Commercial property for sale in Cheapside, Lancaster LA1
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Property features
- Prime, High Yielding, Retail Investment
- Two Retail Units on Popular Pedestrianised Street
- Majority Let to Specsavers Optical Superstores
- WAULT of 5.67 Years to Expiry
- Total Rent £91,500 per annum
- 6,333 sq ft (588.4 sq m)
- Guide Price Reflects 11.43% Gross Yield
- Six Week Completion Available
Property description
Strapline
Auction Sale - 24/01/2024
Of Interest to Investors
High Yielding, Prime, Retail Investment
Majority Let to Specsavers Producing Total £91,500 per annum
Description
The property comprises a prime, high yielding, retail investment situated in the pedestrianised centre of Lancaster.
Comprising two units arranged across ground and first floors, the property is fully let to two separate tenants and producing a total income of £91,500 per annum.
The majority of the property is let to Specsavers Optical Superstores Limited on a new lease expiring 23/10/2028. The rent has been recently re-based from £110,000 per annum to £71,500 per annum.
The remainder of the property is let to Gadgets4UK Enterprises Limited (t/a Phone Direct) on a lease expiring 30/10/2032 and paying £20,000 per annum.
Cheapside forms one of the principal, pedestrianised, retail streets within Lancaster, with nearby occupiers including Costa, McDonalds, Betfred and tk Maxx.
Location
- Lancaster Station - 0.8 miles
- M6 (Junction 34) - 2.1 miles
Tenancy
Unit 1 is let to Gadgets4UK Enterprises Limited on a lease expiring 30/10/2032 and paying a rent of £20,000 per annum. The lease is on full repairing and insuring terms and includes a rent review and tenants break option in the fifth year.
Unit 2 is let to Specsavers Optical Superstores Limited on a lease expiring 23/10/2028 and paying a rent of £71,500 per annum. We understand the current lease is a renewal of a previous lease on similar terms but at a rent of £71,500 per annum. The lease is on full repairing and insuring terms.
Specsavers Optical Superstores Limited
- D&B Rating: 5A2
- Turnover (2023): £3.43bn
- Pre Tax Profit (2022): £327,774,000
The tenant is a well known retailer with some 1,850 stores and over 42,700 employees nationwide.
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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