Fisher Street, Carlisle, Cumbria, CA3

Rare Commercial Investment Opportunity within Carlisle City Centre
Fisher Street, Kinmont Arcade & Treasury Court
Carlisle, Cumbria, CA3 8RF

Investment Summary
* A rare mixed commercial investment opportunity within Carlisle city centre.
* Carlisle is the main shopping destination and administrative hub for Cumbria and the Borders.
* The part grade II investment includes retail, leisure and office accommodation in what is a strong commercial location on one of the main throughfares into the city centre.
* A number of long-standing tenants providing a stable rental income, alongside recent lease extensions and re-lettings.
* Opportunity to increase overall rent through new lettings and upcoming lease events.
* The investment is owned under two entities by the same landlord, which can be acquired together or separately.
* Total accommodation: 14,059 sq ft
* Passing rent: £141,880 per annum
* We are contracted to seek offers in excess of £1,500,000
* Reflecting a net adjusted yield of 8.07%

Location
The opportunity is situated within Carlisle city centre in the North West of England. Fisher Street is one of the main pedestrians throughfares into the heart of the city centre. Kinmont Arcade and Treasury Court are accessed from the west by Fisher Street, and from the east by Rosemary Lane/Scotch Street.
Carlisle lies close to the Scottish Border and adjacent to Junctions 42, 43 and 44 of the M6 motorway network. It is also on the main west coast Glasgow to London Euston rail line and has good access east to Newcastle, including Newcastle airport, along the A69 trunk road.
The City of Carlisle has a residential population of around 75,000, a wider city population of around 108,000 and an estimated catchment population of 235,000. As well as being the dominant shopping location, it is also the administrative centre in Cumbria and the Borders.



Description
Fisher Street
A strong secondary trading location, Fisher Street has many long-established retailers within the city. The premises provides a two-storey brick built mid-terrace retail parade and is part Grade II Listed. The subject property is tenanted by a range of retailers, including Ashbridge & Brown, Dolores Marshall Opticians, Acantha Crystals and Cumbria Roast Company.
The property has red brickwork and stone sill bands with a sone bracketed metal gutter, under a Welsh slate roof. Records show that much of the subject property's features remain in situ from the 1890's.

Treasury Court
The property has three floors of commercial accommodation with various uses throughout. The ground floor fronting onto Fisher Street is home to an established retail destination within the city, whilst 12 Treasury Court within the courtyard is tenanted by a popular local restaurant The Star of Siam. The first and second floor are predominantly used as offices, boasting tenants such as Event Guides and Premier Recruitment Group.
The property fronts onto an attractive open courtyard named Treasury Court, named so because it held the City's Treasurers Offices until the 1960's. 12 Treasury Court is a modern addition to the Treasury Court, with its large glazed windows and metal finish providing an attractive contrast to the original red brick building.

Kinmont Arcade
The property is accessed via the covered arcade between Fisher Street and Rosemary Lane/Scotch Street. There has been a good level of leasing activity within recent years at Kinmont Arcade, with new lettings being agreed with the Buttered Cat Café and a tattoo parlour on the ground floor. Kinmont Barn is situated on the first floor and is home to award winning yoga studio.
The covered arcade is part single storey of brick construction with multi pitch slate roofs. It is understood that property may date back to the 1700's.

Tenancy Schedule & Accommodation
The multi-let investment opportunity is currently owned under two entities by the same landlord, which can be acquired together or separately:
Treasury Court & 17-21 Fisher Street
*Insert Tenancy Schedule*

Kinmont Arcade & 23-29 Fisher Street
*Insert Tenancy Schedule*

Tenure
Treasury Court & 17-21 Fisher Street
The property is held under the freehold title CU56686 and is subject of a ground rental of £13,500 per annum.
Kinmont Arcade & 23-29 Fisher Street
It is understood that with the exception of 27,29 & 29a Fisher Street, that the property is held under the freehold title CU190784.
27,29 & 29a Fisher Street are held within a long-leasehold title registered with qualified title under name CU29514.
Energy Performance Certificate
Energy performance certificates have been commissioned for the premises and are available upon application.


Proposal
We are instructed to sell the whole at offers in excess of £1,500,000.
The opportunity has a net rent of £128,380 per annum.
This reflects a net adjusted yield of 8.07%.
Alternatively given the current ownership arrangement, a sale of the seperate entities may be considered.

Contact
For viewings and further information please contact:
Hugh Hodgson
Senior Chartered Surveyor
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