The property is held on a long leasehold from Carlisle City Council for a term of 99 years from 25 March 1991 expiring 24 March 2090. There is an option to renew for a further 51 years which can be exercised no sooner than 21 years prior to expiry.
This would improve the unexpired term to approximately 123 years.
The buyer will have a right of pre-emption in the event that the Council dispose of their freehold interest in the premises.
Offers for the long leasehold interest of the subject property are invited in excess of £4,000,000 reflecting a net initial yield of circa 9.3% and a capital value per sq ft of £47.50, allowing for graduated purchasers costs.
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Property facts for Market Hall Shopping Centre, Carlisle
The subject property is a substantial city centre site located towards the northern end of the pedestrianised Scotch Street and it borders with West Tower Street to the north, Market Street to the west and Fisher Street to the south. The property comprises a historic covered Victorian market hall, two large retail units and a retail arcade located at the entrance of the market hall.
The market hall is one of the few covered Victorian Markets remaining in the UK. The market is run by Carlisle City Council and is occupied by a host of local independent retailers including greengrocers, florists, cards, stationery, pet supplies and several cafés. It is open from Monday to Saturday from 8am until 5pm.
The market has public entrances on Scotch Street and West Tower Street, where a number of bus stops are located servicing local bus routes to Morton, Kingstown, Houghton and Blackwell.
The Eden Centre comprises two large anchor store retail units currently let to TK Maxx and Wilko. TK Maxx trade from first floor only while Wilko trade from ground floor.
The subject property is Grade II listed.
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