Investment
Tesco Express
Tesco Express, Chester Road, Castlefield, Manchester, Greater Manchester, M15 4UU
For sale
£1,600,000
Asking priceSize
4,219 Sq Ft
Key features
- Highly prominent retail / convenience store investment in Manchester City Centre.
- Ground floor of newly developed residential building providing 166 apartments.
- Located on an exceptionally busy pitch in one of Manchester's most popular residential areas.
- Circa 2,000 dwellings in the immediate vicinity
- The property is let to Tesco Stores Limited on FRI terms for a period of 15 years without break, from 28th November 2022. The passing rent of £100,000 per annum (£23.70 psf) is subject to 5 yearly reviews to OMRV capped at 12.5%. The property is subject to a service charge for maintenance of communal areas, recoverable through the tenant capped at £6,000 pa (with annual RPI linked increases collared and capped at 1%-3%).
Overview
The property comprises a recently completed Tesco convenience store arranged on the ground floor of a development of 166 luxury apartments, which do not form part of the ownership. The unit is arranged on the ground floor only, with access from Chester Road, and delivery access via Spinners Way to the rear.
Long Income Convenience Store Investment in Manchester City Centre.
Highly prominent retail / convenience store investment on the ground
floor of a newly developed residential building providing 166 apartments.
Located on an exceptionally busy pitch in one of Manchester’s most popular residential areas with approximately 2,000 dwellings in the immediate vicinity.
Approximately 4,219 sq ft (GIA) of ground floor accommodation.
Let entirely to the undoubted covenant of Tesco Stores Ltd – Net worth £4.9bn
FRI lease on a term of 15-years from 28th November 2022 with no break.
Passing rent £100,000 per annum, equating to £23.70 per sq ft based on the GIA.
5 yearly upward only open market rent reviews capped at 12.5%.
Lease subject to an 18-month rent free period.
Location
The unit is located in a highly prominent position overlooking Chester Road (A56), Castlefield, on the edge of Manchester City Centre. The unit forms part of the ground floor of the newly developed Sky Gardens complex – a 13 storey residential tower of 166 apartments. The immediate area is mainly residential in nature with circa 2,000
dwellings in close proximity.
The property benefits from excellent transport connections with Cornbrook Metrolink Station approximately 0.3 miles to the west and Deansgate Railway Station approximately 0.6miles to the east.