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
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.
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
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.
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.
