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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Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.