Two retail units located on prime retailing thoroughfare
Tenants include Bonmarché Limited and Blacks Outdoor Retail Limited t/a Millets (let on new 10 year lease subject to option)
Nearby occupiers include B&M Bargains, British Heart Foundation, Santander and Edinburgh Woollen Mill
Lot 94
Auction 19th October 2017
Rent Gross: £59,725 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
12 miles north of the Lake District, 60 miles west of Newcastle upon Tyne
Roads
A7, A69, A595, A689, M6 (Junction 43)
Rail
Carlisle Rail
Air
Newcastle International Airport
Situation
Carlisle is an historic university city and the commercial and administrative centre for Cumbria, located 12 miles north of the Lake District. The property is situated on the west side of English Street, just south of the pedestrianised area. Nearby occupiers include B&M Bargains, British Heart Foundation, Santander and The Edinburgh Woollen Mill.
Tenure
Leasehold. Held from the council of the City of Carlisle on three leasehold titles for a term of 99 years from 01/08/1932 until 31/07/2031 at a rent of £75 per annum each.
Location
Miles
12 miles north of the Lake District, 60 miles west of Newcastle upon Tyne
Roads
A7, A69, A595, A689, M6 (Junction 43)
Rail
Carlisle Rail
Air
Newcastle International Airport
Situation
Carlisle is an historic university city and the commercial and administrative centre for Cumbria, located 12 miles north of the Lake District. The property is situated on the west side of English Street, just south of the pedestrianised area. Nearby occupiers include B&M Bargains, British Heart Foundation, Santander and The Edinburgh Woollen Mill.
Tenure
Leasehold. Held from the council of the City of Carlisle on three leasehold titles for a term of 99 years from 01/08/1932 until 31/07/2031 at a rent of £75 per annum each.
Description
The property comprises two ground floor retail units with ancillary accommodation on first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units with ancillary accommodation on first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
110
Ground First Second
Retail Ancillary Ancillary
159.00 sq m 71.00 sq m 101.80 sq m
(1,711 sq ft) (764 sq ft) (1,096 sq ft)
BLACKS OUTDOOR RETAIL LIMITED t/a Millets (1)
10 years from 11/09/2017 until 10/09/2027 (2)
£18,000
11/09/2022
112/114
Ground First
Retail Ancillary
210.67 sq m 83.00 sq m
(2,267 sq ft) (893 sq ft)
BONMARCHE LIMITED (3)
Approximately 1 year & 5 months from 10/10/2016
£41,725
(07/03/2018)
Total
625.47 sq m
(6,731 sq ft)
£59,725
(1) Part of JD Sports Fashion Plc and established in 1861, Blacks is one of the most recognisable outdoor brands on the high streets offering walking and hiking kit, running clothing and more fashion based lines (Source: www.blacks.co.uk 19/09/2017). Millets are the UK's leading retailer of outdoor clothing, footwear and equipment with over 90 UK stores (Source; www.millets.co.uk 22/09/2017). (2) The lease provides an option to determine on 10/09/2022. The tenant is currently benefitting from a rent free period due to expire on 11/07/2018. The seller has agreed to adjust the completion monies so that the unit will effectively produce £18,000 p.a.x. from completion of the sale. (3) For the year ending 1st April 2017, Bonmarché Limited reported a turnover of £190,068,000, pre-tax profits of £5,719,000 and a total net worth of £30,077,000 (Source: Experian Group 19/09/2017). The Bonmarché business operates out of 300+ stores across the UK (Source: bonmarcheplc.com 19/09/2017).
