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Ivy Mil, Crown Street, Manchester, Lancashire

£7,100,000

For Sale

Property details

* An excellent opportunity to acquire a prominent, multi let business centre investment with significant reversionary potential.
* Excellent value add opportunities by refurbishing and letting the fourth floor, re-gearing leases and let the vacant space.
* Substantial refurbishment undertaken providing quality working space across first, second and third floors.
*Total net internal area of 13,251 sq m (142,638 sq ft) with 140 car parking spaces on a site of approximately 2.5 acres.
* 72% occupied providing a Gross Income of £789,815pa derived from 98 tenants therefore spreading risk and reflecting a low overall passing rent of only £7.68 per sq ft.
* Landlord non-recoverable costs of £145,435 providing a Net Income of £644,380 pa presenting an opportunity to improve the net income position through implementing a service charge.
* AWULT of 1.62 years to expiry.
* Freehold.
*Offers are sought in the region of £7,100,000 (Seven Million One Hundred Thousand Pounds) subject to contract and exclusive of VAT. Assuming purchasers’ costs of 6.65%, a purchase at this level reflects:
* Net Initial Yield 10.43%
* Triple Net Yield 8.51%
* Reversionary Yield 13.00%
* Low Capital Value of £50 per sq ft

Ivy Business Centre is a typical late Victorian Mill premises built in the 1880s which was previously used to manufacture the Lancaster Bomber and Spitfire planes during the second world war.

The property has recently undergone significant refurbishment from ground to third floors and externally. It comprises of brick elevations under a multi pitched roof originally covered with slate but which has been re-roofed approximately 5 years ago to provide a pitched profile metal sheet finish. Floors are of solid concrete construction with steel column supports set out in the usual grid fashion. Window frames were originally of timber construction but have been replaced with modern UPVC double glazed units. Along the left and rear elevations there are some single storey projections, again largely constructed of brickwork with varying roofs types.

Internally the property has seen many modifications and undergone significant refurbishment throughout first, second and third floors which have been converted to provide quality, character office space of varying sizes and all benefit from gas central heating and lift access from an attractive ground floor reception area. Each floor has shared kitchen and WC facilities. The ground floor is partly converted into office space to provide meeting rooms but is predominantly manufacturing/warehouse space. Each suite is separately metered for electric. The top floor of the building is very much in its original format but does offer potential for development in the future. The property has 1x passenger lift and 2x service/goods lifts. The basement provides good, secondary storage accommodation. Loading dock level access doors run along the canal side of the property.

The site benefits from internal and external CCTV, a barrier entry and exit system with security gatehouse, on site security and palisade fencing securing the car park.

The property stands within a site extending to approximately 2.5 acres and provides 140 car parking spaces and there is a range of cabin style offices.


Location

Failsworth, Manchester North


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