Mixed-Use Refurbishment Opportunity with Repositioning Potential
- A rare opportunity to acquire a landmark building with immediate refurbishment and repositioning potential.
- Prime location fronting Deansgate, one of the main thoroughfare’s running through Manchester City Centre.
- The building sits within the St Mary’s Parsonage Strategic Regeneration Framework, which aims to create a revitalised, commercially led mixed-use neighbourhood in this micro-location.
- Church House extends to 58,915 sq ft over basement, ground and five upper floors.
- Producing a total rental income of £429,786 per annum.
- Weighted Unexpired Lease Term to Break of 11 years on the retail and leisure space.
- Significant reversionary potential with the retail, leisure and office rents substantially below market rent.
- The Diocese will take a 12-month leaseback (with a rolling tenant only break option from 1st January 2023) on the space they occupy within the building, reducing initial holding costs for the new owner whilst any refurbishment or re-positioning plans are developed.
- Offers are sought in excess of £12,000,000, reflecting a low capital value of £204 psf.