• 5.5 years of undoubted income to Nationwide Building Society

• The only Nationwide in Bolton

• Triple Aspect building - Two return frontages in a prime retailing pitch

• Self-contained upper parts with repurposing potential, subject to planning

• Rent rebased to £130,000 per annum from £180,000 per annum

• Freehold

• £1,550,000, subject to contract

• 8% Net Initial Yield

The property occupies a prime position in the heart of the town centre with one return frontage onto the junction of Deansgate and Oxford Street and another return frontage onto Deansgate and Old Hall Street. This is the only Nationwide in Bolton with the closest other branches being in Worsely Manchester, 5.2 miles (8.4km) away, and in Bury, 6.8 miles (11km) away.

The property sits opposite a large McDonald’s on one corner of the junction, a Caffe Nero on the other and a Greggs on the last.

Other occupiers in the immediate vicinity include Beales Department Store, Post Office, EE, Superdrug, Three, Sally, RBS, Santander, Wilko and a large Marks and Spencer department store.

The property is 170 metres from the newly refurbished Market Place Shopping Centre which is occupied by a wide range of businesses including Pandora, Boots, The Body Shop, Hotel Chocolate, Zara, River Island, JD Sports, Nando’s, Prezzo and The Light Cinema.

Deansgate is a primary access route to Market Place Shopping Centre from the bus and train stations resulting in a high footfall directly outside the property.

The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

The total Gross Internal Area is 14,389 sq ft / 1,336.74 sq m.

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £485 + VAT.

The entire property is let to Nationwide Building Society on a full repairing and insuring lease for a term of 10 years from 31st January 2017, expiring on 30th January 2027 with no break clauses.

Therefore, there are just under 5.5 years remaining on the lease.

The current passing rent is £130,000 per annum which, based on our analysis, equates to a Zone A rate of £80 per sq ft.

There is an upwards only rent review in January 2022.

The rent was rebased from £180,000 to £130,000 in 2017.

The property is sold with a dilapidations report in the sum of £500,000.

Nationwide Building Society has reported the following figures:

Nationwide Building Society is a British Mutual Financial organisation and the largest building society in the world with over 600 branches. Founded in 1846 in the United Kingdom, Nationwide is the second largest provider of savings and mortgages and has a 7.1 marked share of all the current accounts in the United Kingdom. For further information, please visit www.nationwide.co.uk.

The second and third floors are currently offices demised to the tenant but are not being occupied by the tenant.

We assess the passing rent attributable to the self-contained second and third floors at approximately £13,000 per annum. Based upon the asking yield of 7.00% in relation to an apportioned rent for the retail of £117,000, this allocates a purchase price to this area of the property at only £175,000 which equates to only £41 per sq ft on the net internal area. In comparison, the average sale value for flats in Bolton is £148,000 and £157 per sq ft (Source: www.zoopla.co.uk).

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

In March 2013, the adjoining property (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 totalling an ERV of £29,631.

The property is not listed.

We are instructed to seek a figure of £1,550,000 (One Million Five Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 8%, assuming standard purchaser’s costs of 6.12%.

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

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

1. The property occupies a prime position in the city centre with 2 return frontages;

2. Rent has been rebased down to £130,000 per annum;

3. 5.5 years unexpired;

4. Upwards only rent review in January 2021;

5. Undoubted income - let to Nationwide (Pre-Tax Profits of £466 million);

6. The only Nationwide in Bolton;

7. Freehold;

8. Potential to redevelop the upper parts subject to planning permission;

9. Attractive lot size to an investor.