5 Cornmarket, Penrith, Cumbria, CA11

Investment Consideration:
Gross Initial Yield: 8.95%
Rental Income: £8,500 p.a.
VAT is NOT applicable to this property
Comprises ground floor retail shop with ancillary accommodation at basement
Tenant trading as Dog Groomers on lease expiring 2032
Review rent on 3rd anniversary linked to RPI with 1% collar and 3% cap per annum
Situated in the heart of Penrith, with occupiers nearby including Domino's, Betfred and more.

Property Description:
Comprises ground floor retail shop trading as a dog groomers with ancillary accommodation at basement, providing the following accommodation and dimensions:
Ground Floor: 40 sq m (430 sq ft)
Open plan retail, Storage, Kitchenette, WC
Basement: 16 sq m (172 sq ft)
Open plan storage

Tenancy:
The property is let to an Individual t/a Dog Groomer for a term of 6 years 11 months from 9th May 2025 at current rent of £8,500 p.a. and the lease contains full repairing and insuring covenants. Review rent on 3rd anniversary linked to RPI with 1% collar and 3% cap per annum. Tenant has right to determine lease on 9th May 2027 with 6 months' notice. Deposit held of £2,125.

Tenure:
Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.

Location:
Penrith is a popular market town on the fringe of the Lake District National Park adjacent to junction 40 of the M6 motorway, and the A66 Trans Pennine Trunk Road interchange; has a railway station serving the main West Coast Line between London and Scotland. The town is 20 miles south of Carlisle and 28 miles north of Kendal, the nearest competitive retail centres. Penrith has a resident population circa 16,000 with a local authority catchment in the region of 50,000. Cornmarket has a good trading position in the town and benefits from a range of national occupiers having a presence in the immediate vicinity including Domino`s, Betfred and Vision Express.