A rare opportunity has arisen to acquire an income producing mixed use investment along the popular Beech Road area of Chorlton-cum-Hardy.
The property is a substantial three-storey end terraced premises plus basement, with brick elevations beneath a pitched slate roof to the main building plus a single and two storey extension to the rear. The property consists of a hair salon to the ground floor, with a separate 1 bedroom flat to the basement and a substantial 4 bedroom flat to first and second floors, both accessed from a shared entrance door and hallway off Stockton Road.
The ground floor hair salon is occupied by a family member and is trading as ‘De Novo’. A summary of the current lease terms can be found in the table below.
The basement flat (Flat 1) is a well appointed one-bedroom flat, consisting of lounge/kitchen, shower room and large bedroom. The flat benefits from gas central heating and is occupied at present by way of AST agreement at a rent of £775pcm.
The first and second floor 4 bedroom flat (Flat 2) is a generously proportioned flat consisting of a lounge, family bathroom, kitchen, shower room and 4 double bedrooms. The flat is occupied on an AST agreement at a rent of £1,300pcm.
There is considerable scope to increase the rental income here, with the current ERV believed to be in the region of £48,800.
Location
Occupying a prime position along Beech Road in Chorltonville, one of South Manchester’s most sought after and affluent areas. The property is located in a highly prominent location on the corner of Beech and Stockton Road, next door to ‘Editorial Studio’ architectural practice and directly across the road from ‘Casa De Moor’ restaurant and the ‘Trevor Arms’ public house.
Manchester City Centre is conveniently located approximately 5 miles to the north, and the immediate area boasts excellent transport links, being around 2 miles from junction 7 of the M60 Motorway.
Accommodation
As measured on a net internal area basis (NIA) for the commercial accommodation and a gross internal area basis (GIA) for the residential accommodation in accordance with the RICS Property Measurement 1st Edition: -
Ground Floor Hair Salon - 50 sq m (538 sq ft)
Basement 1 Bed flat - 53.8 sq m (580 sq ft)
1st & 2nd Floor 4 Bed flat - 121.4 sq m (1,307 sq ft)
Terms
SALE - Offers are invited in excess of £700,000 for the Freehold, representing a 6.86% yield against the ERV.
TENURE - Freehold.
SERVICES - We understand that mains gas, electric, water and drainage are connected to these premises.
BUSINESS RATES/ COUNCIL TAX - Shop – Rateable Value of £12,250 (01/04/23 listing)
Flat 1 – Band A
Flat 2 – Band A
EPC RATING - Shop – We understand that an EPC has been commissioned and will be made available upon request.
Flat 1 - D(55)
Flat 2 - D(67)
LEGAL COSTS - Each party will be responsible for their own legal costs in connection with this transaction.
VAT - We understand that VAT is not applicable to this sale.