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THIS PROPERTY IS NO LONGER AVAILABLE

Commerical Development For Auction
Oldham Street, 53 Spear Street, Manchester, M4

£750,000
  • Property at Oldham Street, 53 Spear Street, Manchester
  • Property at Oldham Street, 53 Spear Street, Manchester

Full Description

View this property on a map City Centre development opportunity for hotel and separate apartments.

TO BE SOLD BY AUCTION 24 APRIL 2018

REFER TO THE AUCTION CATALOGUE - LOT 12.

GUIDE PRICE: £750,000

EPC rating: Warehouse and storage: exempt

*For essential guide price information visit: www.edwardmellor.co.uk

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Overview

The property on offer is a development site with consent for a hotel and separate apartments. The building was the first Marks & Spencer Penny Bazzar in Manchester. The site is considered multi faceted in terms of planning and other application such as a 20 bedroom hotel with additional apartment space may be considered subject to planning.

The Northern Quarter is considered Manchester's trendy neighbourhood, with independent bars and independent record shops. Its home to popular restaurants and some of the city's liveliest music venues, which host up-and-coming indie bands and established acts. Of course Afflecks Palace is just over the road and it is in close proximity to Piccadilly Station and all bus and tram routes and Manchester University.

Notes

The premises are in semi-derelict condition and as such internal viewings, if conducted, will be limited and a disclaimer will be signed by all parties entering. There is no EPC rating for the property as it is being sold as a development site.

Possession

Vacant on completion, site bought as is.

Planning

Ref: 110890/FO/2015/C2. 60 Oldham Street as 3 no. Apartments (C3) and use of 53 Spear Street as a 7 bedroom hotel (C1) including extension to provide one additional floor and reinstate original building height of the building with facade alterations to both buildings. Ground floor Class A1 use to be retained.

The residential elements are drawn as three bedroom flats with contemporary living space, three bedrooms and bathroom plus en-suite to one bedroom in each flat and looked suited to the rental market where rents should be comfortably around the £1,000 mark per month.

The A1 unit rent is estimated at £2,000 per month, £24,000 per annum, possibly higher if basement used. Hotel rates are on average £90 per night in the location so potentially £4,410 per week (£225,000 per year)

Viewing

Auction Department 0161 443 4740.

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