Bowerham Road, Lancaster, Lancashire, LA1
Fixed Price
£2,283,500
£522.54 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
4,370 sq ft
406 sq m
- SECTOR
Convenience store for sale
- USE CLASSUse class orders: Class E
E
Key features
- Prominent convenience store investment.
- Located on the busy Bowerham Road, adjacent to landmark Bowerham Hotel
- Brand new convenience store extending to 4,370 ft2 (406 m2) together with 19 car parking spaces.
- Let to the unrivalled covenant of Tesco Stores Ltd, comfortably the UK's largest supermarket chain (by market share) and Zest Eco and InPost (Lockers)
- Tesco Stores Ltd - Turnover £49.25bn (Feb 2024) per annum
- New FRI leases on unbroken terms of 5 to 25 years
- Initial combined rental of £121,500 per annum
- Tesco Stores Ltd £110,000, Zest Eco £10,000 and InPost £1,500.
- Excellent income profile with the rents linked to CPI (Tesco income profile collared and capped at 1% and 4%)
Description
Lancaster is a well-connected and economically diverse city in North West England, offering strong fundamentals for commercial property investment. As the principal urban centre in north Lancashire, Lancaster benefits from excellent transport infrastructure, including direct access to the M6 motorway, a West Coast Main Line railway station with regular services to London, Manchester, and Glasgow, and close proximity to the Port of Heysham and regional airports.
The city is home to Lancaster University-one of the UK's leading research institutions creating a highly skilled local workforce and a steady demand for office, research, and innovation space. The presence of a growing student and graduate population continues to support a dynamic local economy, with strengths in digital industries, healthcare, education, and professional services.
Lancaster's compact and historic city centre supports a thriving mix of national retailers, independ-
ent businesses, and hospitality venues, making it a popular destination for both residents and visitors. Major regeneration projects, including the Canal Quarter development, signal continued investment in infrastructure, housing, and commercial capacity. With strong rental demand, a growing population, and a pro-investment local authority, Lancaster presents an attractive and stable environment for a wide range of commercial property ventures.
PROPERTY DESCRIPTION
The property will comprise a new build single storey convenience store extending in total to 4,370 sq ft (GIA). The building is of steel frame construction beneath a pitched tiled roof with painted brick elevations.
Externally the site extends to .35 acres and there is pedestrian and vehicular access from Newsham Road, with parking spaces for 19 vehicles.
The property was granted planning consent in April 2024 (ref: 23/03107/FUL). Practical completion of the development is scheduled to take place in February 2026. A full suite of warranties will be available to the purchaser.
ACCOMMODATION
The property provides the following gross internal floor area:
Ground Floor
4,370 ft2 409 m2
First Floor (Void)
1,120 ft2 104 m2
Total
5,490 ft2 510 m2
Car parking
19 spaces
PROPOSAL
We are instructed to seek an offer of £ 2,283,500
(Two Million Two Hundred and Eighty Three Thousand Five Hundred Pounds) subject to contract and exclusive of VAT.
A purchase at this level would reflect an attractive Net Initial Yield of 5% after allowing for purchasers costs of 6.41%.
Running yield February 2031 6% Running Yield Febrary 2036 7.3%
The city is home to Lancaster University-one of the UK's leading research institutions creating a highly skilled local workforce and a steady demand for office, research, and innovation space. The presence of a growing student and graduate population continues to support a dynamic local economy, with strengths in digital industries, healthcare, education, and professional services.
Lancaster's compact and historic city centre supports a thriving mix of national retailers, independ-
ent businesses, and hospitality venues, making it a popular destination for both residents and visitors. Major regeneration projects, including the Canal Quarter development, signal continued investment in infrastructure, housing, and commercial capacity. With strong rental demand, a growing population, and a pro-investment local authority, Lancaster presents an attractive and stable environment for a wide range of commercial property ventures.
PROPERTY DESCRIPTION
The property will comprise a new build single storey convenience store extending in total to 4,370 sq ft (GIA). The building is of steel frame construction beneath a pitched tiled roof with painted brick elevations.
Externally the site extends to .35 acres and there is pedestrian and vehicular access from Newsham Road, with parking spaces for 19 vehicles.
The property was granted planning consent in April 2024 (ref: 23/03107/FUL). Practical completion of the development is scheduled to take place in February 2026. A full suite of warranties will be available to the purchaser.
ACCOMMODATION
The property provides the following gross internal floor area:
Ground Floor
4,370 ft2 409 m2
First Floor (Void)
1,120 ft2 104 m2
Total
5,490 ft2 510 m2
Car parking
19 spaces
PROPOSAL
We are instructed to seek an offer of £ 2,283,500
(Two Million Two Hundred and Eighty Three Thousand Five Hundred Pounds) subject to contract and exclusive of VAT.
A purchase at this level would reflect an attractive Net Initial Yield of 5% after allowing for purchasers costs of 6.41%.
Running yield February 2031 6% Running Yield Febrary 2036 7.3%
Brochures
Bowerham Road, Lancaster, Lancashire, LA1
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Lancaster Station1.0 miles
- Bare Lane Station3.2 miles
- Morecambe Station3.9 miles
Notes
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