1-5 Swan Street, Manchester_Property for Sale

1 Swan Street, Manchester, M4 5JJ, UK

1-5 Swan Street, Manchester

Asset description

JLL are pleased to present this Freehold mixed-use property in the heart of the Northern Quarter. 1-5 Swan Street, Manchester, consists of a basement/ground floor commercial unit with 15 high quality studio rooms arranged over the self contained 1^st, 2^nd & 3^rd floors. The ground floor commercial unit is let until September 2038 whilst the upper floors offer flexible all inclusive terms, attractive to young professionals seeking high quality accommodation in a central location.

The Northern Quarter neighbourhood is known for its creative atmosphere and abundance of bars / restaurants. It is one of the most attractive places for young professionals to live and will continue to do so as the city centre population expands. The ground floor commercial units fronts onto the corner of Swan St & Oldham Road directly opposite the long established Frog and Bucket Comedy Club.

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Attributes

Occupancy

100%

Building area net

6,620 sf

Asking price

$5,573,000

Year renovated

2019

Media

Investment highlights

Mixed-use building benefitting from an established income stream.
Prominent corner location in the heart of the Northern Quarter.
High quality commercial and residential accommodation.
Excellent transport links and local amenities in the vicinity.
Recent £600,000 refurbishment of the commercial space which is currently let to Classiq Leisure Ltd on an 18-year lease from July 2020.
15 studio rooms arranged over the first to third floor currently generating £241,000 per annum (*ERV on 2 vacant units).
3,425 sq ft of commercial space across the ground floor and basement generating £90,000 p.a. (lease expiry September 2038).
Freehold sale.
Offers invited in excess of £4,400,000 subject to all existing tenancies, subject to contract, reflecting a gross yield of 7.5% assuming the property is fully let.