Multi-Let Office Investment in Greater Manchester with Accretive Asset Management Initiatives.
Bolton is a key player in the North West’s economy, contributing over £4.4 Billion of GVA per annum to the total Greater Manchester GVA.
The town benefits from outstanding connectivity, with direct train services into Manchester in 15 minutes and less than a 10-minute drive to the M61 and M60 motorway network.
The property is 98% occupied and let to a diverse range of private and public sector tenants with a total passing rent of £900,395 per annum (equating to a low average rent of £12.98 psf, inclusive of car parking).
Atria benefits from a number of sustainability initiatives including the installation of PV panels, which has substantially improved the buildings energy efficient performance and future-proofed the asset.
The vendor has spent circa £700,000 undertaking extensive refurbishment works over the last three years, delivering a refurbished entrance/reception and a new communal amenity area.
The property benefits from an Average Unexpired Lease Term of 4.50 years to expiry and 3.23 years to break.
The asset has significant reversionary potential with an estimated reversionary rent of £971,124 per annum.
We are instructed to seek offers in excess of £8,450,000 (Eight Million, Four Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect the following assuming purchaser’s costs at 6.68%.