21 Lowther Street, Carlisle, Cumbria, CA3 8ES

LOCATION
21 Lowther Street is a Grade II Listed building, comprising a three-storey corner building. The property benefits from occupancy by national tenant, Pizza Express, on the ground floor and basement. The first and second floor has self-contained access to the vacant office accommodation, with the potential for these areas to be converted to residential use.

Indicative plans are attached, and the planning reference number is 22/0609, and expires 3 August 2025. This is to create 4 no. apartments/flats, which were granted in August 2022.

FLOOR AREAS
Ground Floor Restaurant: 167.50 sq m (1,803 sq ft)
Basement: 80.45 sq m (0,866 sq ft)
First Floor: 92.72 sq m (0,998 sq ft)
Second Floor: 103.49 sq m (1,114 sq ft)

TENANCY
Pizza Express (Restaurants) Limited is the tenant of the ground floor and basement. The lease began in January 2000 for a term of 25 years and has just been renewed from March 2025 until 2035 at a rent of £35,000 per annum exclusive.

The tenant has a break in 2031. The rent is subject to a fifth year upward-only rent review, and the lease is drafted on internal repairing and insuring terms by way of service charge. Further information, including obtaining a copy of the lease, is available by contacting the agent directly.
The first and second floors are currently vacant.

SALE PRICE
£597,500 for the freehold investment.

COSTS
Both parties will bear their own legal and professional costs in respect of any transaction.

VAT
No VAT is payable on the sale price.