FOR SALE – INVESTMENT / DEVELOPMENT OPPORTUNITY
45 – 47 FAULKNER STREET, MANCHESTER, M1 4EE
Manchester City Centre
Investment / Development Opportunity.
Prime Chinatown location Part let passing £75,500 pa
Average lease length 7.6 years
Approx. 1,411 sq m (15,188 sq ft) over 5 floors
S/C upper 3 floors offer potential for redevelopment as
leisure, offices, residential or other STP
www.behrandco.co.uk / 0161 832 4744
45 – 47 Faulkner Street, Manchester, M1 4EE
LOCATION & POSITION
The property occupies a commanding south easterly position on
Faulkner Street within the Chinatown district of Manchester City
Centre. Faulkner Street extends from New York St through to
Princess St with the property owning an excellent pitch on the south side between Charlotte St and Nicholas St. The immediate area surrounding presents a mix of leisure, retail, office and residential uses whilst benefiting from fantastic transport infrastructure and a vast array of commercial amenities throughout the City Centre.
45 – 47 Faulkner Street, Manchester, M1 4EE
DESCRIPTION
45 – 47 Faulkner Street comprises an attractive mid-terraced Grade 2 listed commercial building set over 5 floors with construction
th estimated to have taken place in the early 20 Century. The property comprises brickwork elevations under a pitched timber framed and tiled roof with decorative stonework cladding to the front aspect and around each window frame. The floor plate is rectangular in shape and set over LG, G and three upper floors. There are three independent entrances within the front elevation thereby affording the LGF, GF and upper floors with separate access. The rear of the building extends to
Reyner Street and which includes a small gulley to the side for goods deliveries. The LGF and GF are currently occupied by two restaurants and benefit from occupier fit out and furnishings. The upper three floors are no longer occupied and subject to forfeiture of the existing lease thereby offering a purchaser the opportunity to terminate at a time convenient and redevelop as required.
ACCOMMODATION
As measured in accordance with the RICS Code of Measuring Practice; Indicative Floorplate – GF
SQ M SQ FT Lower Ground 280 3,068
Ground 216 2,906 First* 305 3,283
Second* 305 3,283 Third* 305 3,283
Total 1,411 15,188 *GIA
45 – 47 Faulkner Street, Manchester, M1 4EE
TENANCY INFORMATION TENURE
The lower ground floor is let to Pan Asia Restaurants Ltd at a passing rent of The property is held freehold. Interested parties should make £40,500 pa expiring 31 Jan 2022. The FRI lease has recently been assigned to their own enquires for verification purposes.
owners of Mei Dim Restaurant.
The upper ground floor is let to Wan Long Ltd & Jackie Li trading as BBQ Hand VAT Made Noodles, on an FRI lease expiring 24 December 2022 and at a passing rent of £35,000 pa. We are noted that the property is not elected for VAT purposes.
This creates a total passing rent of £75,500 pa. THE OPPORTUNITY
The first, second and third floors are subject to a lease to Kang Fat Wong In addition to benefiting from a passing rent of £75,500 pa secured formerly trading as The New Hong Kong Restaurant and expiring 25.12.2022 however the tenant is no longer in occupation. The lease has not as yet been for an average 7.6 years, a purchaser will have the opportunity to formally forfeited however this can be undertaken by a purchaser at their redevelop the three upper floors that extend to a gross internal area of approximately 9,850 sq ft. There is of course potential for a convenience. The three upper floors therefore offer potential for redevelopment. range of uses such as restaurant, casino, offices, residential or other subject to obtaining the necessary consents.
Copy leases are available on request.
EPC VIEWINGS & FURTHER INFORMATION
LGF Ref: 9756-3029-0142-0991-0921 Rating: E Behr & Co, 41 South King Street, Manchester, M2 6DE
GF Ref: 9756-3029-0142-0992-6921 Rating: E 0161 832 4744 / 07841 474 444 F,S &T Ref: 0010-0634-2789-9929-5096 Rating: E Contact: Oliver Basger / [email protected] All Energy Performance Certificates for this property are available from the office on request.
PRICE
Guide price on application.
Misrepresentation Act - Behr & Co, both for themselves and for the vendors of this property, give notice that this sales brochure has been produced in good faith and is set out for guidance purposes only. The particulars do not constitute part of any offer, contract or form of negotiation. All of the information stated is believed to be materially true and correct however interested parties should seek to satisfy themselves as to the correctness and accuracy of information contained. All liability, in negligence or otherwise that may arise from the use of these sales particulars is excluded.