For sale: £65,000.00|1,170 Sq Ft|Hotel, Retail, General Retail, Retail - High Street, Mixed Use, Land, Other Property Types & Opportunities, Commercial Land
ADDRESS78 King Street, Whitehaven, Cumbria, CA28 7LE
TYPEHotel, Retail, General Retail, Retail - High Street, Mixed Use, Land, Other Property Types & Opportunities, Commercial Land
TENUREInvestment Opportunity, For Sale Leasehold
POSTED ON19th October 2024
Description
Investment Consideration: Rental Income: £6,000 p.a. Gross Initial Yield: 9.23% VAT is NOT applicable to this property Comprises ground floor retail shop with ancillary at basement and part first floor Located in the heart of the town centre next to Whitehaven Marina with occupiers nearby including Halifax, Subway, Cinema, Hotels and many more.
Property Description: Comprises ground floor shop with ancillary accommodation at part first floor and basement, providing the following accommodation and dimensions: Ground Floor Shop: 101 sq m (1,085 sq ft) Open plan retail, storage Part First Floor: 8 sq m (85 sq ft) Ancillary, 2 WCs Basement: Not inspected
Tenancy: The retail shop is at present let to an Individual for a term of 5 Years from 19th October 2024 at a current rent of £6,000 p.a. and the lease contains full repairing and insuring covenants. Rent review in the 3rd year linked to RPI. Tenant break option in the 3rd year with min 6 months notice. Deposit held of £1,100. Lease within Landlord & Tenant Act 1954
Tenure: Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.
Location: Whitehaven is equidistant between Carlisle and Barrow-in-Furness and serves as a retail, service and employment centre to the outlying rural areas. The A595 lies parallel to the town which leads in turn to the M6 at both Carlisle and Kendal. The property is situated in the heart of the town centre next to Whitehaven Marina with occupiers nearby including Halifax, Subway, Cinema, Hotels and many more.
