Restaurant and Residential Aparthotel Investment Opportunity
- A modern restaurant and aparthotel opportunity strategically located within the heart of Manchester City Centre
- Manchester is the second largest economy in England and is the administrative and commercial hub of the north west of England
- Mixed use property with restaurant accommodation on ground and basement with self-contained residential accommodation on first to fourth floors (8 x 2 bed, 1 x 3 bed)
- 8,313 sq ft (772.30 sq m) of high quality, recently refurbished accommodation
- Ground and Basement let to LFB Restaurants Limited (trading as Cibo) until 2035
- Upper floors let to Dreamhouse (2000) Limited until 2024
- Long Leasehold for 150 years from December 1999 (129.9 years unexpired) at a peppercorn per annum
- Currently producing a total rent of £136,500 per annum
Manchester is the acknowledged capital of the north of England and is the largest English financial and business centre, outside London.
Manchester is the largest and fastest growing regional centre in the UK, generating wealth equal to that of Leeds, Liverpool and Sheffield combined. It comes second only to London both in business terms and the quality of its city environment and retail and leisure amenities.
The city is located approximately 34 miles (55 km) east of Liverpool, 40 miles (64 km) south west of Leeds, 81 miles (130 km) north-west of Birmingham and 192 miles (309 km) north-west of London. The city forms the focus of economic activity in the North West and comprises a strong mix of banking, finance, manufacturing and service sector businesses.
It also boasts an excellent amount of culture and sport with two global football teams; Test Cricket; one of the world’s busiest music venues; six theatres; the BBC Philharmonic and The Halle Orchestra; museums and galleries including Imperial War Museum North and National Football museum. On average, Manchester is the most visited English city by foreign visitors after London. Greater Manchester has a tourist industry worth £7.5bn, according to Visit England.
Manchester is the centre of the wider city region, with a population of approximately 2.8 million. In excess of 12 million people are within a 50 mile radius of the City Centre. It has the largest travel-to work area of any conurbation outside of London.
Manchester Airport is the third largest airport in the UK and serves more destinations than any other UK airport. New routes include daily flights to the Middle East and China.
Manchester Piccadilly is the principal railway station in Manchester. It serves intercity routes to destinations such as London (2 hours 5 minutes), Birmingham (1 hour 30 minutes), Bristol (3 hours), South Wales, the south coast of England, Edinburgh (3 hours 10 minutes), Glasgow (3 hours 10 minutes) and many more.
Manchester Deansgate Station is within a 3 minute walk of the subject property and provides rail services to Manchester Piccadilly, Manchester Airport, Liverpool Lime Street, Southport, and Blackpool North as well as Manchester Metrolink services to all but one of the eight routes across the Manchester area making it the most connected station in the entire network.
3-11 Liverpool Road is situated within the heart of Manchester City Centre and occupies a prominent location on Liverpool Road close to its junction with Deansgate (A56) – one of the main feeder routes into the city. The property is within 60 yards (55 metres) from the main entrance to Beetham Tower, Manchester’s second tallest building at 47 storeys and home to a 5 Star Hilton hotel and a series of residential penthouses. The property is also close to other landmarks including the Manchester Central Convention Complex, the Great Northern warehouse and Deansgate Locks.
Communication links are excellent with Deansgate providing access to the Mancunian Way, M602/M62 and directly to the south Manchester conurbations via the A56 Chester Road. Deansgate railway and GMEX Metrolink stations are within 0.1 miles (160 metres) of the property, further enhancing the areas connectivity. Manchester Central and Manchester Convention centre are located within a short walk as is the Museum of Science and Industry. Situated close to Deansgate Locks and the popular Castlefield area of Manchester, with its many restaurants bars and nearby ‘Y’ club leisure facility the property benefits from a high level of footfall.
The property, constructed in 2003, comprises a modern end of terrace building with ground floor and basement restaurant (A3) accommodation and self-contained residential accommodation on first to fourth floors.
The restaurant premises have recently undergone a large refurbishment programme and the residential accommodation comprises eight two bedroom and one three-bedroom apartments with the following internal features;
- 6 person passenger lift
- Private balcony area to majority of units
- Full under floor heating
- Double glazing
- Fitted kitchenette
The property is let in accordance with the tenancy schedule detailed below;
Long Leasehold for 150 years less 2 days from 24 December 1999 (129.9 years unexpired) at a peppercorn rent per annum.
Dreamhouse (2000) Limited
Following research carried out in the USA and the UK, Dreamhouse Apartments was formed in 2000 to develop “serviced apartments” firstly in Scotland and then across the UK in targeted locations. In 2001, Dreamhouse purchased their first property in Glasgow, designed and developed into stylish, contemporary apartments. The company then went on to expand the business by purchasing and developing further property in Glasgow in 2002 and new properties in Edinburgh and Aberdeen in 2004 and 2007. Dreamhouse then expanded into England with property in Manchester and London in 2012.
LFB Restaurants Limited
Established in 2014, Cibo brings real Italian food from the heart. Their menus include classic, authentic Italian dishes including pizzas, pastas, steaks and fish with many vegetarian and vegan options available. The company also runs a sister restaurant in Manchester under the name of Don Giovanni, situated on Oxford Street, some 0.5 miles from 3-11 Liverpool Road.
Available upon request.
The property is elected for VAT and it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).
Offers are invited in excess of £2,100,000 , subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 6.25% and a low capital value of £252 per sq ft taking into account MDR purchaser’s costs on the residential element of 2.80% and standard purchaser’s costs of 6.10% on the commercial element.
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.