stamp duty: £29,120
mortgage fees: £1,500
conveyancing fees: £8,000
NO OF UNITS
TOTAL SQ FT
PRICE SQ FT
Please note that this is an off-market opportunity that is available to qualified buyers only.
Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.
Opportunity to acquire an off-market supported living apartment block in Wigan with freehold, which is in the final stages of being leased to a housing association for 25 years.
The property has been recently developed and comprises eight 1-bedroom, 1-bathroom apartments with modern fittings, a communal area and off-street parking for 8 cars. The average size of each apartment is 443 sqft.
The developer is in final negotiations with a housing association to sign an inflation-linked, fully repairing & insuring (FRI) lease for the property for the next 25 years. The FRI lease will also be fully backed by the local council in order to cover any voids, which will provide an additional layer of security to the purchaser.
The first full year of net rental income will be approximately £58,200.
The developer is willing to involve serious purchasers in the final stages of the lease negotiations so that they may have all of the terms that they require with the housing association.
The apartment block is situated on the outskirts of Wigan on the A49. Travel times into the town centre of Wigan are 8 minutes by car or 13 minutes by bus, with bus stops nearby. It is also close to the M6 (4 minutes drive), which provides easy access to Liverpool and Manchester (both are around 40 minutes drive). The area is well served by retail outlets; Asda, B&M Home Store and Sainsbury’s are all within a short walk of the property.
House prices in Wigan have risen by 3.7% and 18.1% over the last 12 months and 5 years, respectively (Source: Zoopla, May 2020).
The vendor is seeking offers over £970,667.
Documents available on request, please contact for viewings or further questions.
The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.
Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.
Wigan is a town in the Greater Manchester area in the north-west of England. It lies around 10 miles south-west of Bolton, 12 miles north of Warrington and 17 miles west of Manchester.
There are two main A roads that meet in Wigan, the A49 and the A577, which link to the M6 and M61 and M58 motorways. Via these roads Wigan is connected to Coventry, Birmingham, Stoke-on-Trent, Liverpool, Manchester, Preston, Lancaster, Carlisle and Gretna Green. As well as Bolton, Chorley and Merseyside and Lancashire.
Wigan has two railway stations, Wigan North Western and Wigan Wallgate. Wigan North Western is on the West Coast Main Line and runs express trains to London Euston, Birmingham, Lancaster, Carlisle, Edinburgh and Glasgow. Other trains run to Preston and Blackpool North as well as a local service to St Helens and Liverpool Lime Street. Wigan Wallgate runs services to Southport and Kirkby and Bolton and Manchester. Most trains from this station also continue to Manchester Airport, Stockport and Rochdale. Some of Wigan’s top attractions are Halgh Woodland Park, The Old Courts, Fairy Green, Three Sisters Racing Circuit, Wigan Roller Rink, Museum of Wigan Life and several trampoline parks. The pier warehouses were transformed into the local heritage centre and the cultural quarter.
There are a number of shopping opportunities in and around Wigan centre, which include Grand Arcade, The Galleries, The Marketgate Shopping Centre, Royal Arcade, Makinson Arcade, Robin Retail and many more. Shoppers can find the usual high street favourites here as well as independent shops, cafes and eateries.
Education is provided by Wigan and Leigh College, which is a further education college with three campuses in town, Wigan UTC, a university technical college, as well as two sixth form colleges and a number of High Schools.
Wigan’s industries historically included porcelain manufacture, clock making, milling and coal mining. Today’s employers include H.J. Heinz food manufactures, which have a 55-acre food manufacturing facility in Wigan, JJB Sports, DW Sports Fitness who has its headquarters in town, the bakery chain Galloways Bakers and confectioner William Santus & Co.
Point of reference - not exact location,
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Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.
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