Investment Opportunity - Merchant Exchange, Whitworth Street West, Manchester, M1 5WG - • Prominently situated on Whitworth Street West, at the southern gateway to Manchester City Centre and immediately facing the prime commercial district of First Street.
• 25,812 sq ft (NIA) over 6 floors with basement car parking.
• Fully refurbished common areas, lift & reception.
• Original period features, also benefitting from modern 2 story roof top extension.
• Freehold and multi-let to a strong mix of tenants, including Gardiner & Theobald LLP, Curtins • Consulting Ltd, BIMM and Ambition Institute.
WAULT of 4.3 years to expiry and 3.8 years to breaks.
• Rent of £595,157.62 p.a.
• The landlord pays a rent of £2,700.17 p.a for rear access onto the canal towpath.
• Low average passing rent of £21.65 psf.
• The asset provides a number of value enhancement opportunities, including leasing vacant space, lease re-gears to increase the WAULT and excellent potential to increase rent through further property refurbishment.
• Manchester is the UK’s most liquid, regional property investment market, with by far the strongest regional office occupational take up.
• Offers in the region of £7,250,000, which reflects a NIY of 7.66%, a reversionary yield of 9.14% and a low capital value per sq ft of £270 assuming purchasers costs of 6.66%, a 35% discount to good quality refurbished office capital values.