Lot 06
Auction
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8 Pollard Street, Manchester, M4 7AJ

Auction
United Kingdom
Restaurant
Commercial

Sold for £325,500

Addendum

The property is held long leasehold for a term of 250 years from 01/01/2003 at a current ground rent of £500 per annum (refer to the legal pack)

Property Summary

  • Virtual freehold retail and bar/restaurant investment
  • Densely populated residential area
  • Let until 2028 (1)
  • Fixed rental increase in 2023 (2)
  • Producing £13,020 pa (rising to £26,040 pa in 2023) (2)
  • Offered on behalf of The Administrators

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Richard Bellamy
Vendor's Solicitor

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Richard Bellamy
Vendor's Solicitor

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Property description

Two ground floor units (including part basement) forming part of a larger former warehouse building known as Albion Works that has predominantly been converted to residential use. The front unit is currently arranged as a covenience store totalling approximately 61 sq m (656 sq ft) and the rear unit is arranged as a bar/restaurant totalling approximately 173 sq m (1,861 sq ft). The bar has male and female toilets at basement level and there is a shared store room serving both units totalling approximately 36 sq m (387 sq ft).

Location

Manchester is the most populous city in the North West of England and is the UK's fifth larget by population. It lies about 45 miles south west of Leeds and 32 miles east of Liverpool and has excellent road communications with the M6, M60, M602, M56 and M62 motorways all serving the city. Manchester Piccadilly, Manchester Oxford Road and Deansgate railway stations provide national and regional rail links and Manchester International Airport lies about 10 miles south of the city centre.

Pollard Street lies on the western edge of the city centre running east from Great Ancoats Street. Albion Works lies on the south side of the street opposite New Islington Green in a mixed commercial and residential area. The property is situated at the south west corner of the building.

Planning

Manchester City Council (0161 234 4516) - http://www.manchester.gov.uk/planning/

Tenure

Long leasehold for a term of 999 years from completion at a peppercorn rent.

Additional Details

AddressAccommodationSizeTenancyRent (£pa)
8 Pollard Street

Ground floor retail

Ground floor bar/restaurant

Ground floor store room

Basement WCs

 

61 sq m (656 sq ft)

173 sq m (1,861 sq ft)

36 sq m (387 sq ft)

 

 

Let to CFW Retail Ltd for a term of 8 years from 01/01/2020 (1)£13,020 (1)
TOTAL 270 sq m (2,905 sq ft) £13,020 (1)

(1) The tenant has sub-let the convenience store unit currently trading as Londis (please refer to the legal pack). There is a tenant's break clause on 31/12/2023 subject to 3 months' prior notice.

(2) There is a fixed rental increase to £26,040 per annum on 01/01/2024.

 

VAT

Please refer to Legal Documents

Energy Performance Indicator

Please refer to the Legal Documents.



*Terms & Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,295 (inclusive of VAT) for all properties up to £49,999, and £2,000 (inclusive of VAT)for all properties £50,000 and above charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,795 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. All lots sold “Subject to Vendor Confirmation” will be subject to the acceptance and confirmation by the Vendor. The highest bid will be presented to Vendor, the vendor will have to either accept, decline or make a counter offer the highest bid within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising the offer the Vendor is willing to accept. The Highest Bidder will have to either accept or reject the Vendor’s counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.
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