Bolton is a major regional centre in the North West of England within the Greater Manchester conurbation. The town is approximately 12 miles (19.3 km) to the north west of Manchester city centre, 19 miles (30.5 km) north east of Warrington and 21 miles (33.8 km) south east of Preston.

The town benefits from excellent road communications and is situated between the M61 to the west, M66 to the east and M65 to the north (via the A666). The M61 ad M66 in turn provide access to Junctions 14 and 18 to the M60 motorway.

There is a regular and direct rail service between Bolton and Manchester Victoria with an approximate journey time of 25 minutes. London Euston can be accessed via Wigan or Manchester Piccadilly with a fastest journey time of approximately 2 hours and 30 minutes.

Manchester International Airport is approximately 21 miles (33.8 km) to the south east.

Bolton is a large sub-regional retailing centre with a primary catchment of approximately 660,000 people and a shopping population of approximately 235,000 (Source: www.bolton.gov.uk). The University of Bolton has approximately 6,000 students (Source: www.bolton.ac.uk).

Retail in Bolton is focused around the axis formed by Deansgate, Knowsley Street, Newport Street and Churchgate, a large proportion of which is pedestrianised. Deansgate, Oxford Street, Newport Street, Market Place and Market Street are the busiest parades in the town.

The property comprises a three-storey retail unit with a return frontage. The ground floor provides sales space with office and storage space on the first and second floors. There is ancillary accommodation in the basement.

The upper floors of the property are accessed via a staircase to the rear of the sales area, which at one time had an independent access point from Market Street.

There is currently a customer access point via recessed automatic glass doors at the corner of the Property. The unit has extensive full height glazed frontages to both Deansgate and Market Street.

The retail floor area has been fitted out by the tenant to their usual corporate style.

The entire property is let to EE Limited on a full repairing and insuring lease for a term of 10 years from 2nd November 2015, expiring on 1st November 2025.

The lease incorporated a tenant break option on 2nd November 2020. However, in April 2020, it was agreed to remove the break option in exchange for a rent concession for 12 months at 50% of the contracted rent; the rent concession expired 1st May 2021. We suggest this demonstrates the tenant’s commitment to the location and property.

The current passing rent is £60,000 per annum which, based on our analysis, equates to a Zone A rate of £59 per sq ft. It is agreed that the tenant pay’s rent monthly.

There are no rent arrears.

The upper parts are demised to the tenant but are not being fully utilised.

We assess the passing rent attributable to the self-contained upper parts at approximately £8,000 per annum. Based upon the asking yield of 8% in relation to an apportioned rent for the retail of £52,000, this allocates a purchase price to this area of the property at only £88,000 which equates to only £37.30 per sq.ft (£401 per sq.m). In comparison, the average sale value for flats in Bolton is £148,000 and £157 per sq.ft (£1,689 per sq.m) (Source: www.zoopla.co.uk).

Subject to consents, it is suggested that the upper floors could potentially provide for residential accommodation with exit values significantly in excess of the apportioned purchase price for this element of the property.

In March 2013, 17-21 Oxford St was granted planning permission to convert the upper floors into nine one-bed flats. This development has now been completed. Planning reference number: 89160/12.

In October 2019, 4-6 Oxford Street obtained permitted development to change the use of the first and second floors into two flats. Planning reference number: 07044/19.

Alternatively, should the upper parts be refurbished, we believe the office space would achieve a rental in the region of £7 per square foot (£75.32 per sq.m) totalling an ERV of £18,207.

The property is not listed.

We are instructed to seek a figure of £715,000 (Seven Hundred and Fifteen Thousand Pounds), subject to contract, reflecting a net initial yield of 8%, assuming standard purchaser’s costs of 5.33%.

Please note that a purchaser will be re-charged the costs of surveys and searches, which are provided in the data room, totalling £1,321.65.

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.