Longsight District Centre, Stockport Road Longsight Manchester M12 4JH

Longsight District Centre, Stockport Road
Longsight
Manchester
M12 4JH

Substantial Retail Parade Investment

Substantial retail parade (circa 25,489 sq ft) currently arranged as 14 retail units with offices above
Tenants include Barclays Bank, Greggs and Paddy Power
Prominent position fronting Stockport Road (A6)
Located adjacent to Asda Superstore and Lidl and close to the local Longsight market
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
78
Auction
13th October 2016
Rent
£295,750 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On Behalf of a Major Fund Manager

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Substantial Retail Parade Investment

Substantial retail parade (circa 25,489 sq ft) currently arranged as 14 retail units with offices above
Tenants include Barclays Bank, Greggs and Paddy Power
Prominent position fronting Stockport Road (A6)
Located adjacent to Asda Superstore and Lidl and close to the local Longsight market
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 78
Auction 13th October 2016
Rent £295,750 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On Behalf of a Major Fund Manager

Property Information

Location

Miles: 2.5 miles south east of Manchester
Roads: A6, A6010, M67 (Junction 24)
Rail: Belle Vue Rail
Air: Manchester International Airport

Situation

Longsight is a popular suburb just 2.5 miles south east of Manchester City Centre just off Junction 24 of the A57 (M). The property is prominently situated on Stockport Road (A6), Longsight’s prime retailing pitch. The property is located adjacent to an Asda and Lidl Superstore and benefits from heavy pedestrian flow from their car parks. Other nearby occupiers include Shoe Zone, RBS and William Hill.

Tenure

Long Leasehold. Held from Asda Stores Limited for a term of 99 years (less 3 days) from 25/12/1977 until 21/12/2076 at a current rent of £70,000 pa.

Location

Miles: 2.5 miles south east of Manchester
Roads: A6, A6010, M67 (Junction 24)
Rail: Belle Vue Rail
Air: Manchester International Airport

Situation

Tenure

Long Leasehold. Held from Asda Stores Limited for a term of 99 years (less 3 days) from 25/12/1977 until 21/12/2076 at a current rent of £70,000 pa.

