Manelli House, 4 Cowper Road, Penrith, Cumbria, CA11 9BN
Offers in Excess of
£1,056,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Strategic location in Penrith's prime commercial area, with strong access to the town centre and local arterial roads.
- Self-contained site with associated storage land and parking extending to 0.87 acres.
- Local supply shortage of light industrial units.
- The property has been significantly refurbished in 2022/2023 presenting to a high specification throughout.
- Potential to develop sections of the site, subject to planning.
- The current gross passing rent is £117,560 per annum, after deducting the landlord's apportionment of the ground rent (£5,795 pa) this equates to a net passing rent of £111,765 per annum.
- Three tenants in occupation with a WAULT of 8.2 years to expiry and 4.2 years to break.
- Held Long Leasehold (c. 102 years unexpired).
- Offers are sought in excess of £1,056,000 (One Million and Fifty Six Thousand Pounds) subject to contract and exclusive of VAT.
- A purchase at this level reflects a net initial yield of 10.00% and a low capital value of £126 psf.
Description
INVESTMENT SUMMARY
* Strategic location in Penrith's prime commercial area, with strong access to the town centre and local arterial roads.
* Self-contained site with associated storage land and parking extending to 0.87 acres.
* Local supply shortage of light industrial units.
* The property has been significantly refurbished in 2022/2023 presenting to a high specification throughout.
* Potential to develop sections of the site, subject to planning.
* The current gross passing rent is £117,560 per annum, after deducting the landlord's apportionment of the ground rent (£5,795 pa) this equates to a net passing rent of £111,765 per annum.
* Three tenants in occupation with a WAULT of 8.2 years to expiry and 4.2 years to break.
* Held Long Leasehold (c. 102 years unexpired).
* Offers are sought in excess of £1,056,000 (One Million and Fifty Six Thousand Pounds) subject to contract and exclusive of VAT.
* A purchase at this level reflects a net initial yield of 10.00% and a low capital value of £126 psf.
LOCATION
Penrith is an attractive and affluent market town well situated on junction 40 of the M6 providing direct access north and south and the A66 which leads west into the lake district and east to scotch corner and the A1(M).
Carlisle is approximately 20 miles to the north, Kendal 32 miles to the south and Keswick 18 miles to the West. Penrith train station is on the main West Coast Line with direct services north to Carlisle and Glasgow and south to London Euston with a journey time of around 3 hours.
The town of Penrith has a population of approximately 15,000 but draws upon a much wider catchment area and continues to grow in popularity as a desirable place to work and live; with its excellent motorway/rail links maintaining a strong local industrial/distribution economy, coupled with its picturesque setting between the Lake District National Park and the North Pennines Area of Outstanding National Beauty.
SITUATION
The property is located centrally on Gilwilly Industrial Estate, accessed via the B5288 newton road which in turn leads to Haweswater road connecting directly to the A592 and the M6 junction 40/A66 interchange.
East Lakes Business Park is adjacent to Cowper Road, the central route through Gilwilly Industrial Estate and which connects with Gilwilly Road and the B5288 to the south.
Gilwilly Industrial Estate is the main commercial area for Penrith with a range of local, regional, and national occupiers including AW Jenkinson, Greggs, Cumbria Stone, Screwfix, EK Motor Factors along with multiple car showrooms and haulage operators.
PROPOSAL
Offers in excess of £1,056,000 (One Million and Fifty Six Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 10.00% and a low capital value of £126 psf.
DESCRIPTION
The site incorporates a single storey office building with associated garages on a large regular shaped site with good road frontage.
The office building has recently been refurbished and provides two separate office units with independent access.
The adjacent garage premises are of brick/block construction and incorporate concrete beam and steel flat roofs.
The units have recently been refurbished with the office incorporating new windows and doors, roof, external render, internal fit out and toilet facilities. The industrial units have received new loading doors and pedestrian doors in part.
Externally, there is tarmacadam car parking to the front and side for approximately 31 vehicles as well as mature landscaping, the site is bounded predominantly with wire and steel post fencing.
ACCOMMODATION
It is understood that the premises provide the following approximate measurements:
Office
Suite 1 - 407.62m² (4,388 sq ft)
Suit 2 - 235.35m² (2,533 sq ft)
Industrial
Unit 3A - 56.23m² (605 sq ft)
Unit 3B - 45.90m² (494 sq ft)
Garage - 33.68m² (363 sq ft)
Total - 778.78m² (8,383 sq ft)
PLANNING
Planning permissions have previously been approved in respect of Suite 1, Manelli House for the proposed sub division of ground floor offices and first floor extension to form additional office accommodation and associated site works.
Planning reference: 22/0356.
EPC
EPC certificates can be provided upon request.
