Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding, multi-let, office investment in the centre of Barrow-in-Furness.
Arranged across ground, first, second and third floors, the property provides 37,019 sq ft (3,439 sq m) of accommodation used predominantly as office suites, but also includes open plan accommodation. The property sits on a large site of 1.08 acres (0.44 hectares) and includes approximately 70 car parking spaces.
The property offers a secure income stream with a WAULT of 4.72 years let to a strong mix of tenants including the NHS Lancaster & South Cumbria NHS Trust, Age UK, and Furness College, please see the tenancy schedule for more information.
Barrow-in-Furness is the main administrative and commercial centre within the Lake District, the town is seen as a commercial hub due to major occupiers including BAE systems and Kimberley Clarke.
Tenure
Freehold
Tenancy
The property is let to 19 separate tenants producing a total aggregate annual net rent of £292,582 per annum with a Weighted Average Unexpired Lease Term of 4.72 years to expiry and 2.58 years to break.
Several new lettings have recently been carried out and therefore only one suite is vacant. New lettings have generally been at approx. £10 per sq ft and we consider this displays evident asset management potential for the wider investment.
Please see the below tenancy schedule and legal pack for more information.
Planning
The property sits on a large site of 1.08 acres (0.44 hectares) and could suit either demolition and redevelopment or conversion to alternative uses, including residential (subject to obtaining the requisite consents).
A pre-application report for new residential build of 20 apartments on the south east corner of the plot was submitted in December 2022. We understand this was warmly received by the local authority and would be recommended for approval. Purchasers must rely on their own enquiries in this regard.
Rent
Notes
The property is elected for VAT, it is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).