19-21 Sankey Street, Warrington, WA1 1XG
£20.47 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
42,746 sq ft
3,971 sq m
- SECTOR
Commercial development for sale
Key features
- Substantial Conversion Opportunity
- Poundland Lease Expires 2 May 2027
- Lease Outside the Act
- Untapped Potential
- Good Access to Front & Rear
Description
The property is wholly let to Poundland Limited until 2 May 2027, on a Lease that is excluded from the Landlord & Tenant Act.
Poundland have been in occupation since 2010 and this is their third term.
The property frontage is a most attractive façade and we understand that the property is Grade II Listed.
The ground floor is predominantly sales and the remaining floors storage.
The asset management opportunities here are significant, potentially a regear with Poundland and a Planning Application for a
conversion of the upper floors to residential and possible sub division of the ground floor to enable access, to suit Poundland’s
requirements.
The property is located on Sankey Street in the heart of Warrington’s retail core. The property faces Golden Square Shopping Centre, which boasts
household brands to include Boots and Next.
Opposite the property is a walk-way through to the Old Fish Market square, where a variety of coffee shops and restaurants are in situ, including
Nando’s, Ask and Café Nero.
Car parking is available within the 1,700 space, 3 level Golden Square multistorey car park.
The entire property is currently let to Poundland Limited for a term of 3 years from 3 May 2024, at a current rent of £70,000 per annum exclusive.
The Lease is excluded from the Landlord & Tenant Act 1954.
It is let on a Tenant’s Full Repairing and Insuring basis, limited by a 2010 dated Schedule of Condition.
There is clearly an opportunity for future rental growth and/or lease regearing to release upper floors for residential development.
£875,000 plus VAT. However, a sale with the Tenant in situ may be eligible as a TOGC.
A purchase at the asking price represents a net initial yield of 7.58%, taking account of 5.6% purchase costs.
However, this accounts for the asset management opportunity. In addition, it represents a capital rate of just c. £20 psf overall, including basement.
Brochures
19-21 Sankey Street, Warrington, WA1 1XG
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Warrington Central Station0.2 miles
- Warrington Bank Quay Station0.4 miles
- Warrington West Station1.8 miles
About Morgan Williams Commercial LLP, Warrington
720 Mandarin Court Centre Park Warrington WA1 1GG
As one of the longest established and best known professional Chartered Surveyors and Commercial Estate Agents in Warrington, we take pride in offering a quality service throughout Warrington, Leigh, Cheshire, Merseyside and surrounding areas.
Morgan Williams Chartered Surveyors has built a reputation of providing quality service to a growing client base of corporate, local authority and private customers. We can advise on various aspects of commercial property. In addition to sales, le
Notes
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