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    Key features

    • High Yielding Retail Investment
    • Let to Morrisons Daily on a New 10 Year Lease
    • Producing £15,000 per annum
    • Ground Floor Includes Post Office
    • 3,293 sq ft (306.02 sq m)
    • Vacant Upper Parts
    • Development/Conversion Potential (stp)
    • Guide Price Reflects 9.38% Gross Yield

    Description

    The property comprises a high yielding mixed use investment let to an established convenience store operator.

    Arranged across ground, first and second floors, the property is let to Morrisons Daily on a new 10 year lease expiring November 2033 and paying a rent of £15,000 per annum.

    The majority of the upper parts are vacant and benefit from a separate access. We understand this was formerly used as residential accommodation and includes nine rooms. It is considered the property may be suitable for conversion to provide multiple residential units (subject to obtaining the requisite consents).

    Milnthorpe is a popular market town on the border of the Lake District. The property offers some of the only grocery retail amenity in the town and sits with a prominent frontage to the central square.

    Additional information

    Tenure

    Freehold

    Tenancy

    The ground and part of the first floor is let to Alliance Property Holdings Limited (t/a Morrisons Daily). The tenant was formerly McColl's but was purchased and is now part of the Morrisons group of companies.

    The lease is for a term of 10 years expiring 15/11/2033 and paying a rent of £15,000 per annum. The lease is on full repairing and insuring terms and includes a tenants break option in the 5th year.


    Alliance Property Holdings Limited


    Turnover (2022) - £463,013,000

    Total Assets (2022) - £320,900,000


    Alliance Property Holdings is the holding company for the former 1,100 convenience stores purchased by the Morrisons Group of companies.

    Rent

    £15,000 per annum
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      EPC rating

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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