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Commercial property for sale
6/8, 7, 9 & 10 Cornmarket, PENRITH, Cumbria
TOWN CENTRE INVESTMENT OPPORTUNITY
4 adjoining retail properties. All let with annual income of £41,553 from September 2012. Prominent position within the town shopping centre.
Freehold Investment For Sale
Penrith is a market town located on the north east fringe of the Lake District with a population of around 16,000. It lies at the junction of the M6 motorway and the A66 trans-Pennine trunk road and has a Station on the west coast main line linking London and Glasgow. Major retailers in the town include; Sainsburys, Morrisons, Booths, B&M, Burtons, Aldi, Wickes and B&Q. The properties are situated on one of Penriths main Shopping Streets in the town centre.
DESCRIPTION & ACCOMMODATION
The property includes two retail premises and ground floor café fronting Cormarket plus a Chinese restaurant set back off the street. All the properties are built of stone with pitched tiled roofs and accommodation as follows:
SALES AREA 53.6 SQM (577 SQFT)
TEST ROOM 7.1 SQM (76 SQFT)
TEST ROOM 13.4 SQM (144 SQFT)
KITCHEN 15.5 SQM (165 SQFT)
STORE 24.0 SQM (259 SQFT)
STORE 9.1 SQM (98 SQFT)
STORE 9.7 SQM (105 SQFT)
RESTAURANT 31.3 SQM (337 SQFT)
STORE 16.4 SQM (177 SQFT)
RESTAURANT 21.1SQM (227 SQFT)
CATERING KITCHEN 16.1SQM (173 SQFT)
LADIES & GENTS WC
SALES AREA 49.3SQM (531 SQFT)
STORE 16.0SQM (172 SQFT)
SALES AREA 48.9SQM (526 SQFT)
STORE 10.5SQM (113 SQFT)
STORE 22.8 SQM (245 SQFT)
CAFÉ 20.0SQM (215 SQFT)
KITCHEN 8.4SQM (90 SQFT)
All references to areas and dimensions are deemed to be approximate.
Rates assessed separately.
We are advised that mains water, electricity, gas and drainage are connected to the properties. No warranty is given regarding the working order of any appliances or services referred to in these particulars.
The properties are held on the following leases;
6-8 Cornmarket: Occupied by Conlon & Sons (Opticians) Ltd on a full repairing and insuring lease for a term of 20 years from 29th September 1999 at a current rent of £8,000 per annum (due to lease variation). The rent will increase in September 2012 to £17,000 per annum.
7 Cornmarket: Occupied by Stephen Ng trading as The Courtyard Chinese on an internal repairing and insuring lease for a term of 15 years from the 8th November 2002 at a current rent of £5,353.54 with reviews every three years linked to RPI.
9 Cornmarket: Occupied by Andrew Marshall trading as Strollers Shoes on an internal repairing lease for a term of 6 years from 1st June 2009 at a current rent £15,000 per annum..
10 Cornmarket: Occupied by Alan Owen trading as The Ice cream Garden and Tea Room on an internal repairing lease for a terms of 7 years from 1st October 2001 at a current rent of £4,200 per annum. The tenant is holding over pending agreement of new terms.
VAT & STAMP DUTY
All reference to price, premium or rent are deemed to be exclusive of VAT unless expressly stated otherwise. Stamp duty is liable at the prevailing rates.
Strictly by appointment with the sole agents, PF&K Commercial. Tel. 01768 862135. Fax 01768 892101. E-mail. email@example.com Date 22/02/12 Reference C1658.