Unit 1&2, 16-20 Cheapside, Lancaster, LA1 1LZ
- PROPERTY TYPE
Commercial Property
- SIZE
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Key features
- Prime, High Yielding, Retail Investment
- Two Retail Units on Popular Pedestrianised Street
- Majority Let to Specsavers Optical Superstores
- WAULT of 5.67 Years to Expiry
- Total Rent £91,500 per annum
- 6,333 sq ft (588.4 sq m)
- Guide Price Reflects 11.43% Gross Yield
- Six Week Completion Available
Description
StrapLine
Auction Sale - 24/01/2024Of Interest to Investors
High Yielding, Prime, Retail Investment
Majority Let to Specsavers Producing Total £91,500 per annum
Description
The property comprises a prime, high yielding, retail investment situated in the pedestrianised centre of Lancaster.
Comprising two units arranged across ground and first floors, the property is fully let to two separate tenants and producing a total income of £91,500 per annum.
The majority of the property is let to Specsavers Optical Superstores Limited on a new lease expiring 23/10/2028. The rent has been recently re-based from £110,000 per annum to £71,500 per annum.
The remainder of the property is let to Gadgets4UK Enterprises Limited (t/a Phone Direct) on a lease expiring 30/10/2032 and paying £20,000 per annum.
Cheapside forms one of the principal, pedestrianised, retail streets within Lancaster, with nearby occupiers including Costa, McDonalds, Betfred and TK Maxx.
Location
- Lancaster Station - 0.8 miles
- M6 (Junction 34) - 2.1 miles
Tenancy
Unit 1 is let to Gadgets4UK Enterprises Limited on a lease expiring 30/10/2032 and paying a rent of £20,000 per annum. The lease is on full repairing and insuring terms and includes a rent review and tenants break option in the fifth year.
Unit 2 is let to Specsavers Optical Superstores Limited on a lease expiring 23/10/2028 and paying a rent of £71,500 per annum. We understand the current lease is a renewal of a previous lease on similar terms but at a rent of £71,500 per annum. The lease is on full repairing and insuring terms.
Specsavers Optical Superstores Limited
- D&B Rating: 5A2
- Turnover (2023): £3.43bn
- Pre Tax Profit (2022): £327,774,000
The tenant is a well known retailer with some 1,850 stores and over 42,700 employees nationwide.
Unit 1&2, 16-20 Cheapside, Lancaster, LA1 1LZ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Lancaster Station0.3 miles
- Bare Lane Station2.3 miles
- Morecambe Station3.2 miles
About the agent
Savills Auctions, London
33 Margaret Street London W1G 0JD
Savills Auctions are specialist residential and commercial property auctioneers with an unrivalled depth of experience and market knowledge.
Notes
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Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Savills Auctions, London on 020 3909 6715.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
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