48 Market Place, Middleton, Manchester, Lancashire, M24 6AF

Lot Image

Auction sale - Monday 11th December 2017

Result:

Unsold, the last bid was £270,000

  • Long leasehold retail investment (833 years remaining)
  • Mixed commercial and residential area
  • Dominos Pizza in occupation
  • Current rent £22,500 per annum

Viewings

2pm - Monday 4th December 2017.

Details

Location

Summary: The property occupies a prominent position in the town, close to the main Asheton Road roundabout and fronting the new Middleton Arena
Miles: Rochdale 5 miles, Manchester 5 miles
Roads: A576, A6045, A664, M60, M62
Rail: Manchester Victoria, Mills Hill
Nearby Occupiers: Middleton Arena, Tesco Extra

Description

The property comprises a two storey building of brick construction, beneath a pitched slate roof. The accommodation is arranged as a ground floor retail unit and a first floor nail salon. Externally there is an advertising hoarding on the flank wall and a customer car park. The building was substantially rebuilt, renovated and extended to accommodate Domino's in 2012. The existing rear wall was removed to provide a new customer car park. The ground floor unit has A5 consent (Ref :12/D55168).

Tenure

Leasehold for a term of 999 years from 25/03/1851 at a ground rent of £4.28 per annum

Planning

Rochdale Borough Council (01706 647 474) www.rochdale.gov.uk.

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Address Tenant Floor Use Sq M Sq Ft Lease Terms Rent £ pa
TOTAL 199.74 2,150 £22,500
48 Market Place DP Reality Ltd (1) Ground Retail 111.48 1,200 20 years from 21/06/2012 £16,000
Individual t/a Posh Nailz (2) First Retail 88.26 950 6 years from 01/08/2017 £4,500
DP Reality Ltd (1) Flank Wall Advertising Single panel 20 years from 21/06/2012 £2,000
The areas have been provided by the vendor.
(1) DP Reality Ltd is a wholly owned subsidiary of Domino's Pizza UK & IRL Plc and for the year ending 25/12/2016 reported a turnover of £22.48 million, a pre-tax profit of 2.13 million & shareholders' funds of £3.36 million (source: Graydon). The lease has a break in the 11th year
(2) The lease has a guaranteed uplift to £5,000 per annum and a tenant break option in the third year.

Contact

Seller's solicitor

DTM Legal LLP

Robert Harris

0151 230 1218

robert.harris@dtmlegal.com

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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