A modern, high-quality waterside office building in Salford Quays, less than a mile from Manchester city centre.
Exciting mix of media, creative and digital businesses including BBC, ITV, University of Salford, Dock 10, Kellogg’s and Ericsson as well as over 250 SMEs.
Five-storey office building of striking design, built in 2002. Extending to 58,944 sq ft the property provides clear open plan floorplates of up to 12,249 sq ft plus 233 car parking spaces in the adjacent multi storey car park.
Modern office specification with works ongoing to replace boilers with air source heat pump.
A new 999 year leasehold interest at a peppercorn (Freehold sale considered).
Let to 3 tenants generating a marketing rent of £1,108,254 pa secured primarily from the excellent covenant of Marks and Spencer plc (79%), a long term occupier of the building and the Secretary of State (18%).
One floor has recently been vacated, and our client will provide a 12 month rent, rates and service charge guarantee on this space.
WAULT of 3.42 years to expiry (2.72 years to break).
Substantial reversions available given low passing rent, in part at only £15.35 psf.
Offers are sought in excess of £9,000,000 (Nine Million Pounds), subject to contract and exclusive of VAT for the long leasehold. Offers for the freehold interest in excess of this level will be considered.
Assuming usual purchaser’s costs of 6.73%. A purchase at £9,000,000 reflects 11.5% Net Initial Yield and £153 psf Capital Value.
