Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £12,000 p.a.
VAT is applicable to this property. Sale to be treated as Transfer of Going Concern (TOGC)
Comprises ground floor retail shop with ancillary accommodation at first and second floor
Property benefits from rear access, providing future residential development potential, STTP
Located in the town Centre, directly between Oxford Street and Washington Square shopping centre, which is the main shopping and social destination within Workington
Occupiers nearby including Superdrug, Boots, Sports Direct, Specsavers, Greggs and Subway.
Property Description:
Comprises mid-terrace ground floor shop with ancillary accommodation above. The property benefits from rear access and provides the following accommodation and dimensions:
Ground Floor: 52 sq m (560 sq ft)
Open plan retail, storage
First Floor: 33 sq m (355 sq ft)
Ancillary, office, storage
Second Floor: 33 sq m (355 sq ft)
Ancillary, kitchen, wc
Total GIA: 118 sq m (1,270 sq ft)
Tenancy:
The property is at present let to an Individual t/a Sweet Shop for a term of 10 years from 23rd October 2025 at a current rent of £12,000* per annum and the lease contains full repairing and insuring covenants. Rent review every 3 years open market upward only. Tenant option to determine in the 5th year with min 6 months notice. Deposit held of £2,500.
* The current rent reserved is £10,000 p.a. which rises to £12,000 p.a. on the 23.10.2026 and £13,000 p.a. on the 23.10.2027, the vendor will "top up" the rent from completion until the 23.10.2026 by way of an allowance such that the purchaser in effect receives £12,000 p.a. from completion.
Tenure:
Virtual freehold. Held on a 999 year lease from 18th August 2016 at a ground rent of peppercorn.
Location:
Workington is a coastal town at the mouth of the River Derwent on the west coast in the Allerdale borough of Cumbria. The town lies to the west of the Lake District and approximately 32 miles south-west of Carlisle. The town benefits from railway connections via Workington train station, which runs between Carlisle and Barrow-in-Furness. The subject property is located in the town Centre, directly between Oxford Street and Washington Square shopping centre, which is the main shopping and social destination within Workington, with a good mix of national and local occupiers nearby including Superdrug, Boots, Sports Direct, Specsavers, Greggs and Subway.
