Block of flats for sale in St. Peter's Square, Stockport SK1

Location

The Metropolitan Borough of Stockport is a borough of Greater Manchester, located some 4 miles south of the City Centre. It is a rapidly re-emerging destination location and 'happening place'. It's recent regeneration projects include The Light Cinema development and the award winning 62,000 sq ft stok co-working space. Stockport is at the very heart of regeneration and investment.

As can be seen from the attached location plans, this property is located right in the heart of Stockport just a short walk from the Town Centre and Transport Interchanges in a part of the town where everywhere you look you see inward investment and regeneration.

It is only a 15 minute tram journey into Central Manchester.

Property

The property comprises a comprehensive and impressive modern refurbishment of an existing building complete with an extra penthouse level.

The fully completed apartments are arranged over 4 floors, serviced by a brand-new lift and stairs. To the rear is a small service area with enclosed Bin store and Bicycle store for residents' use. Three car parking spaces are included in the ownership.

The ground floor commercial unit is occupied by leading Manchester residential agents Reside.

Accommodation

Commercial Unit : 57a St Peters Street
Double fronted self-contained modern premises with central double doors and full height glazing comprising 650 sq ft with WC and kitchenette.

Angel Square - 57 St Peters Gate
3 2-Bed apartments and 15 1-bed apartments (full plans available on request).

Tenure

Freehold, subject to the tenancies as described in the attached marketing brochure.

Tenancies & management

Apartments: Each apartment has been sold on 250 year geared ground leases. The income is shown above and is geared to rpi, the first review will be 1 January 2027, and thence every 10 years thereafter. There are restrictions against use as Air B&B type apartments.

Commercial Unit: Let to Reside Manchester Ltd on a 6 year lease from 12 October 2023 on effective fr&I terms. The rent is subject to review to the greater of open market rental value or rpi on 12 October 2027. There is a tenant's only break clause effective the same date subject to 6 months prior notice.

Block Management: The entire development is managed on a day-to day basis by an external management agency on behalf of St Petersgate Building Management Ltd, whose share ownership is made up of the tenants. All rents are collected by them.

Proposal

Offers over £200,000 reflecting a net initial yield of approximately 8.5%, depending on structure.

This asset sits in an spv and our clients would consider a Company sale (with the accompanying sdlt savings for the purchaser).

VAT

The property has been elected for VAT, eligible purchasers may benefit from togc rules.

Epc's/compliance & building warranty

This property has all the appropriate consents/ building control approvals, EPC's and a 10-year New Home Warranty from 21 December 2023.

Costs

Each party to be responsible for their own legal and professional fees and costs.

Agent's note

It is a legal requirement under Anti-Money Legislation that we must verify the identity of a proposed purchaser once a sale has been agreed.

The proposed purchaser will be required to provide appropriate information before instructing solicitors and consent to this being checked with an external agency.

Viewing

Strictly by appointment through the agents.

Subject To Contract.