The Corner House, 177 Cross Street

Sale M33 7JQ

Overview

  • Modern and prominent, open-plan office with excellent natural light, located in the busy commuter town of Sale.
  • Excellent transport links being situated on the A56, a main arterial route through to Manchester city centre, and less than 500m from Dane Road Metrolink Station.
  • The property provides a total NIA of 11,720 sq ft.
  • Freehold.
  • Current passing rent of £187,250 per annum.
  • 100% of the income is let to Shred-it Limited with Dun & Bradstreet rating of 5A1 Minimum Risk of Business Failure
  • New 10 year reversionary lease
  • We are seeking offers over £2,200,000 (Two Million Two Hundred Thousand Pounds) which reflects an attractive net initial yield of 8.00%, after purchaser's costs of 6.65%. Subject to contract and exclusive of VAT.

Location

Sale is a popular and affluent town within the South Manchester Borough of Trafford and is an important administrative and commuter centre.

Sale is located approximately 5 miles south west of Manchester city centre and benefits from excellent road communications being situated on the A56 (Washway Road). The A56 provides the main link between Manchester city centre and Altrincham, allowing for convenient access to South Manchester. Crossford Court is located less than 1 km south of Junction 7 of the M60 Manchester Orbital Motorway.

Dane Road Metrolink station is located less than 300m to the east of Crossford Court. The Metrolink is the UK's largest light rail network, with 93 stops across seven lines. Approximately 7.2 million miles are 'clocked up' across the network each year, which currently caters for more than 41m journeys per annum across the North West. Journey time from Dane Road to Manchester city centre is less than 15 minutes, whilst Manchester International Airport is within a 15 minute drive time.

Situation

The surrounding area is predominantly residential, interspersed with a number of retail and office premises fronting the A56.

The immediate area around The Corner House provides occupants with excellent amenities. A range of supermarkets are within walking distance, including Tesco, Sainsbury's, Marks & Spencer and Co-op convenience store. Furthermore, Sale is home to a number of popular independent restaurants, cafes and bars such as Mustard Diner and Bar, Vida and Cork of the North as well as many of the national operators.

Sale's mix of affordable housing stock, good primary and secondary schools and ample green spaces makes it a very popular place to work and live within Greater Manchester. These factors have seen average house prices in the area rise by 20% since 2015, and in 2017 Sale was named the 4th most desirable place to live in the UK following a study by the Centre for Economics and Business Research on behalf of the Royal Mail.

SITE AREA

The property is situated on a site of approximately 0.36 acres (0.15 hectares).

Description

ACCOMMODATION

The property provides accommodation over ground, 1st and 2nd floor. An indicative floor plan is available within the marketing particulars.

SPECIFICATION

  • 46 car parking spaces at a ratio of approximately 1:250
  • Under floor cable management
  • Suspended ceilings
  • Comfort cooling
  • Gas central heating
  • Part LED/Part Cat II lighting
  • Fitted kitchen
  • Boardroom
  • Private offices
  • Open plan office

Tenure

Freehold.

Tenancy

The property is wholly let to Shred-it Limited on new reversionary FRI lease from 21/12/2018, subject to 5 year upward only rent review.

The current rent is £187,250 per annum, which reflects £15.98 psf, and is at a considerable discount to prime South Manchester office rents, which now stand at £25 psf headline.

Shred-it received a 7 month rent free incentive which will be topped up by the vendor.


Covenant Information

SHRED-IT
Shred-it is the UK's leading information security company, providing data protection advice and secure shredding and recycling services to organisations of all sizes in the private, public and third sectors.

Shred-it has a range of services that include document shredding and hard drive destruction to meet the daily or occasional needs to safely dispose of unwanted or outdated confidential waste.

In 2014, Shred-it merged with Cintas Document Shredding, to create a new company that operates under the Shred-it name. Shred-it now employs more than 5,000 associates, and operates a fleet of over 2,000 trucks. In 2015, Shred-it was acquired by Stericycle and is now a wholly owned subsidiary. Operating for over 25 years, Shred-it continues to focus on delivering solutions to meet the ongoing needs of a diverse customer base, while helping them comply with stringent privacy laws.

Over 170 service centres across the United Kingdom and around the world.

Shred-it is a division of Stericycle, a global business-to-business services company, serving more than 500,000 customers around the world. The core business of secure document destruction services remains the second largest proportion of the Stericycle, Inc business.

Shred-It Limited has a D&B rating of 5A1.


EPC

The building has an EPC Rating of D-79. This is available on request.

Proposal

Offers over £2,200,000 (Two Million Two Hundred Thousand Pounds) which reflects an attractive net initial yield of 8.00%, after purchaser's costs of 6.65%. Subject to contract and exclusive of VAT.

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NET INITIAL YIELD:
8%
PRICE:
£2,200,000
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