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The Courtyard, Royal Mills 17 Redhill Street, Ancoats Manchester M4

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The Courtyard, Royal Mills 17 Redhill Street, Ancoats Manchester M4 The Courtyard. A unique, reversionary office investment. The Courtyard, Royal Mills 17 Redhill Street, Ancoats Manchester M4 5BA Investment The Courtyard Excellent asset comprises of character management Summary office accommodation opportunities to split into 21 refurbished add value. office suites. Held under 2 long Total floor area of leasehold titles, 12,693 sq ft. Five suites MAN87753 (150 years (3,534 sq ft) have from 1st January 2007) been sold long leasehold and MAN103899 (125 at a peppercorn rent. Fully let to 10 different years from 9th March tenants producing 2017). The ground rent is 01 a gross income of £150 per annum. £144,283 per annum and a net income of £125,694 per annum, We are instructed after deducting to seek offers in excess The Courtyard is part of Royal landlord’s shortfalls. of £1,890,000 (One Mills, a Grade II* listed former Million, Eight Hundred and Ninety Thousand mill building which has been The net rent reflects Pounds), subject to transformed into an exceptional, a low average of contract and exclusive £13.07 per sq ft. of VAT. mixed-use development. ERV of £186,142 A purchase at this Located in Ancoats Urban per annum. level reflects a net Village, a culturally significant initial yield of 6.26%, a reversionary yield of and thriving urban area that WAULT of 1.1 9.27% and a low capital neighbours the Northern Quarter, years until earliest value of £206 per sq ft, termination. assuming purchasers within Manchester city centre. costs of 6.24%. Manchester is England’s largest It’s prominence dates back to its status as the birthplace of Manchester the Industrial Revolution in the early 19th century. During business and financial centre this time, many factors propelled Manchester to become the outside of London. pre-eminent city of its time. Here in the early 21st century, there are many parallels that can be made in the city’s transition during the industrial revolution to the world’s leading industrial metropolis and now to a leading 21st century economy. 02 The city has a 80 of the FTSE 100 The city benefits population of companies represented from excellent road approximately in Manchester. communications, 541,000 people. with the M60 orbital motorway connecting to one of the most Manchester Airport is comprehensive There are a further the third busiest airport motorway networks 1.9 million people in the UK. in the country. within a 30 minute drive and 7 million people within a 1 hour drive. Manchester has one Comprehensive, of the highest student 93-stop Metrolink populations in Europe Tram system connecting of over 100,000 people Greater Manchester Greater Manchester with one of the highest to the city centre. has a GVA of £62.85 bn. graduate retention and has grown by rates in the UK. an average of 3.09% Y-on-Y over five years. 1 Cutting Room Square A Ancoats General Store G Sugo Pasta M Jane Ayre Ancoats 2 Piccadilly Gardens B Viet Shack H Hip Hop Chip Shop N Cask 3 New Islington Freeschool C Mana Restaurant I Trove O Pollen 4 Piccadilly Railway station D Chaology J Elencot P Pure Gym 5 New Islington Tram Stop E Nam K Rudys Q Aldi 6 Islington Marina F Counter House L Canto Restaurant N ANCOATS G J H I C 03 E F L 1 K I NEW Royal Mills lies at the heart of one of Ancoats has established itself as a INNER RING ROADM ISLINGTON Manchester’s largest regeneration areas. bohemian destination within the city, N A It is set within the Ancoats Urban Village appealing to creative and innovative B 6 NORTHERN O development area which has seen major residents and occupiers. As well as an D investment and development over recent established office offering, appealing to QUARTER years as well as an influx of creative various sectors such as creative media, 3 industries and a new residential tech, and financial services, the area has P 5 community. Ancoats has become one a range of independent bars, restaurants Q of the most vibrant areas in the city. and shops. Ancoats Urban Village is rich in industrial Ancoats was named as one of the coolest 2 and architectural heritage, spanning the places to live by The Times in 2017 and development of urban cotton spinning and the New York Times recently hailed the related activities from the late 18th century area’s entrepreneurial spirit. to the early 20th century. It was designated a conservation Area in 1989 containing Royal Mills is