Lot 9 - 106 to 108 Tib Street, Manchester, Lancashire, M4 1LR
- Unconditional Online Auction Sale
- Guide Price* : £375,000 plus
Addendum
The head leases on each of the retail units both reserve a rent of £12,000p.a. and the 2020 rent review is outstanding. The total combined rent is therefore £24,200 per annum. VAT in addition to the sale price will apply unless the purchaser satisfies the necessary conditions for the sale to qualify as a TOGC. The Receivers have been made aware of a potential issue of water ingress to the upper floors. The Receivers nor we have had the opportunity to inspect the upper floors and therefore cannot provide any further information on this point. The Receivers can confirm there have no issues noted by the ground floor tenants and therefore cannot comment further on the extent of any purported issues.
We would recommend all buyers refer to the copy leases in the Legal pack for information on repair and maintenance responsibilities and responsibility for costs, which confirm details for payment of service rent etc. The Receivers have not set up a service charge regime and the purchaser will need to pick up the freeholder’s responsibilities at completion
- Tib Street is located in the heart of the Northern Quarter and is within walking distance from the Manchester Arndale Shopping Centre, the main business district and the fashionable area of Ancoats.
- Fully let and producing a total combined income of £24,200.a.
- Two ground floor retail units separately let as a boutique shop and a cafe
Upon instructions of Receivers: City Centre Retail Investment comprising 2 retail units let at £24,200 per annum
Description
*6 Week Completion*
The premises provides two ground floor retails units, positioned within a three-storey mid terraced building with apartments to the upper two floors. We highlight that the apartments have been sold off on separate long leasehold titles and do not form part of the subjects demise.
Each of the retail units benefit from timber framed glass display windows, alongside a main door leading out to Tib Street. The units are fitted out to the tenant's own specification and the accommodation provided is as follows:
106 Tib Street- Shop with open plan sales area, alongside a small store and WC to the rear.
108 Tib Street- Caf with main seating area and servery to the front, alongside a further seating area to the rear, plus small kitchen, and WC.
Location
The premises are located on Tib Street in the Northern Quarter area, within Manchester City Centre. Tib Street provides access to Great Ancoats Street (A665) which is Manchester's inner ring road and leads to all arterial routes leading in and out of the city centre.
The property is within walking distance of a range of amenities, being 5 minutes' walk from The Arndale Shopping Centre, and within walking distance of the main business district and the fashionable Ancoats area.
Tib Street has a range of amenities and benefits from a high footfall as it leads to Mackie Mayor food hall. Manchester Piccadilly Railway Station lies circa 0.6 miles from the property, and Manchester Victoria Railway Station is located 0.5 miles away.
Tenure
The property is held by way of a freehold title, under title number GM653756. The first and second floor flats have been sold off on two long leasehold titles GM781555 & GM826019 for a period of 999 years from January 1998 and do not form part of the demise. A ground rent of £100p.a. per flat is payable to the freeholder.
Accommodation
Approximate gross internal areas are as per below:
106 Tib Street 33.27 sq. m 358 (sq. ft)
108 Tib Street 49.97 sq. m 538 (sq. ft)
Tenancies
The units have been sublet to their current occupiers. The total combined income of £24,000 p.a. is being received as per the head lease that is in place over each unit. We provide some brief details below but please refer to the information pack for further details and full copies of leases.
106 Tib Street
Headlease- 10 years from 3rd May 2017 at £12,000p.a. and the 2020 rent review is outstanding.
Sublease to Nordic Muse Limited- 7 years from 8th January 2021 at £12,000p.a.
108 Tib Street
Headlease- 10 years from 3rd May 2017 at ££12,000p.a. and the 2020 rent review is outstanding.
Sublease to Bobo Tea Events Ltd- 5 years from 27th January 2020 at £12,000p.a.
EPC
106 Tib Street B 108 Tib Street C
VAT
VAT in addition to the sale price will apply unless the purchaser satisfies the necessary conditions for the sale to qualify as a TOGC.
Buyers Administration Fee
There will be a Buyer's Administration Fee of £3,000 (inc VAT) payable upon exchange of contracts.Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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