Vulcan Mill, Malta Street/Pollard Street, Ancoats, Manchester, Greater Manchester

Property details

The sale is on behalf of the Joint Administrators, James Saunders and Andrew Knowles of Kroll Advisory Ltd.

Vulcan Mill was originally constructed in the 1800’s as a textile mill but in recent years converted to characterful residential apartments and includes a new build extension on the corner of Malta St/Pollard St. The property has accommodation over 5 floors and practical completion of the conversion was achieved in 2008. Conversion of additional ground floor units was achieved in 2017.

The sale comprises 53 apartments (42 no. two beds, 11 no. one beds) which form part of the wider block of 126. The apartments are held leasehold for a term of 250 years from 2003.

NB: The Administrators control ownership of the freehold interest to Vulcan Mill which will be sold subject to the requisite notice being served on Qualifying Tenants under s.5 of the Landlord and Tenant Act 1987, if applicable.

TENANCIES
There is a current income of £550,740 per annum from the 53 apartments. A copy of the tenancy schedule is available in the dataroom.

GROUND RENT
All leases are for 250 years from 1 January 2003 at £210pa.

Rent reviews are every ten years.

Current ground rent income therefore totals £24,990 pa (across 119 units), rising to £26,460
once leases are granted for the 7 units remaining vested in the freehold.

NB: ground rent income derived from the 73 third party owned leaseholds is £15,330. The freehold owner is obliged to manage and insure the building – a sample lease is available in the dataroom.

DATAROOM
A data room has been set up with relevant documentation; access is available on request.

Location

Ancoats, Manchester Central