24 January 2024: Wednesday 24 January 2024 - 9:00am
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    Key features

    • Prime, High Yielding, Retail Investment
    • Two Retail Units on Popular Pedestrianised Street
    • Majority Let to Specsavers Optical Superstores
    • WAULT of 5.67 Years to Expiry
    • Total Rent £91,500 per annum
    • 6,333 sq ft (588.4 sq m)
    • Guide Price Reflects 11.43% Gross Yield
    • Six Week Completion Available

    Description

    The property comprises a prime, high yielding, retail investment situated in the pedestrianised centre of Lancaster.

    Comprising two units arranged across ground and first floors, the property is fully let to two separate tenants and producing a total income of £91,500 per annum.

    The majority of the property is let to Specsavers Optical Superstores Limited on a new lease expiring 23/10/2028. The rent has been recently re-based from £110,000 per annum to £71,500 per annum.

    The remainder of the property is let to Gadgets4UK Enterprises Limited (t/a Phone Direct) on a lease expiring 30/10/2032 and paying £20,000 per annum.

    Cheapside forms one of the principal, pedestrianised, retail streets within Lancaster, with nearby occupiers including Costa, McDonalds, Betfred and TK Maxx.

    Additional information

    Tenure

    Freehold

    Tenancy

    Unit 1 is let to Gadgets4UK Enterprises Limited on a lease expiring 01/11/2032 and paying a rent of £20,000 per annum. The lease is on full repairing and insuring terms and includes a rent review and tenants break option in the fifth year.


    We understand the tenant has some 30 stores nationwide.


    Unit 2 is let to Specsavers Optical Superstores Limited on a lease expiring 23/10/2028 and paying a rent of £71,500 per annum. We understand the current lease is a renewal of a previous lease on similar terms but at a rent of £71,500 per annum. The lease is on full repairing and insuring terms.



    Specsavers Optical Superstores Limited


    • D&B Rating: 5A2
    • Turnover (2023): £3.43bn
    • Pre Tax Profit (2022): £327,774,000


    The tenant is a well known retailer with some 1,850 stores and over 42,700 employees nationwide.

    Rent

    £91,500 per annum

    Notes

    We understand the property is elected for VAT. It is anticipated the sale can be treated as a Transfer of a Going Concern (TOGC).

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      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

      • Lancaster Station - 0.8 miles
      • M6 (Junction 34) - 2.1 miles

      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