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 5th May 2021
Rent £50,000 per Annum Exclusive
Status Sold
Price £600,000
Sector High Street Retail
Auction Venue Live Streamed Auction
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.
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..
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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent 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)
Ground
Retail/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)
Ground
Retail/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 PLC
3 years from 19/12/2016 until 18/12/2019 (holding over)
-
Car Park
Roof
Roof
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 £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
