Commercial property for sale in Howard Street, Barrow-In-Furness LA14

Strapline

Auction Sale - 19/03/2024

Of Interest to Investors and Developers

High Yielding, Multi-Let, Office Opportunity Producing £292,582 per annum Net Rent

Development/Conversion Potential (subject to planning)

Description

The property comprises a high yielding, multi-let, office investment in the centre of Barrow-in-Furness.

Arranged across ground, first, second and third floors, the property provides 37,019 sq ft (3,439 sq m) of accommodation used predominantly as office suites, but also includes open plan accommodation. The property sits on a large site of 1.08 acres (0.44 hectares) and includes approximately 70 car parking spaces.

The property offers a secure income stream with a WAULT of 4.72 years let to a strong mix of tenants including the nhs Lancaster & South Cumbria nhs Trust, Age UK, and Furness College, please see the tenancy schedule for more information.

Barrow-in-Furness is the main administrative and commercial centre within the Lake District, the town is seen as a commercial hub due to major occupiers including BAE systems and Kimberley Clarke.

Location

Barrow-in-Furness is approximately 80 miles south of Carlisle, 45 miles west of Lancaster and 70 miles north of Manchester. The town is linked to the M6 (Junction 36) via the A590 trunk road.

The population of Barrow is approximately 106,000 and includes a large nuclear submarine production plant operated by BAE systems, who have recently received £3.95 billion of additional funding to produce the UK's next phase of nuclear submarines.

Tenancy

The property is let to 19 separate tenants producing a total aggregate annual net rent of £292,582 per annum with a Weighted Average Unexpired Lease Term of 4.72 years to expiry and 2.58 years to break.

Several new lettings have recently been carried out and therefore only one suite is vacant. New lettings have generally been at approx. £10 per sq ft and we consider this displays evident asset management potential for the wider investment.

Please see the below tenancy schedule and legal pack for more information.

Planning

The property sits on a large site of 1.08 acres (0.44 hectares) and could suit either demolition and redevelopment or conversion to alternative uses, including residential (subject to obtaining the requisite consents).

A pre-application report for new residential build of 20 apartments on the south east corner of the plot was submitted in December 2022. We understand this was warmly received by the local authority and would be recommended for approval. Purchasers must rely on their own enquiries in this regard.