.
Description
The property comprises four self-contained commercial units arranged over ground and first floors and a self-contained vacant basement accessed from the side of the property.
66 St Petersgate - barber shop on ground floor and ancillary accommodation on the first floor.
68 St Petersgate - tattoo parlour on the ground floor and ancillary accommodation on the first floor. The tenant is currently refurbishing.
24 Lawrence Street – deli and sandwich shop established in 1973. Comprising sales accommodation, seating, a preparation area on the ground floor and ancillary accommodation on the first floor.
24a Lawrence Street - family mediation practice with office accommodation and meeting space on the ground and first floor.
The basement comprises 875.1 sq ft / 81.3 sq m of vacant accommodation. A purchaser could increase the total income by letting the basement.
Accommodation
The vendor has provided the following net initial floor areas:
| Ground | First Floor | Total Sq.M | Ground | First Floor | Total Sq.Ft | |
| 66 St Petersgate | 14.7 sq.m | 14.2 sq.m | 28.9 sq.m | 158.2 sq.ft | 152.9 sq.ft | 311.1 sq.ft |
| 68 St Petersgate | 31.9 sq.m | 30.3 sq.m | 62.2 sq.m | 343.4 sq.ft | 326.2 sq.ft | 669.6 sq.ft |
| 24 Lawrence Street | 13.1 sq.m | 27.8 sq.m | 40.9 sq.m | 141 sq.ft | 299.2 sq.ft | 370.2 sq.ft |
| 24a Lawrence Street | 29.2 sq.m | 14.1 sq.m | 43.3 sq.m | 314.3 sq.ft | 151.8 sq.ft | 466.1 sq ft |
| Total | 98.9 sq.m | 86.4 sq.m | 175.3 sq m | 956.9 sq.ft | 930.1 sq.ft | 1,817 sq ft |
The property benefits from a vacant basement accessed from the side of the property totalling 81.3 sq m / 875.1 sq ft.
A set of floor plans is available to download from the downloads section below.
Tenure
Virtual freehold. A new 999-year long leasehold, from completion of this transaction at a peppercorn rent.
Tenancy
66 St Petersgate is let to Christopher King (trading as Chris King Barber Shop) on an internal repairing and insuring lease for a term of 5 years from 29th September 2020, expiring 28th September 2025 at a passing rent of £6,750 per annum.
68 St Petersgate is let to Wes Langdale (trading as Inklusive) on an internal repairing and insuring lease for a term of 5 years from 25th September 2020, expiring 24th September 2025 at a passing rent of £5,350 per annum. The next upwards only rent review is effective on 25th September 2023.
24 Lawrence Street is let to Rhys Samrai (trading as RACK) on an internal repairing and insuring lease for a term of 3 years from 1st May 2021, expiring 30th April 2024 at a passing rent of £9,000 per annum.
24a Lawrence Street is let to The Family Mediation Practice Ltd on an internal repairing and insuring lease for a term of 3 years from 25th March 2021, expiring 24th March 2024 at a passing rent of £3,000 per annum.
Therefore, the total passing rent for an investor will be £24,100 per annum.
We understand that the tenants are exempt from paying business rates due to the rateable values of each unit being below the rates threshold and each tenant only trading from one premises.
Covenants
Chris King Barber Shop is a well-known local barber shop. We understand that the business has been operating from this property for over 15 years. The tenant has paid a £1,250 rent deposit which will be passed on to the purchaser.
Inklusive is the go-to tattoo parlour in Stockport. We understand that the business has been operating from this property for over 5 years. The tenant has paid a £1,250 rent deposit. For more information, Click Here to visit their website.
The Sandwich Factory is an exceptionally busy sandwich shop, first established in 1973 and servicing the busy local area. The tenant has paid a £1,500 rent deposit which will be passed on to the purchaser.
The Family Mediation Practice Ltd is a mediation practice specialising in mediation for divorce, separation, children, finances and property. We understand that the practice has been operating from this property for over 7 years. For more information, Click Here to visit their website.
VAT
The property has been registered for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek offers in excess of £292,000 (Two Hundred and Ninety Two Thousand Pounds), subject to contract, reflecting a net initial yield of 8%, assuming standard purchaser’s costs of 3.2%.
Please note that a purchaser will be re-charged the costs of the searches (£974.12) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 of the Purchase Price plus VAT.
Investment Considerations
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An opportunity to acquire a property in one of Greater Manchester’s best satellite towns;
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Well located property just 320 metres from Stockport Railway Station;
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The units are let to long standing and well established local businesses;
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We understand that the tenants are exempt from paying business rates;
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Opportunity to increase the income via letting the vacant basement;
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Each tenant has paid a rent deposit and these will be passed on to a purchaser;
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Stamp duty payable on the purchase is only £4,100;
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Attractive lot size to an investor;
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Attractive yield for an investor.
Data Room and clicktopurchase®
Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.
Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.
clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.
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Contact Us
| Singer Vielle | +44 (0) 207 935 7200 | |
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| Daniel Elia | daniel@singervielle.co.uk | +44 (0) 203 701 1353 |
| Dale Henry | dale@singervielle.co.uk | +44 (0) 203 701 1356 |
Vendors Solicitor
| JMW Solicitors | +44 (0) 345 402 0001 |
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| Majid Mahmood | majid.mahmood@jmw.co.uk |