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Floorplan
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    Key features

    • To be offered on Wednesday 22 April
    • Freehold Shop Investment
    • Well positioned on Penny Street an established trading location
    • Nearby occupiers include Clarks, Ernest Jones & Vision Express amongst others
    • Arranged over 2,660 sq ft
    • Let on a lease expiring 2032(1)
    • VAT is applicable
    • Investment let at £32,000 p.a. (12.8% GIY on Guide Price)

    Description

    The property is arranged over basement, ground and three upper floors to provide a cafe with ancullary accommodation.

    Additional information

    Tenure

    Freehold

    Accommodation

    Ground - 77.5 sq m (834 sq ft)

    First Floor - 50.9 sq m (548 sq ft)

    Second Floor - 37.4 sq m (403 sq ft)

    Third Floor - 22.7 sq m (244 sq ft)

    Basement - 58.6 sq m (631 sq ft)

    Total - 247.1 sq m (2,660 sq ft)


    N.b. Floor areas sourced from voa.gov

    Tenancy

    Let to R Nangial on a full repairing and insuring (FRI) lease for a term of 10 years from 16 August 2022 at £32,000 per annum.

    (1)The lease provides for a tenant break option and rent review at the 5th anniversary

    Rent

    £32,000 per annum

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack. 


    Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees.

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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.

      Local information

      The property occupies a prime position on Penny Street, Lancaster’s principal pedestrianised retail pitch, in the heart of the city centre. Penny Street is the main shopping thoroughfare, linking Market Street and Cheapside, and benefits from consistently high footfall. The surrounding area comprises a strong mix of national and independent retailers, cafés and service occupiers, with Lancaster Castle, the Market Square and The Storey all close by.

      Nearby occupiers include Clarks and Ernest Jones (both adjacent), Vision Express (opposite), Holland & Barrett, Santander, Halifax and JD Sport amongst others.

      Transport

      Rail - Lancaster Railway Station is within walking distance, providing direct services to Preston, Manchester and London Euston.

      Road - The city is well connected by road via Junctions 33 and 34 of the M6 motorway, offering access throughout the North West.

      Bus - Lancaster city centre also benefits from a comprehensive local and regional bus network, with stops located close to the property.

      Legal documents

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      EPC rating

      The EPC rating for this property is C

      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