FOR SALE – PRIME COMMERCIAL/INVESTMENT OPPORTUNITY
Salmon Fields/Turf Lane
The site is very prominently located with frontage to both Turf Lane and Salmon Fields in an established Business Employment Area (BEA7), 1.5 miles to the northwest of Oldham town centre and 7 miles to the northeast of Manchester city centre.
Junction 20 of the M62 (Motorway) is approximately 3 miles distant, accessed via the A627 (M), just 1 mile to the west of the site.
Salmon Fields is home to a number of local and national occupiers including Bidvest Logistics, Vitality Health, and James West Ltd amongst many others.
Comprising of a cleared site, principally regular shaped and level with a slightly elevated edge to Salmon Fields.
The Council would like to see the site developed in a timely manner and are prepared to offer terms which seek to promote timely delivery. Whilst the whole of the site area edged red would be included within any agreement and disposal, restrictions in the lease will seek to retain the existing use of the land shaded yellow which would remain as open space protecting the existing residential properties on Turf Lane and Thomas Street.
In order to assist interested parties, the Council hold historic, intrusive site investigations together with a recently completed topographical survey. Copies of all survey work would be available upon request from Haughton Warburton.
We understand that all mains services are available to this site
The site is considered suitable for a range of commercial and industrial uses.
Planning Permission for a single 104,154sq.ft unit was granted in 2006 (PA/050628/05 and PA/055565/08)
Cost profile details on request.
We are instructed to seek initial expressions of interest from parties wishing to bid for the site. Subsequently, we will seek offers from all registered parties after the expiry of a suitable marketing period.
Our Clients Terms of Offer are as follows:
Agreement of lease – Points 1-5 as per the attached
Lease – Points 6-7 as per the attached.
General Terms – Points 10 -11 as per the attached
Agreement for lease
1. The purchaser would be required to sign a conditional agreement for lease within 2 months of being advised that their offer is acceptable to the Council. A non-refundable deposit equating to 10% of the purchase price would become payable at this time. The agreement would be conditional upon securing a planning permission acceptable to both the purchaser and Council (in its capacity as landowner) within a maximum period of 6 months from signing the agreement.
2. The purchaser would make a 50% contribution to the Council’s fees upon signing the conditional agreement for lease. The contribution would equate to £5,000 (five thousand pounds).
3. As the purchaser would be free to enter onto the land during the agreement for lease period in order to carry out survey work etc., the purchaser would be responsible for all rates, repairs, maintenance and insurance during the agreement for lease period.
4. Upon the agreement for lease becoming unconditional (i.e. planning permission being secured), the purchaser would be expected make a further payment equating to 15% of the agreed land value. The developer would then be expected to complete the development, in accordance with the planning permission, within a maximum 18 month period.
5. It would not be possible to assign or otherwise transfer the agreement for lease to another party.
6.Upon completion of the development in accordance with the planning permission, the Council would complete the transfer of a lease for a minimum of 900+ years. The lease would be subject to a peppercorn rent without review and would limit the use of the land to industrial and ancillary office purposes only. In respect to the area of land shaded yellow, the lease would restrict the use of this area to open land free from fencing or any permanent structures.
7. Upon the lease being completed, the purchaser would be expected to pay the balance land payment (equating to 75% of the land value) along with the remaining 50% contribution towards the Council’s fees (equating to £5,000).
8. The lessee would be responsible for all rates, repairs, maintenance and insurance during the agreement for lease period.
9. Upon completion of the lease, it would be possible for the purchaser to assign the lease in full or grant a number of subleases from the original lease term with the prior consent of the Council which is not to be unreasonably withheld or delayed.
10. The Council reserves the right to elect for VAT.
11. Any other terms and conditions, as typical for agreements of this nature, to be included by the Council’s legal representatives.