Commercial Property for auction in Carlisle

Description

An attractive high street investment opportunity comprising a prominently situated Grade II listed Georgian building located in Carlisle City Centre. The property is currently let to two tenants, Nationwide Building Society on the basement and ground floor who have been in situ for over 50 years and Cumbria Gateway on the upper floors. The total combined passing rent equates to £42,000p/a. Internally, the accommodation extends to a NIA of approximately 551 Sq M (5,939 Sq Ft) with separate entrances for the ground and upper floors.

The property fronts onto the corner of Lowther Street and Devonshire Street. The immediate surrounding area forms part of a major regeneration project which will see a £27million pound investment to the train station and wider area along with a new Citadel campus for Cumbria University, both of which are a stones throw from the subject property.

Accommodation

Basement:
135 Sq.M / 1,454 Sq.Ft

Ground Floor:
128 Sq.M / 1387 Sq.Ft

First Floor:
120 Sq.M / 1300 Sq.Ft

Second Floor:
110 Sq.M / 1195 Sq.Ft

Third Floor:
55 Sq.M / 603 Sq.Ft

Site Area

Approximately 164 Sq M (196 Sq Yds)

Tenure

Freehold

Occupancy

Subject to a tenancy

Costs

Auction Details

The sale of this property will take place on the stated date by way of Multi lot timed auction and is being sold under the Unconditional sale type.

Binding contracts will be exchanged at the point of sale.

All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.

Auction Deposit and Fees

The following deposits and non- refundable auctioneers fees apply:

• 10% deposit (subject to a minimum of £5,000)

• Buyer’s Fee of 1.8% of the purchase price (subject to a minimum of £2,400 inc. VAT)

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information

For full details about our auction processes, please refer to the Bidder Terms which can be viewed on our home page.

This explains the types of auction and sale methods we offer, the bidding registration process, your payment obligations, and how to view the Legal Pack (and any applicable home report for residential Scottish properties).

Guide Price & Reserve Price

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.

General

Tenancy Information:
The ground floor and basement of the property is let to
Nationwide Building Society on a 5 year FRI reversionary
lease from 28th February 2022, expiring on 27th February
2027. The current rent is £30,000 per annum.

The upper floors are let to Cumbria Gateway Limited on
a 5 year FRI lease from 1st December 2023, expiring 30th
November 2028. The current rent is £12,000 per annum.
The lease is subject to a tenant only break option 1st
December 2026.

VAT:
We understand the property is not elected for VAT

Title:
The property is held on freehold title no.CU286637

Note:
BTG Eddisons have not personally inspected the property and the accommodation details have been provided by the vendor. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.