FOR SALE COMMERCIAL INVESTMENT PROPERTY
Popular Lake District market town location Excellent town centre position Let to TCCT Retail Limited T/A Thomas Cook 5 year FRI lease from January 2019 Producing £13,250 pax Easy to manage investment, ideal for a private investor
7 MIDDLEGATE PENRITH CUMBRIA CA11 7PG
7 MIDDLEGATE, PENRITH, CUMBRIA, CA11 7PG LOCATION Penrith is an attractive market town in the Lake District. The town is a major tourist centre attracting a large influx of visitors throughout the year. The town is located adjacent to junction 40 of the M6 motorway, with access to the town centre via the A592. Keswick is located 17 miles to the west via the A66, with Carlisle 20 miles to the north and Kendal 25 miles to south, both via the M6.
SITUATION The property is located in a good secondary retail position in the heart of the town centre on the west side of Middlegate, close to its junction with Devonshire Street and opposite Burrowgate. There is a variety of national and local retailers close by including Well Pharmacy (next door), B&M Bargains, Subway, Superdrug, Burton’s and Halifax Bank. The property is also usefully situated opposite a pelican crossing.
DESCRIPTION The premises, which are of three storey brick construction with rendered frontage, providing well-proportioned retail space on the ground floor which has been well fitted out by the tenant in its usual corporate style. The first and second floors provide useful ancillary offices/storage accommodation, principally in cellular format.
ACCOMMODATION The property has the following net lettable floor areas:Ground Floor – Sales ITZA First Floor – Staff Stores/Office Second Floor – Stores Total
525 sq ft 408 sq ft 420 sq ft 562 sq ft
48.77 sq m 37.90 sq m 39.02 sq m 52.21 sq m
1507 sq ft
140.00 sq m
7 MIDDLEGATE, PENRITH, CUMBRIA, CA11 7PG TENANCY DETAILS The property is let on a five year full repairing and insuring lease from 9th January 2019 at a rent of £13,250 per annum exclusive. The lease is on full repairing and insuring terms and includes tenants break clause at the end of the third year of the term. The tenants have been in occupation of the property for many years, and this lease is a recent renewal lease.
COVENANT INFORMATION TCCT Retail Limited is a travel agent owned by the Thomas Cook group with over 500 branches throughout the UK.
TENURE Freehold subject to the terms of the tenancy described herein.
PROPOSAL We are instructed to seek offers in the region of £155,000 subject to contract. A purchase at this price would show the buyer a net initial return of 8.4% allowing for usual purchaser’s costs.
VAT The property is elected for VAT purposes.
ENERGY PERFORMANCE CERTIFICATE The property has an energy performance rating in Band D. Performance Certificate is available from the selling agents.
FURTHER INFORMATION / VIEWING Via the sole selling agents - contact David Towler Tel: 0113 245 1447 [email protected]
(REF: CDT.JL.19016) Details prepared January 2019
A copy of the Energy
Experian Goad Plan Created: 10/01/2019 Created By: Carter Towler LLP
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