The property is a substantial three-storey mid terrace period property of brick construction under a pitched tiled roof. The property consists of a ground floor and basement restaurant trading as ‘Didsbury Coral’ (101 Lapwing Lane), with separate access fronting Lapwing Lane providing office accommodation over first and second floors above (101a Lapwing Lane).
The ground floor and basement (including rear yard) is leased to an Independent Restaurant operator on a 5-year lease until 30th October 2024. The demised premises consists of a well presented open plan restaurant seating area and bar, with customer toilets off and kitchen to the rear. An internal staircase leads to the basement where 4 storage rooms, incorporating walk in chiller and freezer, can be found plus staff W/C facility.
The first and second floor is let to an independent Mortgage advisor on a 10-year lease from 8th March 2022. The first floor provides two good sized office rooms, plus kitchen/staff room and W/C facility. An internal staircase leads to the second floor where a further two generous office rooms can be found, each benefitting from dormer windows to the front and rear of the property.
The upper floors offer significant scope for residential conversion once vacant, with an ERV of circa £22,000pa.
The parade benefits from a well maintained canopy fronting Lapwing Lane, with each owner contributing towards its upkeep, which provides additional outdoor seating space for the restaurant. A further benefit is the availability of pull in parking to the front, which greatly benefits the tenants and customers in this location.
Location
The property is situated in a prime position along Lapwing Lane approaching the junction of Palatine Road coming from Didsbury Village and directly across from the West Didsbury Metrolink, in one of South Manchester’s most popular and affluent areas.
Manchester City Centre is located approximately 5 miles to the north, and the immediate area boasts excellent transport links, being around a 5-minute drive from junction 5 of the M60 Motorway. Didsbury Village, Chorlton, Wilmslow and Stockport are all within easy reach of the property, as is Manchester Airport which is around 6 miles away. Additionally, regular bus services run along Palatine Road linking South Manchester to the City Centre and the property is directly opposite the entrance to West Didsbury Metro station.
The immediate parade along Lapwing Lane benefits from national operators in Pizza Express, but is also home to several local independent shops, cafes and restaurants including ‘Wine & Wallop’, ‘Zumu Sushi’, and ‘Sterling Pharmacy’
Accommodation
101 Lapwing Lane - 1,115 sq ft
101a Lapwing Lane - 1,238 sq ft
For a detailed view of the accommodation and tenants, please view attached brochure
Terms
TENURE
Freehold.
SALE
Offers in excess of £650,000 are invited for the Freehold.
A purchase at this level represents an initial yield of 5.17% against the passing rent and a 7.69% yield against the reversionary ERV.
SERVICES
We understand that mains gas (restaurant only), electric water and drainage are connected to the premises.
BUSINESS RATES / COUNCIL TAX
101 Lapwing Lane – Rateable Value of £18,500 (01/04/23 listing)
101a Lapwing Lane - Rateable Value of £11,750 (01/04/23 listing)
EPC
Restaurant - C(52)
Offices - D(84)
LEGAL COSTS
Each party will be responsible for their own legal costs.
VAT
We understand that VAT is not applicable to this sale.