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74/75 Market Place, Whitehaven – FOR SALE BY AUCTION

Whitehaven, CA28 7JG

74/75 Market Place, Whitehaven – FOR SALE BY AUCTION
74/75 Market Place, Whitehaven – FOR SALE BY AUCTION
74/75 Market Place, Whitehaven – FOR SALE BY AUCTION
74/75 Market Place, Whitehaven – FOR SALE BY AUCTION
74/75 Market Place, Whitehaven – FOR SALE BY AUCTION
74/75 Market Place, Whitehaven – FOR SALE BY AUCTION
74/75 Market Place, Whitehaven – FOR SALE BY AUCTION

FOR SALE BY AUCTION - PUGH AUCTIONS - 16/17 JULY 2024 - www.pugh-auctions.com LARGE PROMINENT COMMERCIAL INVESTMENT PREMISES IN TOWN CENTRE

  • PRIME LOCATION FRONTING MARKET PLACE
  • COMMERCIAL INVESTMENT PROPERTY YIELDING IN EXCESS OF 30% IF PURCHASED AT QUOTED AUCTION PRICE
  • FULLY LET PRODUCING £59,316 PER ANNUM
  • PRINCIPAL TENANT BUSINESS ESTABLISHED 1997

Location

The subject property occupies one of the best retailing locations in the heart of Whitehaven town centre fronting on to Market Place with return frontage to its junction with Swing Pump Lane (B5345). The main central pedestrianised retail area of King Street extends beyond Market Place to the front of the property where other occupiers include a mix of retail, coffee shop and residential including Costa Coffee. Albion Square, developed as large modern office premises for Sellafield Ltd, is very close by along with all town centre amenities and the attractive harbour front.

Floor Plans & EPC

INVESTMENT

Known as The Haven Home Centre, the tenant business was established in 1997 comprising a family run enterprise selling quality household brands including hardware/DIY and building products as well as new kitchens and bathrooms to the domestic and trade markets. The shop is a popular and essential resource for the general public along with local handymen and small contractors.

Open 7 days a week, the business also offers online retail sales. The passing rent is £58,236 pa. representing an excellent return on investment. Baccy Bird Shack is also included in the sale and generates a rent of £1,080 pa.

SERVICES

Mains water, gas, drainage and electricity are connected to the property. Parts of the building are provided with electric heating and split system air conditioning. Ceiling level ducting channels warm air across ground floor level from a domestic boiler.

LEASES

There are no leases. The tenants occupy on internal repairing terms. The landlord insures but doesn’t recover from the tenants.

IMPORTANT NOTE: CONDITION

The external front façade of the building and window surrounds across other elevations are in disrepair as a result of the failure of the cast stone. Due to elements of stone debris breaking away the entire front fascia has been scaffolded and wrapped with netting pending remedial works.

PLANNING

The property is situated in the Whitehaven Town Centre Conservation Area but is not a listed building. The surrounding area is mixed use and the building sits adjacent to the main retail shopping core. The current use falls within Class E. Permitted development within the same use class includes retail, restaurant, café, office/professional services, medical/health and fitness uses for example.

Interested parties can enquire of Cumberland Council on www.cumberland.gov.uk or alternatively telephone: 0300 373 3730.

ENERGY PERFORMANCE CERTIFICATE (EPC)

The property benefits from an EPC Rating of B-39.

VIEWINGS & CONTACTS

Please refer all enquiries to:

Stephen Sewell 
Walton Goodland
t: 01228 514199
e: stephen@waltongoodland.com

AUCTIONEER
Pugh – part of Eddisons
t: 0345 505 1200
e: enquiries@propertyauctions.eddisons.com

DESCRIPTION

A substantial 3-storey end-terrace building occupying 100% site coverage and comprising retail sales across ground floor level with first floor kitchen/bathroom showroom and stores. There is a separate side/rear access onto a feature stairwell leading up to second floor level providing further self-contained sales/office and storage space over the top floor. Externally, there is a roadside loading bay to the front of the property and approx. 2/3 parking spaces at the rear.

ACCOMMODATION

The property comprises the following approximate areas:

No.75 Market Place

Ground Floor

Sales                        3,177 sq ft (295 sq m)
Kitchen                    120 sq ft (11 sq m)

First Floor

Sales                        539 sq ft (50 sq m)
Stores                      2,493 sq ft (232 sq m)
Ladies Toilets          1 wc & 1 whb
Gents Toilets           1 wc & 1 whb
Other Toilets           2 wc & 2 whb

Second Floor

Office/Sales            1,761 sq ft (164 sq m)
Stores                      1,658 sq ft (154 sq m)

No.74 Market Place

Ground Floor

Sales                        118 sq ft (11 sq m)

Total Net Internal Area 9,866 sq ft (917 sq m)

PRICE

Offers in the region of £150,000 for the freehold interest subject to occupation by the existing tenants.

The tenants currently pay a rent of £59,316 pa, exclusive of Business Rates and VAT.

ASSET MANAGEMENT OPPORTUNITY

The property provides excellent scope for an opportunistic investor to acquire the building, undertake the required works to the cast stone and then re-gear the current tenant arrangement onto a fixed term lease thereby enhancing investment value.

BUSINESS RATES

No.75 Shop and Premises: £41,250 (2023)
No.74 Kiosk Sales: £3,100 (2023)

NOTE: There is current rate relief from Business Rates for retail and hospitality occupiers subject to status and local authority guidelines. In the year 1 April 2023 – 31 March 2024 this equates to 75% off your Business Rates bill. This has now been further extended to cover the financial year 2024/25.

VAT

VAT is applicable and is chargeable on the rents and purchase price.

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Last updated: 25th June 2024 - 10:08 am