18 - 20 Penny Street Lancaster LA1 1UA

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
24th October 2019
Rent
£64,000 per Annum Exclusive
Status
Sold
Price
£605,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On the Instructions of a Major Pension Fund

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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 24th October 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

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.

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

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

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
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)	£64,000	2024 (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.