14 - 18 Market Street, Denton, Manchester, Greater Manchester M34 2XW

Online Auction - 17th to 18th September 2024

Investment Property – Three Retail Units plus Gym – Producing £38,600 per annum (potential to Increase)

14-18 Market street plus the freehold rights over the entire block of 6-18 Market Street

Investment property for sale in Denton town centre with on-site parking and frontage to the main town square. Retail and leisure uses on the ground floor and a gymnasium at first floor level.

Description
Not inspected by Auction House but informed to be as follows…
The property comprises three ground floor shop units, one occupied as a bar, plus a significant rear storage unit with ground floor access from the car park. There is a gymnasium at first floor level over the retail units with access direct from the front elevation of the property.
The tenants include a number of well-established local businesses and car parking facilities are at the rear, shared with the adjoining property.

Location
The property represents part of the main core of Denton town centre, overlooking the civic square.


Business Rates
Interested parties should confirm the rates payable figures with Tameside MBC.

Planning
All of the current uses fall within Class E of the Use Classes Order with the exception of 16 which we understand has planning consent for use as a bar.

Tenure
The vendor owns the freehold of the entire block, including the freehold of 6-12 which is subject to the residue of a 2000-year lease at a peppercorn rent, but does include the requirement to pay shared insurance and maintenance costs on the car park.
A full schedule of actual and proposed new rentals is available in the legal pack as negotiations are currently underway for the renewal of some of the leases.
Current income is £38,600 per annum plus VAT. However, the new leases are in course of preparation and will result in probable uplift in income A full schedule of tenancies will be available in the legal pack.

VAT
The property is elected for VAT. Providing all tenants remain in situ we believe this would be treated as a transfer of a going concern, so long as the purchaser elects to pay VAT going forward.

Tenure: Freehold
Title number: GM908893
Council Tax Band : n/a

Local Authority: Tameside

Finance is available on this lot. For a decision-in-principle visit togethermoney.com/amydip

SERVICES The property is connected to the mains drainage, water and electricity. The electricity is sub-metered between the tenants and monitored through a single landlord's supply. No tests have been made of any services.
EXTERNALLY The front elevation sits on the pedestrianised civic square of Denton under a canopy which extends over the first 3 metres of the town square.
At the rear of the property there is a common parking, loading and access area which are shared with the occupants of 6-12 Market Street.
Each of the occupiers of the subject property have informal rights to park a vehicle in the car park.
The cost of maintaining the car park is shared between the subject property and the adjoining owners.
IMPORTANT INFORMATION Buying at auction is a contractual commitment, you are legally obliged to buy the lot on the terms of the sale memorandum at the price you bid. If you are the successful bidder, you are required to pay the deposit and auction fees immediately. As agent for the seller, we treat any failure to satisfy your obligations as your repudiation of the contract and the seller may then have a claim against you for breach of contract. You must not bid unless you wish to be bound by the common conditions of auction.
ANTI MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

Every effort has been made to confirm the accuracy of the lot details including any defect in the title both with the vendor and their solicitor. Auction House will not be held responsible for any failure to disclose any such defects.

Any purchasers choosing to buy without viewing in person are doing so at their own risk and acknowledge that the auctioneer will not be held responsible for any issues that may arise due to them being unintentionally missed from the video or sales particulars.

Please refer to legal pack for additional fees and the Auction Information document for guidance prior to bidding.

Tenure: Freehold

EPC Rating: r/o 14 - D, 14 - C, 14a - D, 16 - C, 18 - C

Administration Fee: 1.98% inc VAT of the purchase price, subject to a minimum of £1980 inc VAT, payable on exchange of contracts.

Disbursements: Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.