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News Release

London

Under the hammer in Manchester at next Jones Lang LaSalle auction


London, 24th April 2012 – Jones Lang LaSalle is holding its upcoming commercial property auction on Thursday the 3rd of May at Le Meridien Hotel, London, which includes eight investment opportunities in and around Greater Manchester.  These feature amongst a catalogue containing 25 lots with a combined value of about £16 million:
 
·         The Apple Building, 270 Oldham Road, Manchester.  A long leasehold residential investment comprising 53 flats designated as key worker housing, all let on AST’s and close to the city centre.  The building is subject to a Nomination & Capital Contribution Agreement with the Local Authority. Currently producing £327,240 pa. The guide price is £3,150,000.
 
·         Lakeside Villas & Apartments, Blackley, Manchester. A long leasehold residential investment comprising nine flats & 23 town houses/villas providing asset management opportunities.  Currently producing £219,480 pa. The guide price is £1,600,000.
 
·         5 & 7 Merseyway, Stockport.  A freehold town centre retail investment with profitable chain store tenants with 12 years and 7.5 years unexpired.  Currently producing £190,000 pa. The guide price is £1,550,000.
 
·         2 Great Underbank, Stockport.  A modern freehold bank investment within pedestrianised town centre let to Lloyds TSB Bank plc with seven years unexpired.  Currently producing £90,000 pa. The guide price is £1,200,000.
 
·         Balmoral House & Sandringham House, Salford.  A long leasehold office investment providing two buildings offering asset management opportunities. Tenants include Salford Primary Care Trust.  Current rents total £229,000 pa. The guide price is £1,250,000.
 
·         Windsor Court, Salford.  A long leasehold office investment with asset management & possible development opportunities subject to planning permission & consents.  Currently producing £26,528 pa plus vacant offices. The guide price is £450,000.
 
·         Lombard House, Cheadle. A Freehold office investment let to Countrywide Estate Agents. Currently producing £80,778 pa. The guide price is £500,000.
 
·         703 Manchester Road, Bury. A freehold restaurant investment let to Est Est Est Restaurants Ltd until 2022. Currently producing £48,750 pa. The guide price is £475,000.
 
Commenting on the sale, Felix Rigg, director and principal auctioneer at Jones Lang LaSalle, said: “Generally, 2012 has begun more positively than 2011 ended but there are still plenty of opportunities in the market for a canny investor to achieve good value for money.  Many of the lots being offered offer asset management opportunities for an investor looking to maximise returns.”
 
For full property particulars and to view the auction catalogue please visit www.joneslanglasalle.com/property-auctions
 
– ends –
 
With Picture: The Apple Building
 
 
 
Notes to editors:
 
·         The Jones Lang LaSalle auction is taking place at Le Meridien Hotel, 21 Piccadilly, London W1J 0BH, Thursday 3rd May.  For further information Contact the auctions team on +44(0)20 7087 5463