TYPERetail, General Retail, Retail - High Street, Leisure Property, Office, Licensed & Leisure, Offices
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON18th April 2025
Description
Investment Consideration: Gross Initial Yield: 10.91% Rental Income: £18,000 p.a. VAT is NOT applicable to this property Comprises detached former church building used as storage by current tenant Let until October 2030. No breaks. Rent review in October 2027 linked to RPI. Situated 8 min walk from Aspatria Train Station, providing direct and regular services to Maryport (15min) Carlisle (30min), Lancaster (1:30h) and more Nearby occupiers include Boots Pharmacy and Co-Op Food, amongst other retailers.
Property Description: The property comprises detached former church building previously operated as a gymnasium, providing the following accommodation and dimensions: Ground Floor: 228.52 sq m (2,460 sq ft) Open plan area, changing rooms, office, reception First Floor: 106.54 sq m (1,147 sq ft) Open plan area, changing rooms Second Floor: 69.53 sq m (748 sq ft) Open plan area Total gross internal area: 404.59 sq m (4,355 sq ft)
Tenancy: The property is at present let to an Individual for a term of 6 years from 28th October 2024 at current rent of £18,000 p.a. and the lease contains full repairing and insuring covenants. Review rent on 28.10.27 linked to RPI. No break clause. Deposit held of £4,500.
Location: Aspatria is a market town in west Cumbria, some 15 miles southwest of Carlisle and J43 and J44 of the M6 motorway. The property is located at the heart of the town centre and fronts prominently onto the A596 connecting Carlisle to Workington via Maryport with nearby occupiers include Boots Pharmacy and Co-Op Food, amongst other local retailers.
