Commercial property for sale in Lancaster, England

StrapLineAuction Sale - 24/01/2024 Of Interest to Investors High Yielding, Prime, Retail Investment Majority Let to Specsavers Producing Total £91,500 per annum Description The property comprises a prime, high yielding, retail investment situated in the pedestrianised centre of Lancaster. Comprising two units arranged across ground and first floors, the property is fully let to two separate tenants and producing a total income of £91,500 per annum. The majority of the property is let to Specsavers Optical Superstores Limited on a new lease expiring 23/10/2028. The rent has been recently re-based from £110,000 per annum to £71,500 per annum. The remainder of the property is let to Gadgets4UK Enterprises Limited (t/a Phone Direct) on a lease expiring 30/10/2032 and paying £20,000 per annum. Cheapside forms one of the principal, pedestrianised, retail streets within Lancaster, with nearby occupiers including Costa, McDonalds, Betfred and TK Maxx. Location Lancaster Station - 0.8 miles M6 (Junction 34) - 2.1 miles Tenancy Unit 1 is let to Gadgets4UK Enterprises Limited on a lease expiring 30/10/2032 and paying a rent of £20,000 per annum. The lease is on full repairing and insuring terms and includes a rent review and tenants break option in the fifth year. Unit 2 is let to Specsavers Optical Superstores Limited on a lease expiring 23/10/2028 and paying a rent of £71,500 per annum. We understand the current lease is a renewal of a previous lease on similar terms but at a rent of £71,500 per annum. The lease is on full repairing and insuring terms. Specsavers Optical Superstores Limited D&B Rating: 5A2 Turnover (2023): £3.43bn Pre Tax Profit (2022): £327,774,000 The tenant is a well known retailer with some 1,850 stores and over 42,700 employees nationwide.

Commercial property for sale in Lancaster, England

Commercial property for sale

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