HIGH RETURN INVESTMENT WITH SIGNIFICANT ADDITIONAL DEVELOPMENT POTENTIAL FOR SALE BY PUBLIC AUCTION ON WEDNESDAY 8TH DECEMBER 2021
- FREEHOLD MIXED RETAIL AND LEISURE INVESTMENT IN WELL-ESTABLISHED CENTRAL LOCATION
- CURRENTLY PRODUCING A TOTAL INCOME OF £63,250 PA
- VACANT UPPER PARTS PREVIOUSLY PART OF ADJOINING HOTEL AND OFFERING DEVELOPMENT POTENTIAL
- LOCATED AROUND THE CORNER FROM MAIN WEST-COAST RAILWAY LINE (CARLISLE) STATION
- PROPOSED RELOCATION OF UNIVERSITY TO NEW BUILD CAMPUS APPROX. 150M AWAY
- ATTRACTIVE GROSS YIELD OF C.13%
- NO VAT APPLICABLE
The subject property occupies a prominent roadside location fronting on to Botchergate within close proximity to its junction with The Crescent, Citadel and Carlisle Railway Station. The property originally formed a part of what is now the Carlisle Station Hotel but is entirely self-contained. Adjoining occupiers include The Griffin public house and Lloyds Bar with a range of established independent retail and cafe/bar operators opposite along with The County Hotel. The property is situated approx. 200m from Carlisle City Centre and extends from Botchergate to Collier Lane at the rear. Carlisle is a prominent regional town in the north of Cumbria serving as the administrative capital and principal population centre for the county and surrounding hinterland stretching through the Scottish Borders to the north, east to Northumberland and south into Lancashire drawing upon an extremely wide catchment area. The resident population is approx. 100,000 with a catchment of up to 150,000+ within a 30 minute drive time.
The subject property comprises a substantial mid-terrace building extending to five floors plus lower ground/basement level being of traditional brick construction beneath a multi-pitch and slate covered roof.
The property is currently divided into three self-contained commercial parts as follows:
4 Botchergate: House of Vodka – ground floor bar with lower ground floor/basement bar/nightclub.
6 Botchergate: Ladbrokes – ground floor retail shop with basement stores.
Upper Floors: Vacant – self-contained former hotel rooms over four floor levels requiring redevelopment.
The property provides access onto Collier Lane at the rear running parallel to Botchergate, allowing for waste bin storage and fire escape provision.
The ballroom of the adjoining Carlisle Station Hotel extends over the rear first floor only part of the property with emergency escape access onto Collier Lane.
All mains services are connected to the property, including air conditioning units, CCTV and telecommunications.
Interested parties are advised to make their own enquiries of the relevant utility authorities.
The property comprises a strong performing resilient asset which has been occupied by Ladbrokes for approximately 20 years and House of Vodka since January 2015. The upper parts, currently vacant, could be redeveloped to provide residential, student accommodation or for alternative use subject to any necessary consents.
Both tenants have recently taken new leases in the past year securing their long standing and ongoing commitment to the building and location. The property is strategically positioned at the hub of one of the city’s principal leisure destinations whilst being conveniently located for Carlisle railway station, historic Citadel entrance and retail core.
The latter two sites are subject to a proposed
redevelopment by Carlisle City and County Councils in conjunction with the University of Cumbria to create a new city centre student campus for higher education along with Carlisle Railway Station Gateway scheme
linking to the prime retail core.
This is supported by the Borderlands Inclusive Growth Deal www.borderlandsgrowth.com a £452 million regional investment programme jointly supported by the UK and Scottish governments and local partners.
ENERGY PERFORMANCE CERTIFICATES (EPCS)
4 Botchergate: E102
6 Botchergate: D90
The property is being sold at auction in conjunction with Allsop LLP on Wednesday 8th December 2021.
The property comprises the following approximate areas:
4 Botchergate: (House of Vodka)
Ground Floor: 3,358 sq. ft. (312 sq. m.)
Lower Ground/Basement: 2,486 sq. ft. (231 sq. m.)
Total Area: 5,844 sq. ft. (543 sq. m.)
6 Botchergate: (Ladbrokes)
Ground Floor: 984 sq. ft. (91 sq. m.)
Basement/Stores: 997 sq. ft. (93 sq. m.)
Total Area: 1,981 sq. ft. (184 sq. m.)
Upper Floors: (Vacant)
1st – 4th Floors: 8,203 sq. ft. (762 sq. m.)
Total Internal Area: 16,028 sq. ft. (1,490 sq. m.)
The property is offered for sale, freehold, subject to the following occupation lease agreements and vacant possession of the upper parts:
Tenant: David McCrone & Benjamin Greenslade
t/a House of Vodka.
Term: 7 years, expiring 31 Dec 2027.
Rent (£ PA): £48,000 pax.
Rent Review: 1 Jan 2024 and every 3 years, upwards only.
Repair: Internal plus contribution to external repair and decoration.
Insurance: Landlord recovers from tenant.
Tenant Break Date: 1 July 2024 on 6 months’ notice.
Comments: Tenant is not permitted to assign or sublet and has been in occupation for approx. 7 years.
Tenant: Ladbrokes Betting & Gaming Limited.
Term: 15 years, expiring 15 Sept 2035.
Rent (£ PA): £15,250 pax.
Rent Review: 16 Sept 2025 and every 5 years, upwards only.
Repair: Internal repair.
Insurance: Landlord recovers from tenant.
Tenant Break Date: 15 Sept 2025 and 15 Sept 2030 on 6 months’ notice.
Comments: Tenant in occupation for approx. 20 years.
1st, 2nd, 3rd & 4th Floors:
Comments: Access from Botchergate with space currently derelict but previously hotel rooms.
Please note the Ballroom of the adjoining Carlisle Station Hotel extends over and above 4 Botchergate at the rear only. This is shown edged in green on the attached plan.
The hotel has a 999 year long-leasehold interest in this part. There are no other parts of the property extending above this.
Offers in the region of £500,000 for the freehold interest in the property.
VAT is not applicable.
All viewings are to be arranged via Walton Goodland.
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Last updated: 12th November 2021 - 4:56 pm