Services
We understand that mains electricity, gas, water, and drainage connections are available at the property.
Energy Performance Certificate
Available on request.
Price
We are instructed to seek offers in the region of £1.2m.
A purchase at this level will show a gross initial yield of 7.05% and a net initial yield of 6.69% taking account of usual purchasers costs (stamp duty and legal fees).
Lease Details
The property is let under 4 separate leases which we summarise as follows:
Unit 11: Shop Storage – 3-year lease commencing March 2023. Rent £1,000/month.
Units 11A & 11B: Best One Convenience Store -7-year lease commencing July 2022 – Rent £2,250/month.
Unit 11C: Frappe Café – 7-year lease commencing March 2022 – Rent £1,000/month.
Units 11D & 13: Coffee Rules Café – 6-year lease commencing January 2023 – Rent £2,800/month.
Gross rent roll is £84,600/annum and we are advised that the leases have rent reviews every 3 years with the mezzanine floor due an increase in 2024.
Copy leases and further information can be provided to interested parties on request.
Anti Money Laundering
Under Anti Money Laundering Regulations two forms of identification and confirmation of the source of funds will be required from any intending purchaser.
FOR SALE
RETAIL INVESTMENT PROPERTY IN WELL ESTABLISHED COMMERCIAL AND RESIDENTIAL AREA WITH LARGE EDUCATION/STUDENT POPULATION
3,138 sq. ft (291 sq. m) overall ground floor area, 2,229 sq. ft (207 sq. m) mezzanine storage area, 0.18 acre site area, or thereabouts
- Adjacent to Salford University campus and large number of student residential
- Fronting busy main road just off the main A6 Broad Street
- Established commercial, industrial, and residential area
- Plenty of chimney pots
- Possible future redevelopment potential (subject to consents)
Description
Kendal House is a single storey former industrial building with a good-sized car park. In recent years the property has been refurbished and subdivided to now accommodate 3 retail units, one with mezzanine storage. These are all now let and yielding a very good income.
The property is of single storey brick construction with cement rendered elevations, a solid concrete floor throughout and a pitched roof supported on light steel trusses.
Full shop fronts have been installed to each of the let units and these have been fully fitted out by the tenants to their own exacting specifications.
There is a good-sized secure car park within the ownership of the property.
Location
The property occupies a very prominent position fronting directly onto Frederick Road (B6186) close to its junction with the main A6 Broad Street which links between Manchester and Salford City centres.
There is a good mix of commercial, industrial, and residential occupancy in the area with a high occupancy of students associated with the adjacent Salford University campus just a very short walk away from the property.
The Salford Innovation Park is closeby and immediately opposite to the property is the X1 The Campus student accommodation which comprises recently built blocks of residential accommodation extending to 6 and 10 storeys in height. On the adjacent Frederick Road/Strawberry Road corner a site is currently under construction which will provide a 10-15 storey block housing a 350-bedroom development of student accommodation.
Floor Size
The property extends to an overall size of 5,367 sq. ft.
The ground floor extends to 3,138 sq. ft with the mezzanine extending to 2,229 sq. ft made up as follows:
| Unit 11 (Mezzanine) | 2,229 sq. ft (207 sq. m) |
| Units 11A & 11B | 1,291 sq. ft (120 sq. m) |
| Unit 11C | 644 sq. ft (60 sq. m) |
| Units 11D & 13 | 1,203 sq. ft (111 sq. m) |
| Total | 5,367 sq. ft (498 sq. m) |
Site Area
It is estimated that the site area extends to 0.18 acres, or thereabouts (edged red on the attached plan).
Viewing
By prior appointment with the Sole Agents Mark Warburton Properties LLP M: 07769 970244
