Eddisons to Handle Major Commercial Investment
The Manchester office of Chartered Surveyors Eddisons has been appointed to handle the sale of a high yielding, majority let, commercial investment opportunity in Ashton-under-Lyne.
1 Henry Square is a high specification three storey office building extending to approximately 49,000 sq ft. It is located in the St. Petersfield regeneration area of Ashton town centre, 6 miles west of Manchester and close to junction 23 of the M60.
93% of space is currently let to three tenants, including anchor tenant Pennine Care NHS Trust who occupy 36,122 sq ft, producing a gross annual income of £573,072. Heads of terms have also been agreed for the Trust to take an additional 3,337 sq ft, raising occupancy levels to 100%.
Gross annual rental income when the building is fully occupied will be approximately £600,000, with a further increase to over £625,000 due in March 2015.
Eddisons is inviting offers in the region of £6,350,000, a net initial yield of 8.5%.
James Cole of Eddisons said: ‘This is a major investment opportunity producing significant income from established occupiers, which rarely come to market.
‘It forms part of the first phase of the St. Petersfield regeneration scheme. The wider development will ultimately consist of 400,000 sq ft of offices, shops restaurants and apartments, creating a diverse and thriving extension to Ashton.
‘We are expecting plenty of interest and encourage potential buyers to make contact as soon as possible.’
Other neighbouring occupiers include Tameside Magistrates Court, Tameside College and Tameside and Glossop Primary Care Trust.
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Written by: Richard Roe on Thursday 05/06/2014