Rare opportunity to acquire a Grade II listed boutique hotel in Manchester city centre
Enviable location, directly opposite Harvey Nichols and Selfridges, with magnificent views overlooking Cathedral Gardens
The area has received significant public sector investment creating an attractive public open space
Boutique hotel and public bar, with 39 letting bedrooms
16,357 sq ft on a net internal area basis (19,831 sq ft GIA)
Let to a private individual for a term of 10 years commencing the 22nd September 2017, expiring 21st September 2027 (c. 7.31 years unexpired)
Strong future development potential for conversion to residential or offices (subject to planning)
The current passing rent of £212,115 per annum is subject to annual increases in line with RPI, as well as 5 yearly OMRV reviews, and will be topped up by the vendor to £214,312 per annum
Offers in excess of £3,300,000 (STC)
Providing a Net Initial Yield of 6.1% NIY and an estimated reversionary yield of 6.58% in 2027
Low capital value of just £201 psf (GIA - £166 psf)
