Summary - Chancel House, Neasden Lane M32 8AE
1 bed 1 bath Retail Property (high street)
Rare town-centre unit with steady income and nearby regeneration opportunity.
£35,000 pa contracted income on a 15‑year lease
Current rental yield approximately 6.36% at £550,000
Large retail footprint: 3,412 sq ft across multiple levels
Located next to Stretford Mall and planned 800-home redevelopment
Leasehold with only 15 years remaining — material financing risk
Many mortgage lenders likely to refuse lending on short lease
No flood risk; excellent mobile signal and broad local amenities
Average broadband speeds; factor in potential lease-extension costs
This substantial three-storey retail unit in Stretford Centre produces a guaranteed rental income of £35,000 on a 15‑year lease, delivering a current yield of 6.36% at the asking price of £550,000. The property extends to 3,412 sq ft, offering large floorplates suitable for single-occupier retail or continued lettable investment. It sits adjacent to Stretford Mall and major planned redevelopment, which includes 800 new homes and improved public spaces—potentially increasing local footfall and long-term asset value.
Important financing and tenure considerations are straightforward and disclosed: the asset is leasehold with just 15 years remaining. That short unexpired term is material—many mortgage lenders may decline lending on this asset, and lease-extension or investor cash purchase will likely be required. Buyers should factor in costs and timing for any lease extension or refinancing alternatives.
The immediate strengths are location, existing contracted income, and clear regeneration-led upside. Practical details: no flood risk, excellent mobile signal, average broadband speeds, and a broad mix of local amenities and schools nearby. The property presents an income-producing opportunity for investors able to proceed without conventional mortgage finance or who plan to extend the lease and reposition the asset as the area is redeveloped.
Negatives are clear: the limited lease term creates a financing barrier and introduces future exposure unless the lease is extended. Prospective purchasers should commission legal and valuation advice on lease extension costs, lender appetite, and implications for yield. For those able to buy outright or to underwrite a lease-extension, the property offers scale, centrality and redevelopment adjacency that support medium-term capital growth.
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