8 Stricklandgate, Kendal, Cumbria, LA9 4ND
Offers in Excess of
£595,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Excellent opportunity to acquire a newly refurbished, prime town centre Greggs unit totalling 1,632 sq ft.
- Located on Stricklandgate, the main shopping street in the retail core of South Lakeland's principle town Kendal.
- Let to the undoubted covenant of Greggs PLC for a term of 10 years expiring on 10 April 2029.
- Passing rent of £42,500 per annum.
- Unexpired term of c.4.5 years
- Outstanding upwards only rent review 10th April 2024.
- The property is held Freehold.
Description
INVESTMENT SUMMARY
* Excellent opportunity to acquire a newly refurbished, prime town centre Greggs unit totalling 1,632 sq ft.
* Located on Stricklandgate, the main shopping street in the retail core of South Lakeland's principle town Kendal.
* Let to the undoubted covenant of Greggs PLC for a term of 10 years expiring on 10 April 2029.
* Passing rent of £42,500 per annum.
* Unexpired term of c.4.5 years.
* Outstanding upwards only rent review 10th April 2024.
* The property is held Freehold.
PROPOSAL
We are instructed to seek offers in excess of £595,000 Five Hundred and Ninety Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.80% assuming purchaser's costs of 5.04%
KENDAL
The property is located on Stricklandgate which is the prime retailing area in the heart of Kendal town centre.
Kendal is the principal town of South Lakeland and is situated just outside of the southern boundary of the Lake District National Park only 6 miles from Junctions 36 and 37 of the M6 Motorway. The town has a resident population of 29,593 (2021 Census) and is a popular tourist destination being 8 miles south east of Windermere. The town has a weighted retail catchment
in excess of 50,000 people and a greater district catchment in excess of 102,000. The district's Class Grouping indicates that in excess of 50% of the catchment area is of A, B or C
demographic.
Oxenholme Train Station which is situated on the West Coast main railway line is located 3 miles to the south providing direct services to London (approximate journey time 2 hours 50 minutes) and Glasgow (1 hour 45 minutes).
Stricklandgate forms part of Kendal's main retailing centre and 8 Stricklandgate forms a central position between the two junctions of Finkle Street and Market Place, making it 100% prime. The property occupies a mid-terrace position between Cortillo Lounge and Body Care in a parade that includes TK Maxx, Lakeland Leather, New Look, WHSmith, Holland & Barrett and Furness Building Society. Directly opposite is Fat Face, Salt Rock, Edinburgh Woolen Mill and Yorkshire Bank and other occupiers within the immediate vicinity include Boots, Costa, Bob & Berts and Waterstones.
Kendal has a lively town centre which benefits from local and tourism trade from the Lake District National Park with a good mix of local, regional and national retailers and leisure outlets. As well as all year-round tourism, Kendal benefits from a number of festivals and events.
DESCRIPTION
The property comprises an attractive stone building arranged over ground, first floor and second floor (second floor not currently accessible) extending to an overall floor area of 1,632 sq ft (151.60 sqm) over ground and first floor as more particularly detailed in the accommodation section.
Internally, the accommodation has recently undergone a comprehensive Greggs fit-out, with front Customer retail area, serving counter and rear bakery at ground floor and an open plan staff room, staff locker room, office, WC facilities and store at first floor.
ACCOMMODATION
The property has been measured on Net Internal Area basis, and provides the following approximate areas:
Ground Floor 74.45m² (801 sq ft)
First Floor 77.15m² (830 sq ft)
Second Floor No Access
Total 151.60m² (1,632 sq ft)
TENANCY
The property is let to Greggs Plc (co no 00502851) on a ten year full repairing and insuring lease from the 10 April 2019 at a current rent of £42,500 pa. The lease is subject to a tenant only break clauses on 10 April 2024 which has now passed, providing approximately 4 years and 7 months term certain. The property is let on Full Repairing and Insuring Terms and there is an outstanding upwards only rent review on the 10 April 2024.
TENURE
The property is available freehold.
COVENANT
The tenant has an Experian rating of 100/100 reflecting very low risk.
EPC
The property has an EPC rating of C73, expiring 28 February 2027. An Energy performance Certificate can be provided on request.
AML
In accordance with AML regulations, the successful purchaser will be required to provide confirmation of the source of funding along with two forms of identification prior to exchange.
VAT
All figures quoted are exclusive of VAT where applicable.
CONTACT
Joe Ellis - at our Windermere office.
Amelia Todd - at our Windermere office.
