Unique Long Income Bank Investment Opportunity
- Prime bank investment within Wigan Town Centre
- Grade II Listed landmark building within an attractive terrace on the part pedestrianised Market Place
- Prominent location within the pedestrian thoroughfare between Wigan Wallgate Railway Station, Wigan Bus Station and The Galleries & Grand Arcade Shopping Centres
- Let to Nationwide Building Society with a further 81 years unexpired lease term
- Currently producing a rent of £46,000 per annum
- Five yearly upwards only rent reviews
- Offers in excess of £915,000 (Nine Hundred and Fifteen Thousand pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 4.75%, assuming standard purchasers’ costs of 5.65%
Wigan is an established commercial centre situated in Greater Manchester, located approximately 20 miles (32 km) north west of central Manchester, 20 miles (32 km) north east of Liverpool and 20 miles (32 km) south of Preston. Wigan Borough has a population of 322,000 people, of which 90,000 people reside in the town of Wigan. The town’s population has grown by over 5% in the last 10 years and is forecast to continue to grow. (source: wigan.gov.uk)
The town is serviced by the A577 and A58, which, to the west provide direct access to the M58 and M6 (Junction 26) motorways and to the east, access to the M61 (Junction 5) motorway.
The town also benefits from direct rail services from Wigan North Western and Wigan Wallgate to Manchester (fastest journey 31 minutes to Manchester Piccadilly), Liverpool (fastest journey 32 minutes to Liverpool Lime Street) and Leeds (fastest journey time of 1 hour 45 minutes).
The area around the Wigan Pier, an iconic set of buildings in and around the Leeds and Liverpool Canal, is planned to be redeveloped, in a multimillion-pound project rebranding the area as the Wigan Pier Quarter.
Occupiers of note in the Wigan area include The Tote chain of bookmakers who have their headquarters in Wigan. Additionally, H. J. Heinz, one of the largest food manufacturers in Europe has a 55-acre food manufacturing facility in Wigan, which is the largest food processing facility in Europe.
The property is situated in a prominent position on Market Place, within the retail core. It neighbours the Marketgate Shopping Centre and is within 90 yards (80 metres) of the entrance of the Grand Arcade and Galleries Shopping Centres. The Galleries Shopping Centre is due to go under a £125m overhaul in the coming years. Market Place is a very busy thoroughfare, was recently upgraded in 2019 by Wigan Council, and provides access to Wigan Bus Station and Wigan Wallgate Railway Station.
Tenants in the immediate area include Lloyds Bank, Barclays Bank, Starbucks, Santander and Greggs.
The property comprises an attractive ground floor banking hall and basement with self-contained office accommodation on the first and second floors. The property benefits from rear access via Market Street.
The property is a terraced retail unit of traditional red brick construction with attractive timber elevations, originally constructed in 1904 and Grade II Listed.
We understand the property provides the following Net Internal Areas (source: Valuation Office Agency Feb 2021):
The Property is held on a long leasehold from Wigan Borough Council for a term of 125 years (less 8 days) from 8th November 1977 at a fixed peppercorn rent per annum. The headlease therefore provides an unexpired term of approximately 81 years.
The property is let in its entirety to Nationwide Building Society for a term of 125 years (less 10 days) from 8th November 1977 at a current passing rent of £46,000 per annum. The lease is subject to 5 yearly upward only rent reviews to an appropriate portion (71.829%) of rental value. The next review is due on 8th November 2022.
The Nationwide Building Society has sublet part of the property. Further details are available upon request.
The Nationwide Building Society was established in 1846 under the name of The Provident Union Building Society. Since then, they have amassed some 16.3 million members (2019: 15.9 million) and have been voted the Banking Brand of the Year 2019 for the third successive year (Source: Which?).
For the year ending 4th April 2020, Nationwide Building Society reported a total income of £3,039,000,000, a pre-tax profit of £466,000,000 and a cash and cash equivalent at year end of £14,474,000,000. (Source: Nationwide Annual Report 2020).
Available upon request.
The property has been elected for VAT, therefore VAT will be payable on the purchase price. It is anticipated the transaction will be treated as a Transfer of a Going Concern (TOGC).
We have been instructed to seek offers in excess of £915,000 (Nine Hundred and Fifteen Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 4.75%, assuming standard purchaser’s costs of 5.65%.
MISREPRESENTATION ACT 1997 & DECLARATION
Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.
For the pdf brochure please click here.