264 Manchester Road, Warrington, Cheshire, WA1 3RB
For Sale
- Investment, Retail
- 2,255 Sq Ft
- £395,000
Fully income producing commercial investment let to established tenants
Key Features
- Secure commercial investment
- Prominently located corner property
- On site parking
- Pharmacy and Accountancy tenants on long leases
- Well presented throughout
- Attractive 7.3% NIY allowing purchasers costs of 4.14%
Property Description
The property comprises a corner terrace, two storey, plus loft property and traditional brick construction, under a pitched slate roof, with single storey outriggers to the side. Onsite parking is available outside the property, either on the road, or within the curtilages of the site, which have been concrete surfaced to accommodate this.
Internally the property is occupied by two tenants, being a chemist at ground floor and accountants offices at first and loft level. The ground floor is fitted out with a typical specification for a chemist with counter and reception area, plus dispensary, kitchen, stores and WC’s to the rear. The first floor, which is accessed via an external stairwell to the rear provides a reception, a number of offices, plus records store, whilst the attic level offers further offices, plus kitchen and separate male and female WC’s. Walls are generally plastered or papered, whilst floors are carpeted in the main, whilst there are also some suspended ceilings with integrated lighting. Heating is by way of gas fired central heating. Windows throughout the property are uPVC double glazed units, while the lower windows benefit from roller secutiy shutters.
Internally the property is occupied by two tenants, being a chemist at ground floor and accountants offices at first and loft level. The ground floor is fitted out with a typical specification for a chemist with counter and reception area, plus dispensary, kitchen, stores and WC’s to the rear. The first floor, which is accessed via an external stairwell to the rear provides a reception, a number of offices, plus records store, whilst the attic level offers further offices, plus kitchen and separate male and female WC’s. Walls are generally plastered or papered, whilst floors are carpeted in the main, whilst there are also some suspended ceilings with integrated lighting. Heating is by way of gas fired central heating. Windows throughout the property are uPVC double glazed units, while the lower windows benefit from roller secutiy shutters.
Terms
We are instructed to invite offers in excess of £395,000 for the Freehold property.
A purchase at this level would equate to an attractive 7.3% Net Initial Yield (NIY) after allowing for purchasers costs of 4.14%.
A purchase at this level would equate to an attractive 7.3% Net Initial Yield (NIY) after allowing for purchasers costs of 4.14%.
Tenancies
The ground floor of the property is currently leased to The Hub Pharmacy Ltd at a passing rental of £14,500 per annum. The ground floor was leased for a term of 15 years on effective full repairing and insuring terms from 2 July 2024. There is a tenant’s option to determine the lease at the end of the third, sixth, ninth and twelfth anniversaries of the lease start date.
The first and second floors of the property are currently leased to Watkinson Black Ltd at a passing rental of £15,514 per annum. The lease is dated 1st July 2024 for a term of 10 years from 1 July 2024 on effective full repairing and insuring terms. There is a tenant’s option to determine the lease at the end of the fifth anniversaries of the lease start date.
The total net passing rent is therefore £30,014 per annum.
The first and second floors of the property are currently leased to Watkinson Black Ltd at a passing rental of £15,514 per annum. The lease is dated 1st July 2024 for a term of 10 years from 1 July 2024 on effective full repairing and insuring terms. There is a tenant’s option to determine the lease at the end of the fifth anniversaries of the lease start date.
The total net passing rent is therefore £30,014 per annum.
EPC Rating
Ground Floor Shop = C75
1st & 2nd Floor Offices = D92
1st & 2nd Floor Offices = D92
VAT
We understand that this property has been elected for VAT, meaning that both the rental income and sale price are subject to VAT.
Legal Costs
Each party are to be responsible for their own legal costs incurred in this transaction.
Accommodation
| Name/Floor | Sq Ft | Sq M | Availability |
|---|---|---|---|
| Ground Manchester Road Pharmacy | 950 | 88.26 | Let |
| 1st Watkinson Black Accountants | 760 | 70.61 | Let |
| 2nd Watkinson Black Accountants | 545 | 50.63 | Let |
| Total | 2,255 | 209.50 |
Location
Warrington is a large town situated in the County of Cheshire. The town lies 19 km (12 miles) south west of Manchester city centre and 24 km (15 miles) east of Liverpool city centre. Wigan is situated 16 km (10 miles) to the north and Stoke on Trent is situated some 48 km (30 miles) to the south west.
The property is located on Manchester Road, at its junction with Beresford Street, just over a mile east of the town centre. Nearby operators include Greenbank Surgery, Well Pharmacy, Cheshire Pool Services and Manchester Road Surgery.
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