R E V E R S I O N A R Y T O W N C E N T R E O F F I C E I N V E S T M E N T

2 ST GEORGE ’S ROAD BOLTON BL1 2EN

• Prominent office investment situated close to a wide range of town centre amenities and Bolton's main arterial route.

• Comprises an attractive, five-storey, period building that has been sympathetically restored and refurbished to offices.

• Total net internal area of 22,831 sq ft over basement, ground and four upper floors.

• Multi-let to 16 tenants producing a net income of £167,656 per annum, reflecting a low average rent of £7.34 per sq ft.

• 93% let with 3 vacant office suites (1,516 sq ft).

• ERV of £206,973 per annum.

• Asset management opportunities including letting the vacant space, lease renewals and further refurbishment.

• We are instructed to seek offers in excess of £1,850,000 (One Million, Eight Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.

• Assuming purchaser's costs of 6.23%, a purchase at this level reflects:

Net Initial Yield: 8.53% Reversionary Yield: 10.53% Capital Value: £81 per sq ft

St. George's House SUMMARY 01

T O W N C E N T R E

01 Holiday Inn

02 Market Place Shopping Centre Bolton

03 The Light Cinema

04 Bolton Gate Retail Park

05 Crompton Place Shopping Centre

06 Bolton Town Hall

07 Bolton Market

08 Transport Interchange

09 Bolton Shopping Park

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08 Local Amenities

olton is one of the principal towns forming the Greater Manchester conurbation and is strategically

located 14 miles north of Manchester city centre, 13 miles south of Blackburn and 7 miles west of Bury.

The town benefits from excellent transport links with both the M61 and M60 within a short distance from the town centre providing direct links to Manchester, Preston and Liverpool. London Euston can be accessed by rail in approximately 2hrs 50 minutes, whilst Manchester International Airport is readily accessible in 20 minutes drive.

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TRINITY ST

BRADSHAWGATE

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TO M61, M60 AND MANCHESTER

TO M61

TO M65 AND BLACKBURN

BRIDGE ST

TOPP WAY

TURTON ST

A666

A579

A666

BOLTON TRAIN STATION

St. George's House LOCATION 02

Church WharfChurch Wharf will offer a new urban neighbourhood that lies north west of the town centre. Muse, Developments and AEW Architects are moving forward with plans that feature a mixed use development including approximately 320 homes. A hotel and office space are also proposed, but this is to be initiated no earlier than 2028 once a hive of business activity is achieved at Trinity Quarter and the initial residential offering has been delivered.

Cheadle Square Cheadle Square is located in the Cultural Quarter of the town centre and development will focus on the provision of student housing and new housing whilst retaining the heritage of the area. The quarter is home to Bolton Market, which has recently undergone £4 million improvements. This site will create circa 258,300 sq ft floor space, provide 400 new homes, attract 300 new residents and create 1,300 jobs.

Crompton PlaceCrompton Place is a shopping centre in the heart of the town’s civic and retail core. Plans will include improving the links in and around the centre and improve the spatial quality of the internal circulation spaces, redesigning the façade to Victoria Square by locating restaurants in the upper floor. The council has outlined regeneration to commence in 2020.

Trinity Quarter

CromptonPlace

ChurchWharf

Croal Valley

CheadleSquare

Bolton town centre is undergoing major regeneration and The Bolton Town Centre Framework specifies 5 key areas for development from 2018 to 2033. The development of these areas are currently in the planning and demolition stage.

Trinity QuarterTrinity Quarter is to be based around four key squares, Station Square, Trinity Square, Saville Square and Bridge Square, which will interlink and form pedestrianised routes creating a business district. Initial plans for a £45 million mixed-use development comprises a 20-storey residential tower, 500-space multi-storey car park and a 30,000 sq ft office block. In total, Trinity Quarter will provide approximately 818,000 sq ft new floor space, 5,000 new jobs, 500 new homes and attract 1,000 new residents.

Croal ValleyCroal Valley features listed St Helana Mill and the area around the River Croal. The council aims to enhance these features and integrate the waterway with an urban context. The area will provide a mix of housing opportunities comprising a total of 350 flats and 50 townhouses.

