11-15 Portland Walk
Barrow-in-Furness
Cumbria
LA14 1DB

Freehold Retail Parade Investment/Development Opportunity with Council Let Car Park

  • Prime retailing location
  • Approximately 7,479 sq m (80,506 sq ft) comprising three modern purpose built shops, a Department Store and a 106 space rooftop car park
  • Asset Management Potential
  • Dominant retailing centre for the South Lakes
  • Low Capital Value per sq ft on Guide Price
  • Lot
    27
  • Auction
    05/May/2021
  • Rent
    £50,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £600,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • 11-15 Portland Walk<br>Barrow-in-Furness<br>Cumbria<br>LA14 1DB
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* More information on the term "price" can be found here

Property Information

Location
Miles
67 miles north of Preston
71 miles south of Carlisle
Roads
A590, A595, M6 (Junction 36)
Rail
Barrow-in-Furness
Air
Manchester Airport
Situation

Barrow-in-Furness is a large town in west Cumbria and is one of the Lake Districts most important administrative and commercial centres. The property is located in the heart of the town centre, occupying a prominent corner position on Portland Walk. Portland Walk is home to retailers including Superdrug, Sports Direct, Greggs, Card Factory and Boots, amongst others. BAE Systems still run the largest shipyard in the UK in Barrow which is now undergoing major expansion associated with the Dreadnought Nuclear Submarine programme, the first of which is due for completion in 2030, thus securing future employment in the town.

Tenure

Freehold.

Description

The property comprises three shops, a substantial former department store and a rooftop car park. The department store is serviced from a loading bay to the rear. The car park is located on the roof and comprises approximately 106 spaces, which is accessed via a ramp from Forshaw Street.

VAT

VAT is applicable to this lot.

Note

Please note the buyer will pay 1% + VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.

Completion Period

Six Week Completion

EPC

Please note the buyer will pay 1% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale..

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.x
Unit 11 (30-32
Portland Walk)
Ground
First
Second
Retail
Retail
Ancillary
2,750.00 sq m
3,526.00 sq m
105.00 sq m
(29,601 sq ft)
(37,954 sq ft)
(1,133 sq ft) (1)
DEPARTMENT
STORES
REALISATION
LIMITED (2)
25 years from
25/12/1996
-
Unit 12 (34
Portland Walk)
GroundRetail/Ancillary
137.00 sq m
(1,472 sq ft)
THE BODY SHOP
INTERNATIONAL PLC
(3)
25 years from
19/12/1996
until 18/12/2021
£50,000
Unit 13 (36
Portland
Walk)
GroundRetail/Ancillary
124.00 sq m
(1,337 sq ft)
VACANT--
Unit 14/15 (38-
42 Portland
Walk)
Ground
First
Retail/Ancillary
Retail/Ancillary
490.00 sq m
347.00 sq m
(5,274 sq ft)
(3,735 sq ft)
WH SMITH PLC3 years from
19/12/2016
until 18/12/2019
(holding over)
-
Car ParkRoofRoof
Approximately 106 spaces
BARROW IN
FURNESS BOROUGH
COUNCIL
t/a Level A Car Park
25 years from
19/12/1996 until
18/12/2021 (4)
-
Total
7,479.00 sq m
(80,506 sq ft)   £50,000

(1) The approximate floor areas for Unit 11 are GIA.
(2) Debenhams went into liquidation in December 2020. The Debenhams brand was purchased earlier this year but the intention was to close all stores and the Barrow branch is now closed. A monthly turnover rent was being paid up until 23rd January 2021 equivalent to 2% of turnover. The lease to Department Stores Realisation Limited has yet to be disclaimed. The local council and the local NHS Trust for Mental Health have both expressed interest in occupying this space. Discussions are at an early stage.
(3) The Body Shop was founded in 1976. The Body Shop has become a global retail business serving over 30 million customers worldwide, employs 10,000 people and operates in around 3,000 stores in more than 70 countries (thebodyshop.com).
(4) The tenant has a right to renew upon expiry at a market rent.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    04.05.21
    File Size
    37 MB
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  • Catalogue Page
    Updated Date
    16.04.21
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    16.04.21
    File Size
    906 KB
    View PDF
  • Common Auction conditions
    Updated Date
    16.03.21
    File Size
    687 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Pearl & Coutts Third Floor, 9 White Lion Street
London
N1 9PD
Zarah Driver +44 (0) 20 7843 9183zarah.d@pearl-coutts.co.uk

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