10 / 11 / 11a Burrowgate
Penrith
Cumbria
CA11 7TE

Freehold Retail and Restaurant Investment

  • Predominantly let to William Hill Organization Limited
  • William Hill in occupation for over 20 years with 2017 break option not exercised
  • Part let to Indian restaurant on first and second floors (holding over)
  • Approximately 4,620 sq ft with future potential to develop upper parts (subject to lease and consents)
  • Picturesque town on the edge of the Lake District National Park
  • Lot
    42
  • Auction
    24/May/2018
  • Rent
    £25,000 per Annum
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • 10 / 11 / 11a Burrowgate<br>Penrith<br>Cumbria<br>CA11 7TE
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Property Information

Location
Miles
20 miles south of Carlisle, 26 miles north of Kendal
Roads
A66, M6 (Junction 40)
Rail
Penrith Railway Station
Situation

The property is situated on the northern side of Burrowgate, close to its junctions with Middlegate and Devonshire Street, in the heart of Penrith town centre. Nearby retailers include Superdrug and B&M Bargains with Greggs, Costa and Boots also represented within the town. Bluebell Lane public car park is a short walk away with parking for approximately 140 cars.

Tenure

Freehold.

Description

The property comprises a ground floor shop with a separately accessed restaurant arranged on the first and second floors.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/(Reversion)
GroundRetail/Ancillary
135.17 sq m
(1,455 sq ft)
WILLIAM HILL
ORGANIZATION
LIMITED (1)
10 years from
12/06/2012
£14,500(11/06/2022)
Ground
First
Second
Entrance/Ancillary
Restaurant
Restaurant/Ancillary
10.13 sq m
153.01 sq m
130.90 sq m
(109 sq ft)
(1,647 sq ft)
(1,409 sq ft)
MESSRS MIAH,
SUFIAN & HOQUE
t/a Indiagate Restaurant (2)
15 years from 12/06/2001
(holding over)
£10,500-
Total
429.21 sq m
(4,620 sq ft)
  £25,000 

(1) For the year ending 27th December 2016, William Hill Organization Limited reported a turnover of £879,000,000, pre-tax profits of £223,500,000 and a total net worth of £-710,000,000 (Source: Experian Group 24/04/2018).
(2) The tenant operates three Indian restaurants in Cumbria.

Property Documents

  • Site Plan
    Updated Date
    02.05.18
    File Size
    2 MB
    View PDF
  • Catalogue Page
    Updated Date
    02.05.18
    File Size
    900 KB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
Axiom Stone DVS House 4 Spring Villa Road
Edgware
Middlesex
HA8 7EB
Jaymini Ghelani 02089 516 984jg@axiomstone.co.uk

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