St. George's House REGENERATION 03

Local Amenities

01 Holiday Inn

02 Market Place Shopping Centre Bolton

03 The Light Cinema

04 Bolton Gate Retail Park

05 Crompton Place Shopping Centre

06 Bolton Town Hall

07 Bolton Market

08 Transport Interchange

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he subject property is located on the corner of St George’s Road and Bridge Street, on the northern edge of

Bolton town centre. The property is adjacent to the retail core and opposite the Market Place Shopping Centre. It is within walking distance of a range of town centre amenities and is approximately 0.3 miles east of the A666, a main arterial route which provides direct links to the M60 motorway.

The property sits within a Conservation Area, approximately 200m east of prestigious Church of St George. Bolton train station is 0.7 miles south and Bolton Bus Interchange is within a ten minute walk.

TSt. George's House SITUATION 04

St George’s House comprises an attractive five-storey period building, constructed in 1897. The property was originally constructed as a Co-Op drapery store but has since been sympathetically restored and refurbished to offices.

t George’s House has been refurbished to a good standard and provides a mixture of cellular and open plan accommodation.

The property benefits from a high floor to ceiling height, ornate ceilings and large windows.

The ground floor comprises a spacious reception area, a communal meeting room and café. Each of the upper floors are accessed via an original, feature staircase and a glass-sleeved passenger lift.

The first, second and fourth floors comprise of a mix of cellular and open plan offices with the third floor configured as a business centre providing all inclusive accommodation. Office suites range from 183 sq ft to 2,625 sq ft, providing flexible floor plates to accommodate a range of different occupier requirements.

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Internally, the specification includes:

• CAT II lighting

• A mixture of exposed and suspended ceilings

• A mixture of gas central heating and electric storage heaters

• A mixture of perimeter trunking and raised floors

• Passenger lift

• There is a manned reception, café and gallery space on the ground floor and storage space in the basement.

The property has a site area of approximately 0.4 acres (0.18 hectares).

St. George's House DESCRIPTION 05

Floor Sq m Sq ft

Basement 367.70 3,958Ground 282.60 3,042First 398.55 4,290Second 382.75 4,120Third 397.34 4,277Fourth 292.08 3,144Total 2,121.02 22,831

he property provides the following net internal floor areas:T

St. George's House ACCOMMODATION

F O U R T H F L O O R

F I R S T F L O O R

T H I R D F L O O R

G R O U N D F L O O R

S E C O N D F L O O R

Reception

06

Floor SuiteFloor Area (sq ft)

Tenant NameLease

Start DateLease

End Date

Gross Rent (£pa)

Landlord Costs (£ pa)

Net Rent (£ pa)

Net Rent (£ psf)

ERV (£pa)

ERV (£ psf)

Comments

Basement Basement 3,958 Vacant £0 £0 Space used as storage on an informal basis.

Ground

Bistro 500 Melissa Hartley & James Patrick Lewis 01/08/2019 31/07/2022 £6,300 £2,483 £3,817 £7.63 £5,000 £10.00 Service charge cap of £400 p.a.

Art Gallery Space N/A Python Arts £10,000 £0 £10,000 £10,000 3 year lease from completion.Suite 1 258 Vacant £3,255 £0 £3,255 £0.00 £3,255 £12.50 Vendor to provide a 3 month rent, service charge and insurance guarantee.Suite 2 1,926 Ingeus UK Ltd 01/04/2016 31/03/2022 £18,300 £0 £18,300 £9.50 £19,260 £10.00 Tenant option to break at each anniversary.

Suite 3 358 Ingeus UK Ltd 01/04/2018 31/03/2022 £8,230 £4,079 £4,151 £11.59 £4,475 £12.50 Tenant option to break at each anniversary. Rent inclusive of service charge.

First

Suite 1 500 John Bentley 01/08/2017 31/07/2021 £6,360 £3,783 £2,577 £5.15 £6,250 £12.50 Licence agreement. Licence fee inclusive of service charge, utilities and building insurance.

Suite 2 1,190 Ego Restaurants Holdings Ltd 27/07/2018 26/07/2021 £13,000 £3,100 £9,900 £8.32 £11,900 £10.00 Tenant option to break at each anniversary.

Rent includes 6 car parking spaces.

Suite 3 2,600 Lifebridge Ascend 01/09/2019 31/08/2022 £21,000 £0 £21,000 £8.08 £20,800 £8.00Stepped rental increase to £24,700 per annum from 01/09/2020 to be topped up by the vendor. Tenant option to break at each anniversary.

