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
Auction Venue
Live Streamed Auction

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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

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

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 £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.