MULTI LET INCOME GENERATING COMMERCIAL PROPERTY TO BE SOLD AT AUCTION
AFREEHOLD MULTI-LET COMMERCIAL INVESTMENT — WIGAN TOWN CENTRE REGENERATION ZONE
Description
A rare opportunity to acquire an income-producing freehold commercial investment at the heart of Wigan town centre, in one of the most actively regenerating locations in the North West of England.
The property comprises a substantial two-storey mid-terraced building of traditional brick construction beneath a pitched slate roof, arranged across two self-contained commercial units, each let on full repairing and insuring leases.
The Property
Unit 3 — Ground Floor
Formerly a barber shop. A new five-year full repairing and insuring lease has been agreed with a prospective tenant. The lease includes a tenant-only break clause at the end of year three. Rent agreed at £550 per calendar month, £6,600 per annum. The lease is in the process of being finalised and documentation is being prepared.
Units 5-7 — Ground and First Floor
Currently let on a five-year full repairing and insuring lease from 29 November 2023 at £1,600 per calendar month, £19,200 per annum, with no break options. The tenant trades as Envy Lounge Bar. The lease is held in personal names rather than through a limited company.
Combined Passing Rent: £25,800 per annum
At the reserve price of £175,000 this represents a gross yield of approximately 14.7%, rising to approximately 17.2% at a purchase price of £150,000.
Business Rates
Both units are listed on the 2023 Rating List and currently qualify for 100% Small Business Rate Relief, meaning zero rates liability for qualifying occupiers.
Unit 3: Rateable Value £3,250
Units 5-7: Rateable Value £7,700
Development Potential
Considerable scope exists to enhance value beyond the existing income. With a separate entrance already in place onto Arcade Street, the upper floors offer realistic potential for residential conversion subject to planning consent. There is also the possibility of adding an additional storey subject to structural and planning considerations. Given the direction of travel in Wigan town centre, obtaining consent for residential use above commercial premises has become an increasingly viable proposition and would significantly enhance the capital value of this asset.
Location and Regeneration
Wigan town centre is undergoing one of the most ambitious regeneration programmes of any town in the North West. Key developments include the following.
The £135 million redevelopment of the former Galleries shopping centre will deliver new shops, bars, restaurants, a cinema, bowling alley, climbing wall, over 400 new homes, and a Hilton hotel. Construction is underway with the first phase delivering a new market hall, food court, and 144-bedroom hotel.
STACK Wigan, a new 48,000 square foot leisure venue spanning multiple floors, will feature live entertainment, twelve street-food vendors, and six bars with capacity for over 2,000 people. Opening anticipated 2026.
Immediately opposite the property, planning permission has been granted for 26 new apartments and four additional Class E commercial units, reference A/24/96739/MAJOR, bringing new residents and footfall directly to this location.
Wigan is well served by transport, with Wigan North Western and Wigan Wallgate stations both within easy walking distance.
This property sits at the centre of what is becoming one of the most compelling investment locations in the North West for commercial property buyers seeking high yields and capital growth potential.
Investment Summary
Tenure: Freehold Combined passing rent: £25,800 per annum Gross yield at £175,000: approximately 14.7% Gross yield at £150,000: approximately 17.2% Both leases: Full repairing and insuring Business rates: 100% Small Business Rate Relief currently applicable Development potential: Upper floor residential conversion Location: Wigan town centre regeneration zone
Services
Mains electricity, water, and drainage are understood to be connected. Prospective buyers should make their own enquiries to confirm.
* Plus 6% Buyers Premium plus VAT
The seller of this property may consider a pre-auction offer prior to the auction date. All auction conditions will remain the same for pre-auction offers which include but are not limited to, the special auction conditions which can be viewed within the legal pack, the Buyer’s Premium, and the deposit. To make a pre-auction offer we will require two forms of ID, proof of your ability to purchase the property and complete our auction registration processes online. To find out more information or to make a pre-auction offer please contact us.
Any additional costs will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘LEGAL DOCUMENTS’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
* The Guide Price given is an indication as to where the Reserve is currently set. The Reserve is the minimum price that the auctioneer is authorised by the vendor to sell the property for. It is subject to change throughout the marketing period. Where the Guide Price is a single figure, the current Reserve will not be more than 10% above that single figure, and where a price range is given (i.e. £50,000 - £55,000), the Reserve will not exceed the upper level of the range. It is not necessarily what the auctioneer expects it will sell for.
We would like to point out that all measurements, floor plans and photographs are for guidance purposes only (photographs may be taken with a wide angled/zoom lens), and dimensions, shapes and precise locations may differ to those set out in these sales particulars which are approximate and intended for guidance purposes only.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements of representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. No person in this firms' employment has the authority to make or give any representation or warranty in respect of the property.
Viewing: Due to the nature and condition of auction properties, the auctioneers highlight the potential risk that viewing such property carries and advise all to proceed with caution and take necessary requirements to ensure their own safety whist viewing any lots offered. Viewings are conducted entirely at the potential buyers own risk, these properties are not owned or controlled by Town & Country Property Auctions and the auctioneers will not be held liable for loss or injury caused while viewing or accessing the lot. Due to the nature of some auction properties, electricity may not be turned on, therefore viewing times are restricted. Viewers will need to bring their own lighting/ ladders if wanting to inspect cupboards, cellars and roof spaces. Some viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Town & Country Property Auctions will not be liable for any costs or losses incurred due to viewing cancellations or no shows.
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