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Lower Vickers St - Victoria Mill 13,104 SF Office Condo Unit Offered at $1,798,729 in Manchester M40 7LH
INVESTMENT HIGHLIGHTS
- Great location
- Close to Holt Town Metrolink
- Parking
EXECUTIVE SUMMARY
The site is located approximately one mile north of Manchester city centre within a suburban mixed use area. Manchester is the U.K.’s second most populated urban area. It is fringed by the Cheshire plain to the south, and the Pennines to the north and east. It is some 34 miles east of Liverpool, 81 miles north of Birmingham and 44 miles to the south west of Leeds. The site is positioned on the outskirts of the city centre within the suburb of Miles Platting which neighbours the popular area of Ancoats. Ancoats has undergone significant regeneration in recent years which has led it to become one of the most desirable areas of the city, boasting vibrant nightlife and independent shops , cafes and restaurants.
PROPERTY FACTS
| Total Building Size | 90,000 SF | Floors | 6 |
| Property Type | Flex (Condo) | Typical Floor Size | 15,000 SF |
| Building Class | B | Year Built | 1869 |
| Total Building Size | 90,000 SF |
| Property Type | Flex (Condo) |
| Building Class | B |
| Floors | 6 |
| Typical Floor Size | 15,000 SF |
| Year Built | 1869 |
AMENITIES
- 24 Hour Access
- Security System
- Storage Space
- Air Conditioning
1 UNIT AVAILABLE
Unit East Wing
| Unit Size | 13,104 SF | Sale Type | Investment |
| Price | $1,798,729 | Tenure | Freehold |
| Price Per SF | $137.27 | Cap Rate | 6.60% |
| Condo Use | Office | NOI | $118,716.11 |
| Unit Size | 13,104 SF |
| Price | $1,798,729 |
| Price Per SF | $137.27 |
| Condo Use | Office |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 6.60% |
| NOI | $118,716.11 |
DESCRIPTION
Victoria Mill is a grade 2 * listed 19th-century former cotton spinning mill completed in 1873 and built by George Woodhouse, an architect noted for his work on cotton mills and chapels in the north of England. It was designed as a six storey double mill with a shared engine house and has a prominent octagonal chimney.
The Mill has since been refurbished and converted, now providing office accommodation to the ground floor, alongside apartments to the upper floors.
We are instructed to offer to the market the ground floor premises of the east wing which comprises NHS offices, a walk in medical centre, and a 1,652 sq ft vacant unit.
SALE NOTES
There are two leases in place which are summarised below:
Manchester Primary Care Partnership Ltd (“MPCP”) for 10 years from March 2019 at £27,253 per annum.
NHS for 10 years from November 2018 at £67,577.21 pa.
The total rental income is £94,830.21 per annum.
The rents are net, as there is a service charge budget in place. The current service charge budget (24/25) runs at £2.33 psf.
The rents passing equate to £8.42 per sq. ft for the NHS section and £8.25 for the MPCP area. Both leases have reviews at 5 years, so the first review would have been for MPCP in March 2023 and then the NHS in November 2023, however due to COVID these were not actioned. The asset is reversionary and this offers a purchaser a great opportunity to increase the income.
There is another office suite extending to circa 1652 sq.ft. which is vacant and offers the opportunity to increase the rent once let. Applying £10/sq.ft. to this suite equates to an additional £16,520p.a.
Interior
Interior
Interior
Interior
Interior
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Lower Vickers St - Victoria Mill
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