Retail premises for sale in King Street, Whitehaven CA28

Investment Consideration:
Gross Initial Yield: 10.00%
Rental Income: £8,000 p.a.
VAT is not applicable to this property
Comprises ground floor corner retail premises with ancillary accommodation at basement
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:
The property comprises extensively refurbished ground floor shop with ancillary accommodation at basement, providing the following accommodation and dimensions:
Ground Floor: 88 sq m (949 sq ft)
Open plan retail, Kitchenette, WC
Basement: 62 sq m (671 sq ft)
Ancillary
Note - the upper parts of the building do not form part of the sale and are in alternative ownership comprising a flying freehold aspect.

Tenancy:
The property is at present let to an Individual for a term of 6 Years 11 Months from 22nd September 2023 at a current rent of £8,000 p.a. And the lease contains full repairing and insuring covenants. Rent review in September 2026 open market upward only. Tenant option to determine in March 2025 with minimum 6 month`s notice. Deposit held of £2,000. Lease within Landlord & Tenant Act 1954

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