John Haley - at our Kendal office.
DISCLAIMER
Edwin Thompson for themselves and for the Vendor/Landlord of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in October 2024.
* Excellent opportunity to acquire a newly refurbished, prime town centre Greggs unit totalling 1,632 sq ft.
* Located on Stricklandgate, the main shopping street in the retail core of South Lakeland's principle town Kendal.
* Let to the undoubted covenant of Greggs PLC for a term of 10 years expiring on 10 April 2029.
* Passing rent of £42,500 per annum.
* Unexpired term of c.4.5 years.
* Outstanding upwards only rent review 10th April 2024.
* The property is held Freehold.
PROPOSAL
We are instructed to seek offers in excess of £595,000 Five Hundred and Ninety Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.80% assuming purchaser's costs of 5.04%
KENDAL
The property is located on Stricklandgate which is the prime retailing area in the heart of Kendal town centre.
Kendal is the principal town of South Lakeland and is situated just outside of the southern boundary of the Lake District National Park only 6 miles from Junctions 36 and 37 of the M6 Motorway. The town has a resident population of 29,593 (2021 Census) and is a popular tourist destination being 8 miles south east of Windermere. The town has a weighted retail catchment
in excess of 50,000 people and a greater district catchment in excess of 102,000. The district's Class Grouping indicates that in excess of 50% of the catchment area is of A, B or C
demographic.
Oxenholme Train Station which is situated on the West Coast main railway line is located 3 miles to the south providing direct services to London (approximate journey time 2 hours 50 minutes) and Glasgow (1 hour 45 minutes).
Stricklandgate forms part of Kendal's main retailing centre and 8 Stricklandgate forms a central position between the two junctions of Finkle Street and Market Place, making it 100% prime. The property occupies a mid-terrace position between Cortillo Lounge and Body Care in a parade that includes TK Maxx, Lakeland Leather, New Look, WHSmith, Holland & Barrett and Furness Building Society. Directly opposite is Fat Face, Salt Rock, Edinburgh Woolen Mill and Yorkshire Bank and other occupiers within the immediate vicinity include Boots, Costa, Bob & Berts and Waterstones.
Kendal has a lively town centre which benefits from local and tourism trade from the Lake District National Park with a good mix of local, regional and national retailers and leisure outlets. As well as all year-round tourism, Kendal benefits from a number of festivals and events.
DESCRIPTION
The property comprises an attractive stone building arranged over ground, first floor and second floor (second floor not currently accessible) extending to an overall floor area of 1,632 sq ft (151.60 sqm) over ground and first floor as more particularly detailed in the accommodation section.
Internally, the accommodation has recently undergone a comprehensive Greggs fit-out, with front Customer retail area, serving counter and rear bakery at ground floor and an open plan staff room, staff locker room, office, WC facilities and store at first floor.
ACCOMMODATION
The property has been measured on Net Internal Area basis, and provides the following approximate areas:
Ground Floor 74.45m² (801 sq ft)
First Floor 77.15m² (830 sq ft)
Second Floor No Access
Total 151.60m² (1,632 sq ft)
TENANCY
The property is let to Greggs Plc (co no 00502851) on a ten year full repairing and insuring lease from the 10 April 2019 at a current rent of £42,500 pa. The lease is subject to a tenant only break clauses on 10 April 2024 which has now passed, providing approximately 4 years and 7 months term certain. The property is let on Full Repairing and Insuring Terms and there is an outstanding upwards only rent review on the 10 April 2024.
TENURE
The property is available freehold.
COVENANT
The tenant has an Experian rating of 100/100 reflecting very low risk.
EPC
The property has an EPC rating of C73, expiring 28 February 2027. An Energy performance Certificate can be provided on request.
AML
In accordance with AML regulations, the successful purchaser will be required to provide confirmation of the source of funding along with two forms of identification prior to exchange.
VAT
All figures quoted are exclusive of VAT where applicable.
CONTACT
Joe Ellis - at our Windermere office.
Amelia Todd - at our Windermere office.
John Haley - at our Kendal office.
DISCLAIMER
Edwin Thompson for themselves and for the Vendor/Landlord of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in October 2024.
Brochures
8 Stricklandgate, Kendal, Cumbria, LA9 4ND
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Kendal Station0.4 miles
- Oxenholme Lake District Station1.9 miles
- Burneside Station2.0 miles
Notes
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Disclaimer - Property reference W12440. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by EDWIN THOMPSON, Windermere Office. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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