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The property comprises a rarely available mixed-use investment/development opportunity occupying a popular high footfall street.
Arranged as two ground floor retail units with offices to the upper parts, the property is let to two tenants to the ground floor producing a total £60,000 per annum, with the upper parts being vacant and offering either asset management potential via letting, or potential for conversion to alternative uses, including residential (subject to obtaining the requisite consents). Plans have been drawn up for a potential conversion of the upper parts to 4 x one bedroom flats.
The property benefits from a prominent frontage to Cheetham Hill Road, an arterial route and pr4incipal retail amenity for the surrounding residential area. The street is characterised by a mix of local and national retailers, Manchester Plaza Shopping Centre is approximately 150m north of the property with tenants including Iceland, H&T and Tesco Superstore.
Tenure
Freehold
Tenancy
585 Cheetham Hill Road is let to a private individual trading as American Nails on a 6 year lease expiring 30.04.2031 and paying a rent of £20,400 per annum with an additional sum of £15,600 per annum agreed via a side letter. The total sum receivable is therefore £36,000 per annum.
587 Cheetham Hill Road is let to Zaky Barber Limited on a 12 year lease expiring 2037 and paying £24,000 per annum.
Please see the below Accommodation/Tenancy Schedule for information
Planning
Whilst there are no extant planning consents, plans have been drawn up for conversion of the upper parts to provide 4 x one bedroom flats.