within close proximity to some 14 listed buildings, 7 of which are key commercial, retail and transport hubs. MAYFIELD Grade II*. Royal Mills, one of these Grade II* listed buildings, is set on the banks of Manchester Piccadilly and New the Rochdale Canal on the corner of Islington Tram Stop are within a 12 4 Redhill Street, Murray Street minute walk of Royal Mills. and Henry Street. Office Manchester city centre Small scale requirements (space sized Although Grade A supply is tight, new below 5,000 sq ft) accounted 79.5% (250 build pipeline is strong with a number Market has established itself as deals) of all transactions in 2018 of schemes completing in 2019 and 2020. A Overview the leading commercial and consistent with previous years. number of pre-lets are expected this year. location in the UK outside 38% of transactions were also between Grade B space accounting for 61% of of London, demonstrating 1,000 – 3,000 sq ft indicating the strong total take-up in 2018. demand from the SME sector. a strong and robust Prime office rents remain at£34.00 per performance during the Demand for Grade A stock has not sq ft, however with a number of new slowed down with 38% (665,000 sq ft) developments coming live in 2019 rents recent economic uncertainty, of true Grade A existing and Pre-lets are forecast to reach £37.00 per sq ft. which has strengthened its accounting for the overall take-up in 2018. 04 Prime refurbished rents stand at £32.50 long term position. 2018 was also the year of the Grade per sq ft and will continue to rise in 2019. A refurbishment with landlords capitalizing on the lack of new build The average rent continues to rise This resilience has been reflected in schemes being readily available with and stood at £20.90 per sq ft in 2018 the city centre occupational market 334,400 sq ft transacting. with office take-up in 2018 reaching a record breaking 1,750,287 sq ft across 314 transactions, which is a 45% increase year-on-year and significantly above the 5 year (1.383m sq ft) and 10 year averages Date Property Area (sq ft) Rent (psf) Tenant (1.142m sq ft). Nov 2018 Clayton House 1,731 £19.00 HTA Design Oct 2018 Beehive Mill 1,300 £25.00 (all inc.) Silverchip Oct 2018 Carvers Warehouse 1,510 £18.50 Renaissance June 2018 Carvers Warehouse 2,100 £18.00 Field Clegg Bradley Studios May 2018 Beehive Mill 1,073 £20.00 Noir Mar 2018 35 Dale Street 1,500 £18.50 Slack & Andrews Feb 2018 35 Dale Street 2,680 £18.50 Accommodation For Students Jan 2018 3 Stevenson Square 2,362 £20.00 Big Cloud Description Originally constructed in 1797, The Courtyard forms part of the stunning Grade II* Royal Mills building. First home to one of the largest cotton spinning firm in Manchester, Royal Mills was reinvented into a mixed-use destination in 2005, comprising of offices, residential, retail and leisure. The Courtyard is accessed via a Tenants also benefit from an internal stone flagged central courtyard, The internal specification and external roof terrace that can be used 05 which is situated in the spectacular includes: as event, breakout or meeting space. glass atrium at the centre of the development. This area acts as a hub — Raised access floors The Courtyard has its own self-contained for all businesses and residents. access with an exposed glass passenger — Pendant LG7 Lighting lift serving each floor as well as a staircase. The recently refurbished office accommodation is arranged over — Exposed brickwork features The car parking is located under Fairbairn three floors and provides modern Apartments, on Henry Street, less than office space which embraces the — Meeting room facilities a 2 minute walk from Royal Mills. There Victorian architecture and the are 23 car parking spaces in total, of which original identity Royal Mills’. — Kitchen / breakout facilities 4 have been sold off long leasehold, providing an attractive ratio of 1:482 sq ft. — W/C facilities on each floor — Manned reception with 24/7 secure access — Fully DDA compliant First Floor Plan Reception Accommodation Reception Reception Reception 1.06 Reception 765 sq ft 1.06 765 sq ft 1.06 765 sq ft Existing First Reception 1.07 Floor Plan Existing Second 298 sq ft 1.08 Existing Second Floor Plan (Sold LLH) 457 sq ft Floor Plan (Sold off LLH) 1.06 1.07 1.09 1.05 765 sq ft 1.10 298 sq ft 1.07 1.08 392 sq ft 1.11 2.02 1 ,402 sq ft 298 sq ft 223 sq ft 2.01 457 sq ft 1.08 340 sq ft 1.12 508 sq ft 81 7 sq ft 457 sq ft 1.05 1.09 1.10 306 sq ft Reception 1,402 sq ft 1.05 392 sq ft 1.09 1.11.110 2.01 2.02 392223 sq fsqt ft 1 .11 817 2sq.
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