74-75 Market Place, Whitehaven, Cumbria, CA28 7JG

Guide Price

£125,000

£150,000

Additional Costs / Fees will apply

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Property Details

Location

Description

A high yielding town centre commercial investment comprising two adjoining properties (mid and end terrace) with separate accommodation. No.75 is arranged over three storeys and is let in full to an established DIY / Hardware tenant at £58,236 per annum whilst No.74, ground floor only, is let to a bird feed shop at £1,080. Collectively they currently produce a rental income of £59,316 which represents a yield well in excess of 30% (if purchased at our quoted guide price). No.75 Market Place requires considerable remedial works to the external fascia, principally the frontage, and condition reports are included within the legal pack. The current tenants have also has served a section 26 notice for a new 10 year business tenancy at £40,000 per annum effective November 24. This is reflective of the inconvenience of the repair works required.

Location

The subject property occupies one of the best retailing locations in the heart of Whitehaven town centre fronting on to Market Place with return frontage to its junction with Swing Pump Lane (B5345). The main central pedestrianised retail area of King Street extends beyond Market Place to the front of the property where other occupiers include a mix of retail, coffee shop and residential including Costa Coffee. Albion Square, developed as large modern office premises for Sellafield
Ltd, is very close by along with all town centre amenities and the attractive harbour front.

Accommodation

Pugh & Co have not inspected the property internally and the accommodation details have been provided by the joint agent;

74 Market Place

No accommodation details provided at this stage

75 Market Place

Ground Floor (306 Sq M / 3,297 Sq Ft)	main sales area, kitchen
First Floor (282 Sq M / 3,032 Sq Ft)	showroom, stores, male / female w.c.
Second Floor (318 Sq M / 3,419 Sq Ft)	office / sales, stores

Outside

2/3 parking spaces to the rear

Tenancy

74 Market Place is currently let to existing tenants trading as Baccy Bird at £1,080 per annum although no formal lease agreement exists.

75 Market Place is currently let to existing long standing tenants (approx 25 years) trading as The Haven Homes Centre at £58,236 per annum although no formal lease agreement exists. The tenants have served a section 26 notice for a new 10 year business tenancy at £40,000 per annum beginning on 30th November 2024.

Costs

Details of the Buyer's Premium and any additional fees payable are contained within the legal documents.

VAT

VAT is applicable in addition to the purchase price

General

1. All the information provided on our website is for indicative purposes only and interested parties should refer to the contents of the legal pack and rely upon their own due diligence as a prudent bidder.

2. PLEASE NOTE BIDDING COMMENCES ON TUESDAY 16TH JULY AND CLOSES ON WEDNESDAY 17TH JULY.

3. Energy Performance Certificate = B.

4. The external front façade of the building and window surrounds across other elevations are in disrepair as a result of the failure of the cast stone. Due to elements of stone debris breaking away the entire front fascia has been scaffolded and wrapped with netting. The whole of the cast stone front façade along with the other cast stone detailing now requires replacement and a suite of condition reports have been included as part of the legal pack.