Description

The property is currently arranged as 10 ground floor retail units with some first floor office accommodation above and a self-contained office unit, together with a separate parade currently arranged as four ground floor kiosk units.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
537 Stockport Road (Unit A/A2)	Ground First	Banking Hall Offices	187.60 sq m 273.20 sq m	(2,019 sq ft) (2,940 sq ft)	BARCLAYS BANK PLC (1)	10 years from 06/02/2009	£59,000	06/02/2014 (05 /02/2019)
539 Stockport Road (Unit B)	Ground First	Retail Ancillary	64.40 sq m 41.10 sq m	(693 sq ft) (442 sq ft)	GREGGS PLC (2 )	10 years from 25/03/2009	£ 16,000	25/03/2014 (24/03/2019)
541 Stockport Road (Unit C)	Ground First	Retail Ancillary	64.70 sq m 36.20 sq m	(696 sq ft) (390 sq ft)	VACANT POSSESSION	-	-	-
543 Stockport Road (Unit D)	Ground First	Retail Ancillary	63.10 sq m 41.76 sq ft	(679 sq ft) (450 sq ft)	SPEEDLOAN FINANCE LIMITED (3)	10 years from 08/11/2010 (4)	£ 16,500	08/11/2015 (07/11/2020)
545 Stockport Road (Unit E)	Ground First	Retail Ancillary	60.60 sq m 42.40 sq m	(652 sq ft) (456 sq ft)	UNDER OFFER (5)	-	-	-
547 Stockport Road (Unit F)	Ground First	Retail Ancillary	67.78 sq m 42.42 sq m	(730 sq ft) (456 sq ft)	INDIVIDUAL t/a Afro Beauty Hairdressing	10 years from 10/07/2010	£ 16,500	21/07/2015 (20/07/2020)
549 Stockport Road (Unit G)	Ground First	Retail Ancillary	62.40 sq m 31.41 sq m	(672 sq ft) (33 8 sq ft)	VACANT POSSESSION	-	-	-
551-553 Stockport Road (Unit H & J)	Ground	Retail	145.50 sq m	(1,566 sq ft)	POWER LEISURE BOOKMAKERS LIMITED GUARANTEED BY PADDY POWER LIMITED t/a Paddy Power (6)	15 years from 16/12/2011 (7)	£38,000	16/12/2016 and 16/12/2021 (15/12/2026)
555 Stockport Road (Unit K)	Ground	Retail	158.50 sq m	(1,706 sq ft)	INDIVIDUAL t/a Uptown Girl	10 years from 29/09/2012 (8)	£31,500	29/09/2017 (28/09/2022)
1 Stanley Grove (Unit L & Upper K)	Ground First	Retail Office	204.72 sq m 482.48 sq m	(2,204 sq ft) (5,193 sq ft)	BETTER CHOICES LIMITED (IN LIQUIDATION) GUAR ANTEED BY ECONOMIC SOLUTIONS LIMITED t/a Connexions	10 years from 07/10/2011 (9)	£42,500	(06/10/2021)
537a (Unit 2A)	Ground	Retail	1 07.90 sq m	(1,161 sq ft)	THE GOLD EMPORIUM LIMITED t/a Gold Emporium Pawnbrokers	10 years from 12/01/2012	£25,000	12/01/2017 (11/01/2022)
35 (Kiosk 1)	Ground	Retail	47.30 sq m	(509 sq ft)	INDIVIDUAL t/a Unique Hair & Beauty	10 years from 24/03/2016	£12,000	24/03/2021 (23/03/2026)
533 (Kiosk 2)	Ground	Retail	47.50 sq m	(511 sq ft)	INDIVIDUAL t/a W.S Hair Care	5 years from 06/01/2016	£10,750	(05/01/2021)
531 (Kiosk 3)	Ground	Retail	47.30 sq m	(509 sq ft)	LAM JAY VENTURES LIMITED t/a Lamjay Venture Mobiles	5 years from 01/02/2008	£10,000	Holding over (10)
527 (Kiosk 4/5)	Ground	Retail	47.70 sq m	(513 sq ft)	DAVID PLUCK (NORTHWEST) LIMITED t/a David Pluck Betting	15 years from 13/03/2008	£18,000	13/03/2013 and 13/03/2018 (12/03/2023)
Totals			2,368 sq m	(25,489 sq ft)			£295,750

(1) For the year ending 31st December 2015, Barclays Bank plc reported pre-tax profits of £2,841,000,000 and a total net worth of £55,845,000,000. (Source: Experian Group 14/09/2016)
(2) For the year ending 2nd January 2016, Greggs Plc reported a turnover of £835,749,000, pre-tax profits of £73,028,000 and a total net worth of £256,026,000. (Source: Experian Group 14/09/2016)
(3) For the year ending 31st March 2015, Speedloan Finance Limited reported a turnover of £42,300,822, pre-tax profits of £5,146,971 and a total net worth of £7,356,323. (Source: Experian Group 14/09/2016)
(4) A license to assign unit 543 is being negotiated.
(5) Under offer to an individual (t/a Kurdish Barbers) for 10 years at £22,500 per annum, further information can be found in the legal pack.
(6) Paddy Power was founded in 1988 and now has 107 shops in the UK and 212 shops in Ireland (Source: paddypower.com 14/09/2016)
(7) The lease for unit 551-553 provides a tenant option to determine on 16/12/2021.
(8) The lease of unit 555 is in the process of being assigned to David Pluck (North West) Limited.
(9) The lease of unit 1 Stanley Grove provides a tenant option to determine on 07/10/2017. Please note that the guarantor is currently paying the rent and trading from the unit.
(10) Terms have been agreed for a new five year lease at £10,750 p.a.x. This is due to complete imminently.