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Retail premises for sale
5,946 sq. ft*
Prime Position fronting Manchester Road (A6188)
Majority Let to Funeral Services Ltd t/a Co-op
Remaining Commercial Let to Martin McColl Ltd
Includes Large Residential Flat
Long Term Commercial Leases
A substantial corner property that is situated at the junction of Manchester Road and Abney Road within Heaton Chapel Village Centre.
Heaton Chapel is a popular residential area 2 miles to the north of Stockport Town Centre.
We are delighted to offer for sale a substantial primely located roadside investment with residential refurbishment opportunity.
The property comprises a 0.2 acre site that is bounded to three sides by Manchester Road, Abney Road and Cambridge Road and overlooks the traffic light junction, in this well-regarded residential suburb.
The property comprises three separate components, the funeral care business (a Co-op Group company), that will be transacted as a sale and leaseback. Martin McColl Limited occupy a long established convenience store. The residential element comprises its own entrance door on Abney Road and provides substantial first floor accommodation that is in need of refurbishment, potentially as a large single flat or multi-occupancy STP.
The funeral care business is arranged at ground level only and provides retail, offices and storage.
Externally there are demised yards and garaging to the rear.
397 Manchester Road is let to Martin McColl Limited on a tenants effectively full repairing and insuring basis for a term of 15 years from 2017, at a current rent of £17,500 per annum plus VAT, with a tenant break in 2027 and 5 yearly rent reviews. The 2022 rent review has been actioned and is in negotiation, at a proposed rent of £20,000 per annum plus VAT.
399 Manchester Road will be let to Funeral Services Limited on a new 15 year lease, with 5 yearly upward only rent reviews and tenant only breaks, at a commencing rent of £22,500 per annum plus VAT.
2 Abney Road is large vacant residential flat that is in need of upgrading.
Funeral Services Limited is part of the Co-operative Group of companies.
Martin McColl Limited is a long established retailer that was placed into Administration in May 2022, however, we understand that they will become part of the wm Morrison Group of companies.
The current total rental income received is £40,000 per annum plus VAT. However, this should increase with the outstanding rent review and again once the vacant residential becomes occupied. We are of the opinion that the total rent potential could be in the order of £55,000 per annum plus VAT.
The guide price for the entire property is £775,000 plus VAT.
For more information about this property, please contact Morgan Williams, WA2 on +44 1925 916968 * (local rate)
Contact Morgan Williams about this property
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