Investment Consideration:
Gross Initial Yield: 7.89%
Rental Income: £15,000 p.a.
VAT is NOT applicable to this property
Let to an individual with lease expiring in 2030, no break clause
Comprises self-contained office accommodation at first and second floor
Planning submitted in January 2024 for conversion to 8 x 1-Bed apartments (two of the apartments have study room)
Occupiers nearby include The Market Hall Shopping Centre, TK Maxx and more.
Property Description:
Comprises mixed-use block of 3 ground floor shops (sold-off) and self-contained office/commercial premises (Class E), arranged over first and second floor, providing the following accommodation and dimensions:
First Floor: Reception, 4 office rooms, storage, staff room, wc
Second Floor: 4 office rooms, storage, wc
Ground Floor: 3 retail shops (sold-off)
Total Office GIA: 515 sq m (5,543 sq ft)
Tenancy:
First & second floor offices are at present let to an Individual for a term of 5 years from 7th March 2025 at current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. No break clause. Deposit held of £3,750.
The 3 ground floor shops have been sold-off on long leasehold for a term of 999 Years at ground rent of peppercorn.
Development Potential:
Planning submitted for conversion of existing first and second floor offices into 8 x 1-bed apartments (2 apartments have study room), providing the following accommodation and dimensions:
First Floor:
Apartment 1: 37 sq m (398 sq ft)
1 bedroom, kitchen/living room, bathroom
Apartment 2: 50 sq m (538 sq ft)
1 bedroom, kitchen/living room, bathroom
Apartment 3: 41 sq m (441 sq ft)
1 bedroom, kitchen/living room, bathroom
Apartment 4: 55 sq m (592 sq ft)
1 bedroom, study, kitchen/living room, bathroom
Second Floor:
Apartment 5: 37 sq m (398 sq ft)
1 bedroom, kitchen/living room, bathroom
Apartment 6: 50 sq m (538 sq ft)
1 bedroom, kitchen/living room, bathroom
Apartment 7: 41 sq m (441 sq ft)
1 bedroom, kitchen/living room, bathroom
Apartment 8: 55 sq m (592 sq ft)
1 bedroom, study, kitchen/living room, bathroom
Total proposed GIA: 366 sq m (3,938 sq ft)
Location:
Carlisle is a border city and the county town of Cumbria. The town is located 8 miles south of the Scottish border at the confluence of the rivers Eden, Caldew and Petteril. Carlisle is the only city in Cumbria. The city centre is largely pedestrianised and the Lanes shopping centre is home to around 75 shops. Carlisle is linked to the rest of England via the M6 motorway to the south, and to Scotland via the M74/A74 towards Glasgow and the north. The property is located in the town centre with occupiers nearby include The Market Hall Shopping Centre, TK Maxx, Restaurants, Barbers and more.
