18 - 20 Penny Street
Lancaster
LA1 1UA

Prime Freehold Retail Investment

  • Historic city centre location on pedestrianised retailing thoroughfare
  • Close to Marketgate and St Nicholas Arcades Shopping Centres
  • Let to Monsoon Accessorize Limited
  • Lease renewal from June 2019, expiring 2024 (1)
  • Lot
    18
  • Auction
    24/Oct/2019
  • Rent
    £64,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £605,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • On the Instructions of a Major Pension Fund
  • 18 - 20 Penny Street<br>Lancaster<br>LA1 1UA
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
24 miles south of Windermere and the Lake District National Park
25 miles north-east of Blackpool
53 miles north-west of Manchester
Roads
A683, M6
Rail
Lancaster Rail Station
Air
Leeds Bradford, Manchester International
Situation

The property is situated in the heart of Lancaster city centre on the western side of the pedestrianised Penny Street, one of the town's main retailing thoroughfares. The property is within close proximity to St Nicholas Arcades Shopping Centre and Marketgate Shopping Centre, with nearby occupiers including Wilko, O2, Vision Express, JD Sports, Greggs, McDonald's and Santander.

Tenure

Freehold.

Description

The property comprises a ground floor shop with ancillary accommodation at first floor.

VAT

VAT is applicable to this lot.

EPC

See legal pack at acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
Ground
First
Retail
Ancillary
211 sq m
53 sq m
(2,271 sq ft)
(570 sq ft)
MONSOON
ACCESSORIZE
LIMITED (2)
5 years from
1st June 2019 on a full repairing and insuring
lease (1)
£64,0002024 (1)
Total
264 sq m
(2,841 sq ft )
  £64,000 

(1) Subject to a tenant's option to determine in 2022, upon 9 months' written notice and a penalty payment of £19,200.
This lease renewal is subsequent to two earlier leases, the original dated 19th May 2008.
(2) Website: www.uk.monsoon.co.uk.

Property Documents

  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    781 KB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
Peter CunliffePeter Cunliffe +44 (0)20 7034 4852 +44 (0)7836 742834peter.cunliffe@acuitus.co.uk
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Seller's Solicitors
DLA Piper LLP 160 Aldersgate Street, Barbican
London
EC1A 4HT
Omer Maroof 020 7153 7068omer.maroof@dlapiper.com

Useful Links

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