Second

Suite 1 2,615 Kaltz Ltd 01/09/2017 31/08/2022 £20,000 £1,973 £18,027 £6.89 £26,150 £10.00 Tenant break and rent review on 01/09/20. Service charge subject to a cap of £11,011 (reviewed annually).

Suite 2 1,000 Vacant £10,000 £0 £10,000 £10.00 £10,000 £10.00 Vendor to provide a 12 month rent, service charge and insurance guarantee.

Suite 3 505 Metrotech Solutions Ltd 01/08/2016 31/07/2018 £7,716 £4,337 £3,379 £6.69 £6,312.50 £12.50

Tenant currently holding over. Rent inclusive of service charge, utilities, building insurance and 1 car parking space.

Third

Suite 1 2,625 Quote Me Simple 01/11/2018 31/10/2021 £15,750 £0 £15,750 £6.00 £21,000 £8.00 Tenant break on 01/11/20. Rent increases to £18,375 in 2020.

Business Centre Suite 1 258 Vacant £4,515 £0 £4,515 £17.50 £4,515 £17.50 Vendor to provide a 3 month rent top up (this is an all inclusive top up).

Business Centre Suite 2 506 RG Consulting 01/01/2019 31/12/2022 £8,280 £5,545 £2,735 £5.41 £8,855 £17.50 Licence agreement.

Rent inclusive of service charge, utilities and building insurance.Business Centre Suite 3 290 Tao Digital Marketing 01/11/2018 30/09/2019 £6,000 £3,176 £2,824 £9.74 £5,075 £17.50 Licence agreement.

Rent inclusive of service charge, utilities and building insurance.Business Centre Suite 4 205 Bolton James Ltd 01/11/2018 31/10/2019 £4,100 £2,249 £1,851 £9.03 £3,587.50 £17.50 Licence agreement.

Rent inclusive of service charge, utilities and building insurance.Business Centre Suite 5 183 Antz Network 28/05/2019 31/05/2020 £5,124 £2,009 £3,115 £17.02 £3,202.50 £17.50 Licence agreement.

Rent inclusive of service charge, utilities and building insurance.Business Centre Suite 6 210 Antz Network 21/12/2018 20/12/2019 £5,966 £2,300 £3,666 £17.46 £3,675 £17.50 Licence agreement.

Rent inclusive of service charge, utilities and building insurance.

Fourth

Suite 1 1,044 Scope International UK Ltd 01/11/2018 31/10/2023 £8,874 £0 £8,874 £8.50 £10,440 £10.00 5 car parking spaces on a separate licence.

Suite 2 1,200 Brown & Bancroft Interiors Ltd 01/11/2013 31/10/2019 £11,400 £0 £11,400 £9.50 £12,000 £10.00

Suite 3900 Brown & Bancroft

Interiors Ltd 01/01/2019 31/12/2023 £8,550 £0 £8,550 £9.50 £11,250 £12.50 Tenant option to break 31/12/2021.Suite 4Suite 5

Total 22,831 £202,690 £35,034 £167,656 £206,973

The current gross rental income is £202,690 per annum. After allowing for landlord's shortfalls, the net income is £167,656 per annum.

The property is multi-let as per the tenancy schedule to 16 tenants on a mixture of leases and licenses. The second floor comprises a range of smaller suites that operate as a business centre.

St. George's House TENANCY 07

Adam WildigDD 0161 956 4029M 07739 325 666adam.wildig@avisonyoung.com David WinterbottomDD 0161 956 4103M 07836 225 552E david.winterbottom@avisonyoung.com

Lawrence VaughanDD 0161 242 7077M 07590 490 505E LVaughan@lsh.co.uk

Scott GemmellDD 0161 242 8001M 07834 199 288E SGemmell@lsh.co.uk

For further information please contact the joint agents Avison Young and Lambert Smith Hampton.

Tenure

Freehold.

VAT The property has been elected for VAT.

EPC

The property has an EPC rating of C (72).

Proposal We are instructed to seek offers in excess of £1,850,000 (One Million, Eight Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. Assuming purchaser's costs of 6.23%, a purchase at this level reflects:

Net Initial Yield: 8.53% Reversionary Yield: 10.53% Capital Value: £81 per sq ft

St. George's House CONTACT 08