Objectomschrijving
Outstanding opportunity to reposition or redevelopment the asset for office or alternative uses.
Investeringskenmerken
• Manchester is considered the UK’s Second City and the economic and cultural capital of the North of England.
• Norfolk House comprises a 54,127 sq ft office building, arranged over ground and 4 upper floors, with a two-storey basement car park accommodating 48 parking paces.
• Occupying a prominent position in the heart of Manchester’s Central Business District, totalling 0.31 acres.
• The existing building forms a key strategic site, occupied at a low density, providing the opportunity to substantially increase the massing in the future.
• Multi-let to 3 tenants, generating a total income of £365,235 per annum (reflecting a low average rent of £20.51 psf).
• No guarantees are to be provided on the vacant space, allowing the possibility to immediately improve the running yield.
• There are numerous opportunities to add value and drive both the income and the capital value via;
− Repositioning of existing – Undertake a phased refurbishment to reposition the existing office space to meet current occupier expectations.
− Redevelopment – The prime location combined with robust cross-sector demand, would support an office, residential or hotel redevelopment.
• Freehold.
Offers are invited in excess of £8,500,000 (Eight Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects attractive low capital value of £157 psf, substantially below replacement cost.
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