Henblas Street development goes up for sale

Developers are looking to sell off the redeveloped retail section of Henblas Street, with other elements already previously sold.

The freehold of just over 57,000 square feet of retail space is for sale at £880,000 a 10x multiple of the rental.

The particulars proudly note that the entire site is fully let, providing a potential purchaser with £88,752.02 rent.

Sports Direct’s unit is included in the sale, however it is noted that the three storey section has already been sold on with a 999 year lease so any purchaser would seen a pound a year peppercorn rent.

Similarly the new Henblas flats above the development in the old council offices have also been previously sold with extra detail given there, noting even the ground rent has been sold off (to Residential Freeholds Ltd) so the income from the apartments is also a peppercorn.

Developers paid £480,000 for the site that had been abandoned by several major retailers in recent years, including TJ Hughes, BHS, The Entertainer, Evans clothing and even the Post Office – with the fully let units and Xplore! rejuvenating the area of the town centre.

They say they invested £4m to refurb the units, and develop the flats upstairs, with a planning battle around the contribution to affordable housing in the area.

Anyone interested in purchasing the development can contact agents MBRE of Stockport.