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2 The Crescent, Carlisle

CA1 1QN

Walton Goodland

agency@waltongoodland.com 01228 514 199
2 The Crescent, Carlisle
2 The Crescent, Carlisle
2 The Crescent, Carlisle
2 The Crescent, Carlisle

COMMERCIAL RETAIL AND OFFICE INVESTMENT AT PROMINENT CENTRAL CRESCENT LOCATION FRONTING CITADEL AND CARLISLE STATION

  • INCOME OF £25,000 PA, EXCLUSIVE, ON COMPLETION OF SALE WITH TWO NEW 5 YEARS LEASES ON FULL REPAIRING AND INSURING TERMS FROM POINT OF ACQUISITION
  • PROPERTY TO BE LET TO TWO SEPARATE TENANTS COMPRISING BELVOIR! AND FINANCIAL CONCEPTS, TWO LONG-STANDING OCCUPIERS OF THE VARIOUS PARTS
  • ADJACENT OCCUPIERS INCLUDE A MIX OF INDEPENDENT RETAIL, RESTAURANT AND BAR OPERATORS ALONG WITH NANDO'S
  • POPULAR LINK BETWEEN CARLISLE CITY CENTRE AND BOTCHERGATE LEISURE AREA
  • SUBSTANTIAL HISTORIC CROSS BORDER FUNDING DEAL AGREED (BORDERLANDS) FOR SCHEME TO REDEVELOP STATION FORECOURT AND CITADEL SITES
  • PERFECT INVESTMENT OPPORTUNITY WITH IMMEDIATE INCOME STREAM AND RETURN
  • GROUND AND UPPER FLOOR LEVELS ARE ENTIRELY SELF-CONTAINED WITH SEPARATE ACCESS FROM THE CRESCENT

Location

The subject property is situated fronting The Crescent, a semi-circular centrally located street of mixed commercial ground floor occupiers and upper floor office and residential users providing a link between the Botchergate and Warwick Road/Lowther Street areas of the city. The street provides an attractive setting opposite the Citadel and Carlisle Station which sits on the main West Coast railway line between Glasgow/Edinburgh and London. Adjacent occupiers include Nando’s, The Crescent Bar, Capelli Hair Salon and a mix of local businesses.

Floor Plans & EPC

DESCRIPTION

The property comprises a 3-storey mid-terrace building, with cellar and attic, of brick construction under a pitch and slate-covered roof with some flat roof areas across a more modern rear extension and shop front.

The property is Grade II listed. The ground floor forms a shop with separate entrance trading as Belvoir!, the residential letting agency company. A separate, entirely independent, entrance provides access via
a corridor to the upper floor levels which currently comprise office accommodation arranged in a traditional layout, with separate rooms comprising high ceilings and original features linked by an attractive staircase.

The offices have been upgraded and modernised to include sash windows, modern lighting and comfort cooling. The shop and offices share toilet and kitchen facilities along with storage in the cellar.

OPPORTUNITY

The property is offered for sale as an investment. The existing occupiers are already in situ and have been trading from the premises since March 2008. New lease agreements will be put in place in accordance with the terms set out upon a sale being agreed to commence simultaneously on the date of completion of the sale of the property.

Belvoir!
Belvoir! are an award-winning UK letting and estate agency business with a national presence comprising over 170 locally managed offices operating on a franchise basis.

The operating team behind the Carlisle franchise are also the Directors of Financial Concepts (Carlisle) Limited. The business employs 5 staff and was formed out of the well known estate agency, Bulmans.

Financial Concepts
Financial Concepts are Chartered Independent Financial Planners, operating throughout Cumbria and the North East, delivering pension, investment, mortgage, insurance and general savings advice to a UK wide client base.

The company has been established for approximately 21 years and continued to trade successfully with 8 full-time staff.

Tenants Website
Please visit the following websites for the tenants to learn more about their business.

Belvoir! www.belvoir.co.uk/offices/carlisle

Financial Concepts www.financialconcepts.co.uk 

EPC

The property benefits from the following EPCs. These can be supplied upon request.

2 The Crescent
EPC instructed – TBC.

ACCOMMODATION

The property comprises the following approximate areas: –

Ground Floor
Sales          930 sq. ft.   (86 sq. m.)
Store          57 sq. ft.      (5 sq. m.)

First Floor
Offices        948 sq. ft.   (88 sq. m.)

Second Floor
Offices and Kitchen 326 sq. ft.   (30 sq. m.)
Male Toilet       1 WC, 1 WHB
Female Toilet   1 WC, 1 WHB

Cellar
Stores           607 sq. ft.   (56 sq. m.)

Attic
Stores  not measures

NET INTERNAL AREA

2,868 sq. ft. (266 sq. m.)

RATEABLE VALUE

Ground Floor Shop & Premises:
RV £17,000

First/Second Floor Office & Premises:
RV £6,400

Interested parties should make their own enquiries of the Valuation Office Agency at www.voa.gov.uk

Please note where the rateable value is less than £12,000 and this is a tenants only commercial premises then no business rates will be payable. The property is also Grade II listed, therefore there are no business rates payable for a landlord if the space is un-let.

TENURE

Following completion of a sale the property will be let on the following lease terms:

2 The Crescent (Ground Floor)
Tenant:
     Bulmans (Carlisle) Ltd t/a Belvoir!
Terms:      5 years from sale completion date
Rent:         £17,500 per annum, exclusive
Other:       FRI lease terms

2 The Crescent (Upper Floors)
Tenant:      
Financial Concepts (Carlisle) Ltd                           t/a Financial Concepts
Terms:       5 years from sale completion date
Rent:           £7,500 per annum, exclusive
Other:         FRI lease terms

The property will be sold subject to the above mentioned leases being put in place.

PRICE

Offers in the region of £295,000 for the freehold interest in the property with the benefit of the proposed new leases. This represents a net initial yield of approximately 8.5%.

VAT

VAT is not applicable.

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Last updated: 24th May 2021 - 9:29 am