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FOR SALE - Town Centre Retail Investment - 56/58 and 60 Euston Road, Morecambe, LA4 5DG

For sale: POA|3,842 Sq Ft|Retail, Other, Other Property Types & Opportunities

Property details

FOR SALEPOA
SIZE3,842 Sq Ft
ADDRESSFOR SALE - Town Centre Retail Investment - 56/58 and 60 Euston Road, Morecambe, LA4 5DG
TYPERetail, Other, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON12th January 2024

Description

Location
The premises are situated on Euston Road in the centre of Morecambe, in a predominantly retail/commercial area being adjacent to the Arndale shopping centre. Nearby occupiers include Betfred, Iceland Supermarket and Travelodge. Its location provides convenient access to Lancaster Road and Morecambe Road, two of the main thoroughfares linking Morecambe to Lancaster whilst providing access to the M6 motorway at J34 via the relatively new Bay Gateway (A683) link road.

Morecambe has a population of approximately 33,500 with a catchment estimated to be in the region of 130,000 (Source CACI). The town awaits the outcome of the proposed Eden Project.

Description
The premises comprise a two-storey mid-terraced property of concrete frame construction with brick/rendered infill panels together with glazed display windows beneath a flat felted roof. The premises have been reconfigured and subdivided to form two separate demises, both being retail premises. Both units are laid out to provide open plan sale areas to the ground floor, with ancillary accommodation including kitchen and WC facilities on the first floors. Both units are fitted in keeping with their current use as retail lock-up shops.

The display windows are aluminium framed with uPVC windows at first floor level.

Accommodation
56-58 Euston Road
m² ft²
Ground Floor 153 1,647
First Floor 105 1,130
Total 258 2,777
60 Euston Road
m² ft²
Ground Floor 61 721
First Floor 32 344
Total 93 1,065

Services
We understand mains electricity (3 phase), gas, water and drainage are available to the premises.

Rating Assessment
The properties have the following Rateable Values:
Nos. RV
56-58 Euston Road £18,000
60 Euston Road £8,100
Interested parties are advised to make their own enquiries with Lancaster City Council (www.lancaster.gov.uk).

Planning
It is understood the premises benefit from an established use within Class E of the Town and Country Planning (Use Classes) (Amendment) (England) Regulations 2020. Interested parties are recommended to make their own enquiries with Lancaster City Council.

Tenure
Understood to be freehold subject to the occupational leases.

Tenancy Information
56-58 Euston Road
Let as a whole by way of a 5 year lease from 26 October 2015 to 25 October 2020 with the Tenants currently holding over at a passing rent of £20,800 per annum, exclusive. The lease is granted on Full Repairing and Insuring terms.

60 Euston Road
Let as a whole by way of a 5 year lease from 10 June 2013 to 9 June 2018 with the Tenant currently holding over at an annual rent of £9,000 per annum exclusive. The lease is granted on Full Repairing and Insuring terms.

Asking Price
Offers in the region of £250,000 reflecting a net initial yield of 11.6% reflecting standard purchasers costs.

Location

marker
Location: FOR SALE - Town Centre Retail Investment - 56/58 and 60 Euston Road, Morecambe, LA4 5DG

Morecambe (0.4 miles)

Bare Lane (1.2 miles)

Lancaster (2.8 miles)

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