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    Key features

    • High Yielding Investment Opportunity
    • Multi-Let Office (19 Tenants)
    • Producing £292,582 per annum Net Rent
    • Tenants Include NHS, Age UK, and Furness College
    • WAULT of 4.72 Years
    • 25% Income Tied to NHS Covenant
    • 37,019 sq ft (3,439 sq m)
    • Site Area: 1.08 acres (0.44 hectares)
    • Asset Management Potential
    • ERV of Approx £350,000 per annum
    • Guide Price Reflects 17.73% Gross Yield
    • ERV Reflects 21.21% Gross Yield

    Description

    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.

    Additional information

    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

    £292,582 per annum Net of Service Charge

    Notes

    The property is elected for VAT, it is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Accommodation / Tenancy Schedule

      Local information

      Barrow-in-Furness is approximately 80 miles south of Carlisle, 45 miles west of Lancaster and 70 miles north of Manchester. The town is linked to the M6 (Junction 36) via the A590 trunk road.

      The population of Barrow is approximately 106,000 and includes a large nuclear submarine production plant operated by BAE systems, who have recently received £3.95 billion of additional funding to produce the UK's next phase of nuclear submarines.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      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.

      Addendums