57/60 King Street Whitehaven Cumbria CA28 7JH

57/60 King Street
Whitehaven
Cumbria
CA28 7JH

Freehold Retail and Residential Ground Rent Investment

Majority let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent pedestrianised town centre location
Adjacent to Greggs and opposite Boots and The Money Shop
M&Co in occupation since 1982

Lot
42
Auction
11th July 2018
Rent
£40,500 per Annum Exclusive
Status
Sold
Price
£380,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of M&Co.

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Freehold Retail and Residential Ground Rent Investment

Majority let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent pedestrianised town centre location
Adjacent to Greggs and opposite Boots and The Money Shop
M&Co in occupation since 1982

Lot 42
Auction 11th July 2018
Rent £40,500 per Annum Exclusive
Status Sold
Price £380,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the Instructions of M&Co.

Property Information

Location

Miles: 8 miles south of Workington; 38 miles south of Carlisle; 50 miles east of Windermere
Roads: A595, A596
Rail: Whitehaven Railway Station
Air: Newcastle Airport

Situation

The historic town and port of Whitehaven, close to the Lake District National Park, is 38 miles south of Carlisle and 35 miles east of Penrith. The property is located in the town centre on the pedestrianised King Street, close to its junction with Lowther Street. Whitehaven Marina is 80 metres to the east and Whitehaven railway station 450 metres to the north. Occupiers nearby include Greggs (adjacent), Boots (opposite), The Money Shop, Santander, Costa, Clintons, Superdrug, Subway, Betfred and Heron Foods.

Tenure

Freehold.

Location

Miles: 8 miles south of Workington; 38 miles south of Carlisle; 50 miles east of Windermere
Roads: A595, A596
Rail: Whitehaven Railway Station
Air: Newcastle Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor shop with ancillary accommodation on part first floor. The basement is void and not currently used. The remainder of the first, second and third floors are let on a long lease and are used as residential accommodation.

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

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground First part Basement	Retail Ancillary Void	396 sq m 90 sq m	(4,262 sq ft) (969 sq ft)	MACKAYS STORES LIMITED t/a M&Co (2)	10 years from completion on a full repairing and insuring lease (1)	£40,000	2023
First part Second Third	Residential Residential Residential	Not measured		MEC PROPERTIES LIMITED	199 years from 01/01/2018	£500
Total Commercial		486 sq m	(5,231 sq ft)			£40,500

(1) Tenant’s option to determine in the fifth year.
(2) For the year ended 24th February 2017, Mackays Stores Limited reported a turnover of £165,611,000, pre-tax profits of £1,100,000 and a total net worth of £36,441,000 (Source: Experian Group 12/06/2018). Mackays Stores Limited is one of the largest privately owned fashion retailers in the UK. Since inception in the 1960s, M&Co now trades from over 300 stores nationwide with a further 22 stores overseas.