TENURE
The land and property is held long-leasehold from Eden District Council for a term of 149 years from 1 May 1977 with approximately 102 years unexpired. The lease is subject to five yearly reviews with the next review due 1 May 2027.
The current ground rent payable is £15,250 per annum for the site, £9,455 of which is recharged to Gleeson Developments Ltd.
CONTACT
Joe Ellis - at our Windermere office.
Amelia Todd - at our Windermere 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.
* Strategic location in Penrith's prime commercial area, with strong access to the town centre and local arterial roads.
* Self-contained site with associated storage land and parking extending to 0.87 acres.
* Local supply shortage of light industrial units.
* The property has been significantly refurbished in 2022/2023 presenting to a high specification throughout.
* Potential to develop sections of the site, subject to planning.
* The current gross passing rent is £117,560 per annum, after deducting the landlord's apportionment of the ground rent (£5,795 pa) this equates to a net passing rent of £111,765 per annum.
* Three tenants in occupation with a WAULT of 8.2 years to expiry and 4.2 years to break.
* Held Long Leasehold (c. 102 years unexpired).
* Offers are sought in excess of £1,056,000 (One Million and Fifty Six Thousand Pounds) subject to contract and exclusive of VAT.
* A purchase at this level reflects a net initial yield of 10.00% and a low capital value of £126 psf.
LOCATION
Penrith is an attractive and affluent market town well situated on junction 40 of the M6 providing direct access north and south and the A66 which leads west into the lake district and east to scotch corner and the A1(M).
Carlisle is approximately 20 miles to the north, Kendal 32 miles to the south and Keswick 18 miles to the West. Penrith train station is on the main West Coast Line with direct services north to Carlisle and Glasgow and south to London Euston with a journey time of around 3 hours.
The town of Penrith has a population of approximately 15,000 but draws upon a much wider catchment area and continues to grow in popularity as a desirable place to work and live; with its excellent motorway/rail links maintaining a strong local industrial/distribution economy, coupled with its picturesque setting between the Lake District National Park and the North Pennines Area of Outstanding National Beauty.
SITUATION
The property is located centrally on Gilwilly Industrial Estate, accessed via the B5288 newton road which in turn leads to Haweswater road connecting directly to the A592 and the M6 junction 40/A66 interchange.
East Lakes Business Park is adjacent to Cowper Road, the central route through Gilwilly Industrial Estate and which connects with Gilwilly Road and the B5288 to the south.
Gilwilly Industrial Estate is the main commercial area for Penrith with a range of local, regional, and national occupiers including AW Jenkinson, Greggs, Cumbria Stone, Screwfix, EK Motor Factors along with multiple car showrooms and haulage operators.
PROPOSAL
Offers in excess of £1,056,000 (One Million and Fifty Six Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 10.00% and a low capital value of £126 psf.
DESCRIPTION
The site incorporates a single storey office building with associated garages on a large regular shaped site with good road frontage.
The office building has recently been refurbished and provides two separate office units with independent access.
The adjacent garage premises are of brick/block construction and incorporate concrete beam and steel flat roofs.
The units have recently been refurbished with the office incorporating new windows and doors, roof, external render, internal fit out and toilet facilities. The industrial units have received new loading doors and pedestrian doors in part.
Externally, there is tarmacadam car parking to the front and side for approximately 31 vehicles as well as mature landscaping, the site is bounded predominantly with wire and steel post fencing.
ACCOMMODATION
It is understood that the premises provide the following approximate measurements:
Office
Suite 1 - 407.62m² (4,388 sq ft)
Suit 2 - 235.35m² (2,533 sq ft)
Industrial
Unit 3A - 56.23m² (605 sq ft)
Unit 3B - 45.90m² (494 sq ft)
Garage - 33.68m² (363 sq ft)
Total - 778.78m² (8,383 sq ft)
PLANNING
Planning permissions have previously been approved in respect of Suite 1, Manelli House for the proposed sub division of ground floor offices and first floor extension to form additional office accommodation and associated site works.
Planning reference: 22/0356.
EPC
EPC certificates can be provided upon request.
TENURE
The land and property is held long-leasehold from Eden District Council for a term of 149 years from 1 May 1977 with approximately 102 years unexpired. The lease is subject to five yearly reviews with the next review due 1 May 2027.
The current ground rent payable is £15,250 per annum for the site, £9,455 of which is recharged to Gleeson Developments Ltd.
CONTACT
Joe Ellis - at our Windermere office.
Amelia Todd - at our Windermere 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
Manelli House, 4 Cowper Road, Penrith, Cumbria, CA11 9BN
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Penrith Station0.6 miles
- Langwathby Station4.7 miles
Notes
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