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Regency House/Brazil House, 36-38 Whitworth Street & 46-50 Sackville Street, Manchester, M1 3NR

Auction
United Kingdom
Mixed Use
Commercial

Invited Opening Bid £3,800,000

Bidding deposit £19,000 *fully refundable if unsuccessful bidder

Extension period added...

Auction Date 07 September
Closing Time 12:00:00 (GMT+1)

Available viewing

Please contact us to enquire about arranging a viewing.
Phone
+44 (0) 20 7703 4401
Email
info@uk.bidx1.com

Property Summary

  • Freehold retail/leisure investment
  • Prime city centre location
  • Close to Piccadilly Gardens, Piccadilly Train Station and Metrolink
  • Part let to Bannatyne's Fitness Ltd until 2028
  • Includes the ground rent from 33 flats (sold off on long leases)
  • Producing £306,130 per annum (7)
  • On the instructions of James Liddiment and Paul Greenhalgh of Kroll Advisory Ltd acting as Joint LPA Receivers
  • The successful bidder will be required to pay the Auctioneers' Administration Fee of £5,000 inclusive of VAT

 

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Neale Sayle
Neale Sayle
Joint Agent, here to help.
Chloe Scott
Vendor's Solicitor

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Neale Sayle
Neale Sayle
Joint Agent, here to help.
Chloe Scott
Vendor's Solicitor

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Property description

The property comprises two adjoining attractive Grade II listed period buildings, which have been extensively refurbished as five ground floor and lower ground floor retail and leisure units and 33 apartments above. In addition there is car parking at mezzanine and first floor level.

The ground and lower ground floor commercial occupiers include a national gym operator - Bannatyne Health Club, a well established Japanese Restaurant - Samsi, the popular Richmond Tea Rooms and the Tribeca Nightclub. 36 Whitworth Street is currently under offer to a coffee operator and this letting is expected to complete prior to the auction.

The upper floors are arranged as 33 apartments that have been sold off on long leases and it should be noted that the sub basement floor of Bannatyne's Health Club (swimming pool) is held by Bannatyne's on a 99 year lease (refer to legal pack).

FURTHER INFORMATION IS AVAILABLE IN THE ATTACHED BROCHURE

Location

Manchester is one of the UK's fastest growing cities and lies within easy reach of the M60, M602, M56 and M6 motorways. The city is well served by public transport with a number of railway stations including Manchester Piccadilly, Manchester Victoria and Manchester Oxford Road as well as Metrolink. Furthermore, Manchester International Airport lies about 9 miles south of the city centre.

The property is uniquely placed on the south side of Whitworth Street at its junction with Sackville Street in the heart of Manchester's ever evolving and dynamic city centre. It sits in 'The Village', a hugely vibrant area of the city and is surrounded by a wide variety of historic buildings and numerous bars and restaurants. Directly opposite is Sackville Gardens, a beautiful park bordered by Manchester College's Shena Simon Campus and home to the iconic Alan Turing Memorial statue.

The property is well placed for easy access to Piccadilly and Oxford Road railway stations as well as Piccadilly Gardens Metrolink. Also nearby are the shopping and leisure amenities of Market Street and The Arndale Shopping Centre. This area of the City is seeing a increase in development of offices, commercial outlets and luxury apartments including the likes of 40 Chorlton Street - a 41 bed apart hotel and 55 Portland Street - a 17 storey, 328 bed new build hotel. Also, the recently completed Manchester New Square development is within close proximity on the corner of Whitworth Street and Princess Street comprising three blocks of 15, 14 and 12 storeys, delivering 351 apartments.

Tenancy

Please refer to the tenancy schedule below. Full copies of the lease agreements can found within the legal pack.

Planning

Manchester City Council (0161 234 4516) www.manchester.gov.uk

Tenure

Freehold

Additional Detail

Address

Floor

Size

Use

Tenant

Tenancy

Rent (£pa)

38 Whitworth Street (adjacent)

Ground

Lower ground

Total

224.63 sq m (2,418 sq ft)

129.32 sq m (1,392 sq ft)

353.86 sq m (3,809 sq ft)

Restaurant

Rudra Trading Ltd t/a Samsi Restaurant

Let for a term from 24/10/2013 to 03/06/2025

£55,000 (1)

38 Whitworth Street

Ground

Lower ground

Total

123.46 sq m (1,329 sq ft)

412.01 sq m (4,435 sq ft)

535.38 sq m (5,764 sq ft)

Gym/health club

Bannatyne Fitness Ltd t/a Bannatyne Health Club

Let for a term of 25 years from 01/05/1998 (2)

£110,480

36 Whitworth Street

Ground

117.33 sq m (1,263 sq ft)

Hair Salon

Patrick Marrow Ltd

New 5 year lease (refer to legal pack) (3)

£29,000

50 Sackville Street

Ground

Lower ground

Mezzanine

Total

224.82 sq m (2,420 sq ft)

170.09 sq m (1,831 sq ft)

32.98 sq m (355 sq ft)

426.04 sq m (4,586 sq ft)

Bar/nightclub

Lee Montgomery t/a Tribeca

Let for a term of 10 years from 01/03/2018 (4)

£65,000 (5)

46 Sackville Street

Ground

Lower ground

Total

149.66 sq m (1,611 sq ft)

155.61 sq m (1,675 sq ft)

305.27 sq m (3,286 sq ft)

Tea rooms/restaurant

Tea On Ltd t/a Richmond Tea Rooms

Let for a term of 15 years from 08/11/2018 (6)

£45,000

Regency/Brazil House

Upper floors

33 units

Residential

Various

Refer to legal pack

£1,650

TOTAL

 

1,737.79 sq m (18,706 sq ft)

 

 

 

£306,130 (7)

(1) Five yearly rent reviews

(2) Heads of Terms agreed for a Reversionary lease for a term of 5 years commencing in May 2023. Solicitors are currently negotiating the documentation, details of which are included in the legal pack. The tenant is currently undertaking certain CAPEX works, details of which are included in the legal pack. The sub-basement floor (comprising the swimming pool) is held by the tenant on a 99 year lease from May 1998. The tenant operates from 68 branches throughout the UK.

(3) The Vendor will top up the 6 months rent free period on completion.

(4) (5) Rent review on 01/03/2023. The tenant is in the process of assigning its' lease, subject to landlord's consent. The incoming tenant intends to take a reversionary lease for a term of c.25 years from the landlord. Terms have been agreed for the assigment to progress, with certain obligations being met by the incoming tenant as regards CAPEX improvements.

(6) Rent review on 08/11/2020 and every five years. The lease states a fixed rental uplift to £48,000pa from 08/11/2020

(7) The total rent receiveable subject to the commencement of the Patrick Marrow Ltd lease.

VAT

VAT is applicable to this sale, please refer to the legal documents for further details.

Energy Performance Indicator

Please refer to 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 £1,500 (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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