Investment Properties for sale in Workington

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RETAIL INVESTMENT PROPERTY

Workington, Cumbria, England

  • Freehold Price: £150,000
Seller Reference: MA1220
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Business Description
 
 
 
 
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Seller Reference: MA1220
Request Details
Business Description
• Corner retail unit next door to Superdrug and close to many major retailers
• Let for 10 years from December 2018 at initial rent of £15,000 per annum
• Break clause at 5 years and annual RPI increases after 2 years
• West Cumbria regional centre and industrial town
• Excellent investment opportunity with a good yield

Location
Workington is one of the main commercial centres on the west coast of Cumbria with docks, industrial areas, a regional shopping centre and population of around 25,000. It lies about 35 miles west of junction 40 of the M6 motorway via the A66 and 30 miles from Carlisle via the A595 and A596. Shops in the town centre include M and S, Debenhams, Dorothy Perkins, Bon Marche, Clintons, Next, Argos, Ryman etc. The property lies fronting Murray Road within the main shopping area next door to Superdrug.

Description
The property comprises a modern two storey brick built retail unit at the end of a row of shops.

Accommodation & Floor Areas
Ground Floor
Shop Sales Area 64.5 sqm (694 sqft)
WC

First Floor
Storage 67.8 sqm (729 sqft)
Kitchen 4.0 sqm (43 sqft)
WC -

All references to areas and dimensions are deemed to be approximate.

Services
We are advised that mains water, electricity and drainage are connected to the property. No warranty is given regarding the working order of any appliances or services referred to in these particulars.

Tenure
We are advised the property is freehold.

Occupational Agreement
The property is let to D J Clarke on a full repairing and insuring lease for a term of 10 years from 10 December 2018 at an initial rent of £15,000 per annum.

There are tenants breaks clauses after 1 and 5 years.

The rent is to be reviewed after 2 years and each subsequent anniversary, in an upwards only direction to the greater the open market rent or the increase in Retail Price Index from the commencement of the lease.

The tenant’s business sells ladies hats, bags and other accessories.

Rates
Description in list: Shop & Premises
Rateable Value: £14,250

The rateable value is not the rates payable and prospective tenants or purchasers should make their own inquiries with respect to the rating liability.

Fixtures & Fittings
Any items in the nature of fixtures and fittings not referred to in these particulars are excluded.

Planning
Prospective purchasers or tenants should satisfy themselves that their proposed use complies with all planning regulations by making inquiries with the local planning authority.

Vat & Stamp Duty
All reference to price, premium or rent are deemed to be exclusive of VAT unless expressly stated otherwise. Stamp duty is liable at the prevailing rates.

Finance
If you require financial assistance, we can refer you to a local professional who can advise on sources of finance and prepare a business plan which most lenders now require.
Location Details:
RETAIL INVESTMENT PROPERTY
Listed by:
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