16 - 20 Cheapside Lancaster LA1 1LZ

16 - 20 Cheapside
Lancaster
LA1 1LZ

High Yielding Freehold Retail Investment

  • Predominantly let to Specsavers Optical Superstores Limited
  • Approximately 583.59 sq m (6,282 sq ft)
  • Opposite St Nicholas Arcades on pedestrianised Cheapside
  • Nearby retailers include Primark, Waterstones, McDonald's, The Works, Bodycare, Greggs,
  • Costa Coffee & JD Sports
  • Historic City Centre
  • Lot
    29
  • Auction
    13th December 2021
  • Rent
    £130,350 per Annum Exclusive
  • Status
    Sold
  • Price
    £800,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • Expand
  • Photos
  • Map

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

High Yielding Freehold Retail Investment

  • Predominantly let to Specsavers Optical Superstores Limited
  • Approximately 583.59 sq m (6,282 sq ft)
  • Opposite St Nicholas Arcades on pedestrianised Cheapside
  • Nearby retailers include Primark, Waterstones, McDonald's, The Works, Bodycare, Greggs,
  • Costa Coffee & JD Sports
  • Historic City Centre
  • Lot 29
  • Auction 13th December 2021
  • Rent
  • Status Sold
  • Price £800,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction

Property Information

Location
Miles
22 miles north of Preston
23 miles north-east of Blackpool
Roads
A683, M6
Rail
Lancaster
Air
Manchester Airport
Situation

The property is situated in the heart of Lancaster, on the west side of the pedestrianised Cheapside, one of Lancaster's prime retailing thoroughfares and close to it's junction with Penny Street. The property is located opposite St Nicholas Arcades and a short walk to Marketgate Shopping Centre which includes retailers such as Primark, Waterstones, The Works and Bodycare amongst others. Other nearby retailers include McDonald's, Greggs, Costa Coffee, Carphone Warehouse, JD Sports and Lush.

Tenure

Freehold.

Location
Miles
22 miles north of Preston
23 miles north-east of Blackpool
Roads
A683, M6
Rail
Lancaster
Air
Manchester Airport
Situation

The property is situated in the heart of Lancaster, on the west side of the pedestrianised Cheapside, one of Lancaster's prime retailing thoroughfares and close to it's junction with Penny Street. The property is located opposite St Nicholas Arcades and a short walk to Marketgate Shopping Centre which includes retailers such as Primark, Waterstones, The Works and Bodycare amongst others. Other nearby retailers include McDonald's, Greggs, Costa Coffee, Carphone Warehouse, JD Sports and Lush.

Tenure

Freehold.

Description

The property comprises two shops, each arranged on ground and first floors. Specsavers occupy the majority of the first floor used predominantly as testing rooms & offices.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk.

Description

The property comprises two shops, each arranged on ground and first floors. Specsavers occupy the majority of the first floor used predominantly as testing rooms & offices.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

  Floor Use Floor Areas
(Approx)
Tenant Term Rent p.a.x
16-20 (Unit 2)
Cheapside
Ground

First
Testing
Rooms/Ancillary
Testing
Rooms/Ancillary
276.08 sq m

251.05 sq m
(2,972 sq ft)

(2,702 sq ft)
SPECSAVERS
OPTICAL
SUPERSTORES
LIMITED (1)
25 years
from
16/03/1998
£110,600
16-20 (Unit 1)
Cheapside
Ground
First
Retail
Ancillary
31.01 sq m
25.45 sq m
(334 sq ft)
(274 sq ft)
HUTCHISON 3G
UK LIMITED (2)
5 years from
21/06/2018
(3)
£19,750
Total
583.59 sq m
(6,282 sq ft)
    £130,350

(1) For the year ending 29/02/2020, Specsavers Optical Superstores Limited reported a turnover of £696,410,000, pre-tax profits of £20,929,000 and total shareholder's equity of £86,047,000 (NorthRow 22/10/2021).
(2) For the year ending 31/12/2019, Hutchingson 3G UK Limited reported a turnover of £2,327,032,000, pre-tax profits of £341,465,000 and total shareholders equity of £6,867,573,000 (NorthRow 09/11/2021).
(3) The lease is subject to a tenant only option to determine in June 2022.

If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Catalogue Page
    Updated Date
    23.11.21
    File Size
    671 KB
    View PDF
  • Site Plan
    Updated Date
    23.11.21
    File Size
    888 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 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
Seller's Solicitors
Comptons Solicitors LLP 90-92 Parkway, Camden Town
London
NW1 7AN
Shane Knight +44 (0)207 482 9510sk@comptons.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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