High return investment in popular area of Wigan Town centre
Summary
- Well maintained property
- Majority let to 'Envy Lounge Bar'
- £27k pa ERV
- 10.28% NIY (Net Initial Yield)
- Popular bar location
- Energy efficient 'B' rated building
- Scope for future development
- Wigan Town Centre
- Fantastic investment opportunity
- Two separate tenants
Accommodation
The accommodation comprises the following areas:
| Floor/Unit | Description | sq ft | sq m | Availability |
| Building | Ground Floor - 3 Arcade Street | 415 | 38.55 | Under Offer |
| Building | Ground & First Floor - 5-7 Arcade Street | 1,746 | 162.21 | Let |
| Total | 2,161 | 200.76 |
Location
The property is well located on Arcade Street in an established leisure area within Wigan town centre. It is within close proximity to the £135m town centre redevelopment project which includes 460+ residential units, hotel, cinema, bowling alley, indoor mini golf, event venues, new market hall and more. All of which should help to add further value to this investment over time. Additionally, planning has been accepted for 26 apartments and 4 additional class E units opposite this property to enhance the value of this area further.
Wigan is an established and popular leisure and retail location situated some 17 miles north-west of Manchester and 15 miles south of Preston. The town benefits from its proximity to the M6 Motorway (Junction 26) which is 4 miles to the west and to the M61 Motorway (Junction 6) 6 miles to the north-east.
Get directions from Google Maps
Mainline Stations
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Wigan Wallgate2 mins
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Wigan North Western3 mins
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Ince (Manchester)18 mins
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Pemberton37 mins
Underground Station
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Chesham2950 mins
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Amersham2987 mins
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Chalfont and Latimer3014 mins
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Chorleywood3049 mins
Further Information
Price Offers in excess of £250,000
Rates Payable Upon Enquiry
EPC Rating This property has been graded as B (46)
Description
A rare opportunity has arisen to acquire an income producing commercial investment along the popular Leisure/bar area of Arcade Street in Wigan Town Centre
The property is a substantial two-storey mid terraced premises, with brick elevations beneath a pitched slate roof. The property consists of a former barbers shop to the ground floor of unit 3, which we understand is now under offer at a rent of £7,188pa (£599pcm). The remainder of the property - ground floor 5-7 and first floor 3-7 is let by way of a 5 year FRI lease at £19,200pa (£1600pcm) from 29/11/23 without break options to an independent bar operator t/a 'Envy Lounge Bar'.
There is considerable scope for future development of this site and to add another floor, with a separate entrance added to Arcade Street and so the upper floors could be converted to residential for a future owner (subject to planning consents).
Sale
Offers are invited in excess of £250,000 for the Freehold interest.
This equates to a generous net initial yield of 10.28%, once fully let, after allowing purchasers costs of 2.6%
Services
We understand that mains electric, water and drainage are connected to these premises.
BUSINESS RATES
Unit 3 = Rateable Value of £3,250
Unit 5-7 = Rateable Value of £7,700
Both units qualify for 100% small business rate relief
Legal Fees
Each party will be responsible for their own legal costs in connection with this transaction.
VAT
We understand that VAT is not applicable to this sale.
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