59 Lowther Street, Whitehaven, Cumbria, CA28

Investment Consideration:
Gross Initial Yield: 8.08%
Rental Income: £21,000 p.a.
VAT is NOT applicable to this property
Tenant has been in occupation for over 20 years
Comprises three-storey corner building with ancillary at basement, trading as TSB Bank
Total area size of 372.60 sq m (4,011 sq ft)
Nearby occupiers include Santander, Costa, Subway, Greggs, Boots, Superdrug and more.

Property Description:
Comprises three-storey corner building with ancillary at basement, currently operating as a TSB Bank, providing the following accommodation and dimensions:
Basement: Ancillary 50.60 sq m (545 sq ft)
Ground Floor: Bank 135.40 sq m (1,457 sq ft)
First Floor: Ancillary 131.80 sq m (1,419 sq ft)
Second Floor: Ancillary 54.80 sq m (590 sq ft)

Tenancy:
The property is at present let to TSB Bank Plc for a term of 5 years from 25th March 2022 at a current rent of £21,000 per annum and the lease contains full repairing and insuring covenants. Tenant option to determine on 24th March 2024,2025 or 2026 with minimum 6 months notice and subject to a penalty payment of £5,250.

Location:
Whitehaven is equidistant between Carlisle and Barrow-in-Furness and serves as a retail, service and employment centre to the outlying rural areas. The A595 lies parallel to the town which leads in turn to the M6 at both Carlisle and Kendal. The property is situated in a prominent corner position on the north side of Lowther Street, at its junction with New Street. Occupiers close by include Santander, Costa, Subway, Greggs, Boots, Superdrug and Betfred amongst a variety of others