Former M & S, 33 Mill Street, Macclesfield, Cheshire

Description

Town Centre Retail / Development Opportunity (STP) – Set Over Four Floors – Totalling 55,740 sqft / 5,178 m2. Centrally located on Mill Street, the main pedestrianised retail thoroughfare within Macclesfield town centre, the building provides a total of 55,740 sq ft / 5,178 m2 arranged over ground, first and second levels, together with a smaller area on the third floor. The property offers development opportunities including retail, offices, leisure/fitness centre, hospitality or residential, subject to relevant planning permission. The property has frontages to both Mill Street and Exchange Close and is arranged in an L-shaped configuration, with dedicated rear service access from Exchange Close.

Accommodation

Ground floor: open-plan retail space with escalators, stairs, two service/goods lifts to all floors, customer lift to ground and first floor, loading bay, and front and rear access. Total floor area 17,964 sqft / 1,669 m2. First floor: further retail space, former café area, WCs and office space. Total floor area 18,115 sqft / 1,683 m2. Second floor: large open area previously used as storage, with a chiller and staff area/office space. Total floor area 16,255 sqft / 1,510 m2. Third-floor/roof-space area: 3,407 sqft / 317 m2, with supports in place to extend/create a further floor if required and access to plant installations.

Location

Centrally located on Mill Street, the main pedestrianised retail thoroughfare within Macclesfield town centre. Nearby occupiers include Tesco Supermarket, B&M Bargains and a variety of other national and regional occupiers. Frontages to Mill Street and Exchange Close, with dedicated service access from Exchange Close to the rear.

Tenure / Property Information

Investment Analysis

The only supplied completed sales for the same address were £590,000 and £597,500 in February 2023. Using these as historical evidence, the £950,000 guide is approximately 59%–61% above those sales, before fees and any works. The building has substantial scale and development potential, but no current valuation, planning consent, condition report or conversion costs are supplied.

Investment Snapshot

Strategy Recommendation

Do not bid at the guide without current valuation evidence, planning advice, full surveys, detailed conversion costs and confirmation of any legal-pack liabilities.

Works Required

No specific defects or required works are evidenced. Any retail, office, leisure, hospitality or residential adaptation would require detailed surveys, costings and relevant planning permission.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten from the evidence. The historical base value implies 75% refinance proceeds of £448,125, materially below the £950,000 guide before fees and works. Planning, refurbishment costs, end value and finance costs remain unverified.

Buy-to-Let Analysis

BTL yield cannot be established. The supplied £4,575 pcm figure is an advertised Cheshire East commercial asking rent and is not shown to relate specifically to this property; no passing rent, lease or tenant information is supplied.

Flip Analysis

A flip is not supported at the guide based on the supplied evidence. Historical same-address sales are £590,000–£597,500, below the £950,000 purchase price before fees, works and selling costs. Development value may exist but is unquantified and subject to planning.

Investor Risks & Due Diligence

• Guide price materially exceeds the supplied historical same-address sales.

• Development uses are subject to relevant planning permission.

• No condition, refurbishment or conversion cost evidence is supplied.

• The supplied rental asking figure is not property-specific and is not achieved or passing rent.

• Additional legal, search, seller-cost and disbursement charges may apply.

• No occupancy or lease information is supplied.

Recommendation

Do not bid at the guide without current valuation evidence, planning advice, full surveys, detailed conversion costs and confirmation of any legal-pack liabilities.

Strategy Rating

Analysis Confidence

Same-address completed sales and the guide are supplied, but they are historical; there is no current valuation, condition assessment, planning consent, works budget, property-specific rent or full cost schedule.