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Property Details

1.05 ACRE DEVELOPMENT OPPORTUNITY HORSEDGE MILL, ROCK STREET, OLDHAM TOWN CENTRE, OL1 3DW - Oldham

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  • P1120627
  • P1120626
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  • HORSEDGE MILL-Site Area

Property ID : Horsedge

For Sale £1,500,000 Offers in The Region Of - Investment, Land and Development, Retail
1.05 Acres Print this page

TOWN CENTRE 1.05 ACRE DEVELOPMENT OPPORTUNITY PRODUCING c£90,000 PA FROM SHORT TERM TENANCIES ARRANGEMENTS

Outline Planning Granted for 70 Bed Hotel with Associated Restaurant, Cafe, Function Room & Roof Terrace plus 42 Residential Apartment with parking for 137 vehicles

LOCATION
The property is located on the southern side of Rock Street at the junction with Bradshaw Street in the heart of Oldham Town Centre. All of the usual town centre facilities are readily available including the recent addition of the Metrolink tram service.

 

DESCRIPTION

The property comprises a range of fully let buildings know as Atherton House, Kings Mill, The New England Social Club and Coliseum offices equating to approx 105,000sq ft of rented space with large central court yard communal car park for around 70 vehicles. Tenants include a dance studio, events venue, Italian restaurant, Indian restaurant, National Charity and a detached office building let to Oldham Council. All areas (with the exception of the central communal car park) are let, income producing, and on relatively short leases, with scope for new lease negotiations and the potential to introduce a service charge.

 

AERIAL DRONE SURVEY

A drone survey of the property can be viewed at:

https://www.youtube.com/watch?v=8RU6z2RN4b

 

TENANCY SCHEDULE

Tenant Rent PA Break Option Lease expiry
Age UK

Atherton

House

£25,000 01/08/18 01/08/2021
Jaymar Dance Studio £12,000 N/A 01/11/2015
Simply Indian & Wine Bar £15,000 N/A Nov 2018
Cotton Rooms Ltd (Events Venue) £9,600 13/09/2015 12/09/2018
Oldham Theatre Offices £11,500 N/A 14/12/2014

(Holding over)

Romanos Restaurant £15,000 N/A 01/08/2018
TOTAL £88,100

PLANNING PERMISSION

Outline planning granted 23/11/2017 for the demolition of existing buildings and construction of a mixed use development comprising a 70 bedroom hotel (use class C2) with associated restaurant, cafe, function room and roof terrace five storeys in height and a residential development of 42 apartments (use class C3) four storeys in height including associated under croft parking for 124 vehicles (70 spaces for the hotel, 42 spaces for the apartments, 12 visitor spaces for the apartments and above ground 13 staff parking spaces to service the Coliseum offices)

The plans exclude demolition of the detached 2,700 storey office building with associated 13 parking  spaces.

Planning application number PA/338728/16 Plans are available on request or may be downloaded.from Oldham Councils Planning Portal http://planningpa.oldham.gov.uk/online-applications/applicationDetails.do?activeTab=summary&keyVal=_OLDHA_DCAPR_53553

 

You can also download the architects Planning Brochure

https://indd.adobe.com/view/0617f3d2-481e-44e7-b8bb-4386ea7be0ba

 

We have been informed by our client to turn the current application into full planning permission would only require a landscaping plan as all other detailed plans have been submitted within the outline application. The landscape plan has not been submitted as yet to retain flexibility in the application. There would be scope to include the apartments within the Hotel development to allow for serviced hotel apartments alternatively scope to reform the application to allow for a full residential apartment scheme (subject to approval)

There is no Section 106 agreement/ Community Infrastructure levy charge.

 

PRICE

Offers in the Region of £1.5 million. (One Million Five Hundred Thousand Pounds Sterling)

 

VAT
The site is part VAT registered. All prices, rents and outgoings are exclusive of but may be liable to VAT at the prevailing rate.

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