Available
Workington – Three-Storey Retail
35 Murray Road, Workington, Cumbria CA14 2ABVirtual Freehold Retail Investment
Price
£150,000
Rent P.A.
£12,000
Yield
8.00%
Tenure
Leasehold
Lease Term
10 Years
Years Left on Lease
9y 11m
Area
1,270 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- VAT is applicable to this property. Sale to be treated as Transfer of Going Concern (TOGC)
- Comprises ground floor retail shop with ancillary accommodation at first and second floor
- Property benefits from rear access, providing future residential development potential, STTP
- Located in the town Centre, directly between Oxford Street and Washington Square shopping centre, which is the main shopping and social destination within Workington
- Occupiers nearby including Superdrug, Boots, Sports Direct, Specsavers, Greggs and Subway.
Key Features
Tenure
Leasehold
VAT
VAT is Applicable
Property Description
Comprises mid-terrace ground floor shop with ancillary accommodation above. The property benefits from rear access and provides the following accommodation and dimensions:
Ground Floor: 52 sq m (560 sq ft)
Open plan retail, storage
First Floor: 33 sq m (355 sq ft)
Ancillary, office, storage
Second Floor: 33 sq m (355 sq ft)
Ancillary, kitchen, wc
Total GIA: 118 sq m (1,270 sq ft)
Ground Floor: 52 sq m (560 sq ft)
Open plan retail, storage
First Floor: 33 sq m (355 sq ft)
Ancillary, office, storage
Second Floor: 33 sq m (355 sq ft)
Ancillary, kitchen, wc
Total GIA: 118 sq m (1,270 sq ft)
Tenancy Description
The property is at present let to an Individual t/a Sweet Shop for a term of 10 years from 23rd October 2025 at a current rent of £12,000* per annum and the lease contains full repairing and insuring covenants. Rent review every 3 years open market upward only. Tenant option to determine in the 5th year with min 6 months notice. Deposit held of £2,500.
* The current rent reserved is £10,000 p.a. which rises to £12,000 p.a. on the 23.10.2026 and £13,000 p.a. on the 23.10.2027, the vendor will "top up" the rent from completion until the 23.10.2026 by way of an allowance such that the purchaser in effect receives £12,000 p.a. from completion.
Tenure:
Virtual freehold. Held on a 999 year lease from 18th August 2016 at a ground rent of peppercorn.
* The current rent reserved is £10,000 p.a. which rises to £12,000 p.a. on the 23.10.2026 and £13,000 p.a. on the 23.10.2027, the vendor will "top up" the rent from completion until the 23.10.2026 by way of an allowance such that the purchaser in effect receives £12,000 p.a. from completion.
Tenure:
Virtual freehold. Held on a 999 year lease from 18th August 2016 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
Workington is a coastal town at the mouth of the River Derwent on the west coast in the Allerdale borough of Cumbria. The town lies to the west of the Lake District and approximately 32 miles south-west of Carlisle. The town benefits from railway connections via Workington train station, which runs between Carlisle and Barrow-in-Furness. The subject property is located in the town Centre, directly between Oxford Street and Washington Square shopping centre, which is the main shopping and social destination within Workington, with a good mix of national and local occupiers nearby including Superdrug, Boots, Sports Direct, Specsavers, Greggs and Subway.
