1-3 Market Street, Carlisle, Cumbria, CA3

Investment Consideration:
Gross Initial Yield: 8.75%
Rental Income: £14,000 p.a.
VAT is NOT applicable to this property
Comprises 3 retail ground floor shops t/a Cafe and Bicycle Retailer (double unit)
Occupiers nearby include The Market Hall Shopping Centre, TK Maxx, Barbers and more.

Property Description:
Comprises 3 retail ground floor shops t/a Bicycle Retailer (No.1-2) and a Cafe (No.3), providing the following accommodation and dimensions:
Shop No. 1-2: 110.5 sq m (1,190 sq ft)
Ground Floor Sales 94.4 sq m (1,016 sq ft)
Rear Store 13.5 sq m (146 sq ft)
Kitchen 2.6 sq m (28 sq ft)
Shop No.3: 45.96 sq m (494 sq ft)
Ground Floor Sales/Café 32.54 sq m (350 sq ft)
Kitchen and Storage 13.42 sq m (144 sq ft)
Total Office GIA: 156.46 sq m (1,684 sq ft)

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

Tenancy:
Ground floor shop No. 1-2 is let to Long May You Ride Ltd for a term of 6 years from 1st October 2024 at current rent of £8,500 p.a. and the lease contains full repairing and insuring covenants. Fixed increase of rent to £9,000 p.a. on the 4th anniversary of the lease. Tenant has right to determine lease on the 3rd anniversary with 6 months' notice.
Ground floor shop No. 3 is let to Crème Cafe Cycles Ltd for a term of 6 years from 1st October 2024 at current rent of £5,500 p.a. and the lease contains full repairing and insuring covenants. Fixed increase of rent to £6,000 p.a. on the 4th anniversary of the lease. Tenant has right to determine lease on the 3rd anniversary with 6 months' notice.

Location:
Carlisle is a border city and the county town of Cumbria. The town is located 8 miles south of the Scottish border at the confluence of the rivers Eden, Caldew and Petteril. Carlisle is the only city in Cumbria. The city centre is largely pedestrianised and the Lanes shopping centre is home to around 75 shops. Carlisle is linked to the rest of England via the M6 motorway to the south, and to Scotland via the M74/A74 towards Glasgow and the north. The property is located in the town centre with occupiers nearby include The Market Hall Shopping Centre, TK Maxx, Restaurants, Barbers and more.