Key Features
Description
The property was built in the early 1900s for the Cooperative Insurance Society (CIS) as their headquarters. The property was converted from an office to a hotel in the 1960s. In the 1990s the property was reconfigured to form residential apartments. The property consists of 106 self-contained residential apartments and commercial space arranged over basement, ground and four upper floors.
Manchester has a large population of more than 2.5 million people and more than 7.2 million people live within a 1-hour drive time.
Manchester is the fastest growing regional city in the UK and is renowned as the economic powerhouse of the North. The economy is expected to grow by 14.5% between 2022 and 2026.
Manchester offers a truly diverse culture benefitting from a thriving music and performing arts scene and numerous international sporting venues. The city also benefits from a comprehensive retail offering with the Arndale Shopping Centre and large anchor tenants such as Selfridges and Harvey Nichols.
The property occupies a prime position fronting Corporation Street, adjacent to NOMA and within a 5-minute walk of Manchester Victoria Station, Manchester Arena, the Arndale Centre, Printworks and the Corn Exchange.
A prominent Grade II listed building arranged over basement, ground and four upper floors with a Gross Internal Area of approximately 75,000 sq ft.
The property consists of 106 residential apartments, a dentist and doctors surgery, gym and a dance studio.
The gross income as at the 31st March 2023 is £1,244,024 per annum. The residential rents are consistently increasing and it is estimated that by the 31st March 2024 the gross income will be £1,308,197 per annum.
There are a number of asset management initiatives including reconfiguring the existing space and potential extension (subject to planning).
Freehold
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