46/46a Newport Street, Bolton, Lancashire BL1 1NB

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Property Details

Location

Auction Details

Description

A multi-let commercial investment, extending to approximately 287.20 Sq M (3,091 Sq Ft), let to Subway and a local sole trader and producing a combined rental income of £43,500 per annum.

Location

The property is located on the pedestrianised area of Newport Street, close to the junction with Great Moor Street, in the centre of Bolton. Nearby occupiers include Home Bargains, CEX, Ladbrokes and Greggs. Bolton Station is within 350 metres and there are a number of car parks in close proximity.

Accommodation

Description	Sq M	Sq Ft
Ground Floor 46 Newport Street 46a Newport Street	79.90 57.10	860 615
First Floor (occupied by 46a Newport Street)	93.30	1,004
Second Floor (occupied by 46 Newport Street)	56.90	612
Total	287.20	3,091

* Floor areas taken from VOA website.

Approx Site Area

Approximately 164 Sq M (196 Sq Yds).

Tenure

Unknown

Planning

Interested parties should consult direct with the Local Planning Authority: Bolton Council, Town Hall, Bolton, BL1 1RU. Tel: 01204 333 333.

Tenancy

46 Newport Street is let to a sole trader pizzeria by way of a 10 year lease from 11 April 2018 at a rent of £24,500 per annum. The lease is subject to a rent review at the fifth anniversary and a tenant break option at the third anniversary. We are advised that the tenant is currently receiving a rent holiday until 24 December 2020 and has exercised their option to determine the lease.

46a Newport Street is let to Subway Realty Ltd by way of a 10 year lease from 28 September 2020 at a rent of £19,000 per annum. The lease is subject to a rent review at the fifth anniversary and a rolling tenant break option, exercisable upon 12 months written notice, until the 18th month of the term. In addition, the tenant also has the option to break the lease at the seventh anniversary upon giving 6 months written notice. If the tenant does not break the lease they will receive a four month rent free period at the seventh anniversary.

General

1. All the information provided on our website is for indicative purposes only and interested parties should rely upon the contents of the legal pack and their own due diligence as a prudent bidder.

2. 46 Newport Street is entered in the 2017 Rating List as "Cafe & Premises" with a Rateable Value of £24,250.

3. 46a Newport Street is entered in the 2017 Rating List as "Shop & Premises" with a Rateable Value of £21,750.

4. Energy Performance Certificates:
46 Newport Street = E
46a Newport Street = E

Addendum

46 Newport Street - The tenant has agreed to sell their business to a local trader and a new six year lease has been agreed at a rent of £18,000 per annum. Rent is payable quarterly in advance and the tenant will receive a 3 month rent free period after the first 3 months. There is also a tenant break option at the third anniversary. We understand the lease is expected to complete prior to completion of the sale of the property.