FOR SALE
Prime Retail Investment

6-8 Penny Street
LANCASTER
LA1 1UA

PRICE REDUCTION
100% Prime Location adjacent to JD Sports
Rack-Rented at £63 per sq ft Zone A
Not VAT Registered
Ideal SIPP Purchase
Let to Strong Independent Retailer

LOCATION
The property occupies a 100% prime trading location on Penny Street adjacent to JD Sports and in close proximity to occupiers such as Lush, Vision Express, Wilco, Card Factory, Clarks, etc.

DESCRIPTION
The property is arranged over ground, first and second floors, and is of brick construction, under a pitch slate roof.

ACCOMMODATION
The premises provide the following approximate net internal floor areas:
Ground Floor Sales                    63.17 sqm          (680 sq ft)
First Floor                                          22 sqm          (325 sq ft)
Second Floor                                 30.8 sqm          (328 sq ft)
All measurements have been made in accordance with the RICS Code of Measuring Practice.

TENURE
The property is held freehold.

TENANCY
The property is let to FT Enterprises London Limited t/a iCrack (Company no. 08058489), and the company was incorporated on 4 May 2012. The lease is for 5 years from 18 February 2022 on full repairing and insuring terms, subject to a Schedule of Condition. There is a tenant’s option to break as at 18 February 2025, subject to giving 6 months’ written notice.

RENTAL
£33,000 per annum.

EPC
An Energy Performance Certificate will be provided in due course.

VAT
The property has not been elected for VAT purposes.

ANTI-MONEY LAUNDERING REGULATIONS
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

PROPOSAL
We are instructed to seek a price of £360,000 subject to contract for the client’s freehold interest.

LEGAL COSTS
Each party are to be responsible for their own legal costs incurred in the transaction.