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22 Cheapside

Shop for sale

£500,000 2,208 sq ft

MHPI Ltd
View the performance or update the listing in CoStar
Contacts

James Metcalf - MHPI Ltd

Simon Harland - MHPI Ltd

Full address
22 Cheapside, Lancaster LA1 1LZ – Lancaster
Highlights
  • Prime pitch close to McDonalds, Costa, JD Sports & Greggs
  • Let to Cashino Gaming Limited with a guarantee from Praesepe Limited - £15.5m of Shareholders Funds
  • It lies approximatley 50 miles (80 Kilometres) north west of Manchester, 68 miles (109 Kilometres) south of Carlise
  • Lancaster has a a population of 144,000 people
Property type
Shop for sale
Asking price
£500,000
Available space range
There is 1 space available. This measures 2,208 sq ft.
Features
Energy Performance Rating - D, Roller Shutters
Brochure
Download the brochure

Sale details

Sale unit 4008878 Under offer

2,208 sq ft, £226.45 per sq ft

Unit Sale unit 4008878
Address 22 Cheapside, Lancaster, Lancashire, LA1 1LZ, GB
Size 2,208 sq ft
Price £500,000
Price per unit £226.45 per sq ft
Unit Sale unit 4008878
Address 22 Cheapside, Lancaster, Lancashire, LA1 1LZ, GB
Size 2,208 sq ft
Price £500,000
Price per unit £226.45 per sq ft
Sale type Investment
Tenure Freehold
Net income yield 10%
Financial type Actual
Financial year 2018
Net operating income £50,000

Sale notes

  • The current rent of £50,000 per annum was re-based from £55,000 per annum in 2015 when the tenant agreed and extension to their lease.
  • The passing rent devalues to £74.10 per sq ft in terms of zone a which is in line a number of other rents in the location and considerably below the peak of £115 zone a per sq ft.
  • The property is let on a full repairing and insuring lease to cashino gaming limited on assignment from luxury leisure.
  • The initial term was 15 years from 3rd october 2006. an extension to the lease was agreed in 2015 reducing the rent from £55,000 per annum to £50,000 per annum.
  • The lease extension to cashino gaming limited is guaranteed by praesepe limited and runs from 3rd october 2021 expiring 2nd october 2026. the property therefore has 7 years unexpired.

Property description

The property consists of a mid terraced retail unit of traditional stone construction under a pitched slate roof. The building provides open uninterrupted ground floor retail with 3 upper floors. The ground floor has a traditional retail frontage and the upper floors are access via an internal staircase to the rear of the premises. The property has rear access.

Building subtype
Storefront
Number of storeys
3
Rentable building area
2,208 sq ft
Year built
1822

Attachments

PDF #1 Marketing brochure/flyer Download

Major tenants

Cashino

This shop for sale is located in Lancaster.

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Disclaimer. Property descriptions, images and related information displayed on this page are based on marketing materials found on the website registered to MHPI Ltd. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact MHPI Ltd for full details and further information.