Manchester retail block goes to market for £9m
Metis Real Estate and Tydus Real Estate are searching for a buyer for the freehold of 7-9 Piccadilly, which looks out over Piccadilly Gardens.
The building has a guide price of £9.1m.
The site’s current owner is TEG Manchester. The building was last sold in 2019 for £8m, according to HM Land Registry.
The building’s net internal area totals 23,000 sq ft and the weighted average unexpired lease term lasts for 8.9 years.
Two tenants already occupy the building, Superdrug rents the ground and basement floor commercial space for £525,000 a year, while Zamcorp FXXII leases for £105,000.
The total passing rent is £630,000 a year.
Planning permission has also been granted to the site for a partial demolition of the building’s upper floors to provide a six-storey office scheme, complete with a roof terrace.
Existing space at the back of the site off Back Piccadilly could be converted into a 120-bed hotel, according to the marketing materials for the site.
Please wash and clean the dirty grimy front wall. Or is TEG broke? Could be.
By Anonymous
I hope this building is redeveloped, it’s frankly far too small and ordinary to front into such a vast space as Piccadilly Gardens
By Anonymous