Nikal puts Hanging Ditch building up for sale
Advised by Cheetham & Mortimer, developer Nikal has put a prominent building on Manchester’s Victoria Street, made up of apartments and the Hanging Ditch wine merchants, on the market with an asking price in excess of £500,000.
The five-storey Victorian building, next to the city’s cathedral, is home to Hanging Ditch wine merchants in a 400 sq ft unit at ground floor level. This is let to Hanging Ditch on a 10-year lease, agreed in March this year at a rent of £29,000 per year. There is also around 350 sq ft of space at basement level.
Meanwhile, the upper floors feature four residential apartments which contribute £200 per year in ground rent, and these have been sold on a long leasehold basis.
RPI linked rent reviews are due in 2023 and 2027.
Nikal is the developer behind Altrincham’s Altair development, the second phase of which secured planning consent in summer last year. The developer has also recently added former Himor man Darren Jones as development director, based in Manchester.
