Commercial property for sale in Market Place, Whitehaven CA28
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Property features
- To be offered on Tuesday 3 September
- High Yielding Retail Investment
- Two Retail Units and Upper Parts
- Fully Let to Two Tenants - Producing £59,316 per annum
- Tenant in Occupation for 25+ Years
- Asset Management Potential
- 9,748 sq ft (905.5 sq m)
- Prominent Corner Pitch
- Established and Popular Location
- Guide Price Reflects 59.3% Gross Yield
Property description
Strapline
Auction Sale - 03/09/2024
High Yielding Retail Investment Opportunity
Two Retail Units and Upper Parts - Fully Let Producing £59,316 per annum
Asset Management Opportunity Via Renewal and Formalisation of Informal Tenancies
Description
The property comprises a high yielding retail investment opportunity occupying a prominent corner pitch in the heart of Whitehaven.
Arranged across ground, first and second floors, the property is principally let to The Haven Homes Centre, a longstanding tenant of over 25 years, paying a rent of £58,236 per annum. We understand no formal lease agreement exists however the tenant has served a Section 26 notice requesting a new 10 year lease of the ground and first floors at £40,000 per annum.
74 Market Place is arranged across ground floor only and is let to a tenant trading as Baccy Bird and paying £1,080 per annum. We understand no formal lease agreement exists however the tenant has been in occupation for over 10 years.
The property therefore presents an evident asset management opportunity via formalisation of the current occupancy, which is on an informal basis. There may also be further opportunities to obtain vacant possession of upper parts in order to potentially convert to alternative uses (subject to obtaining any requisite consents).
The property occupies a prominent corner pitch fronting both the partially-pedestrianised Market Place, the Market Square and Whitehaven Waterfront. Nearby occupiers include Costa, Greggs and Newlook
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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