The subject comprises a residential purpose built block of 6-storey high providing a total of 26 flats along with approximately 26 marked and surfaced car parking spaces. The internal and external communal areas are attractive and well kept.
The total ground rental income is £1,752.15 per annum gross. The 26 flats are held on a long leasehold basis for 999 years. Most leases provide predetermined increases every 21 years.
Flat 5 is unregistered.
4 Carports have also been sold on Long 999 year leases and produce £70.05 pa.
The subject is situated in Whitefield, which is a suburban area of Manchester lying approximately 5 miles north of Manchester's main definable city centre. In recent years, the Whitefield locality has developed into a popular commuter suburb and today the locality is popular with young professionals, earning itself the local title of the "new Didsbury".
The subject property is situated to the north side of Pinfold Lane at its junction with Higher Lane. Pinfold Lane heads east onto Bury New Road which is the main arterial road network linking Manchester city centre in the south to Bury town centre in the North. The area immediately surrounding the subject predominantly provides for a residential locality.
Pinfold Lane and the adjacent streets comprise an established residential area, and most of the residential properties in this locality predominantly provide for conventional family homes of a semi-detached and detached house type and a number of purpose built flats.