Offers in excess of £2.75m are being sought for a prominent leisure and residential investment in Manchester City Centre. The Specialist Markets Team at CBRE has been appointed by Artisan Property Group to market the 26,250 sq ft mixed use investment with development potential on New Wakefield Street in the heart of Manchester’s established Oxford Road licensed leisure circuit.
The scheme generates a rental income of £195,000 pa and is anchored by two popular regional bar and leisure operators; The Font and Black Dog Ballroom on 12 year unexpired leases. The upper parts comprise 6 x 2 bed and 1 x 3 bedroom apartments let on AST’s and three floors of office suites (currently vacant) which provide a quirky redevelopment opportunity.
Nick Huddleston of CBRE comments: “We are very excited about bringing 7 – 13 New Wakefield Street to the market. The scheme provides a desirable income stream and offers a unique development opportunity to transform the office suites into boutique residential apartments. Oxford Road is subject to several key redevelopment proposals which we consider will provide significant focus on this area of the City going forward. We therefore envisage this investment and development opportunity being well received by the market’.
