8 King St 2,718 sq ft Retail Property Whitehaven CA28 7LA £250,000 (£91.98/sq ft) 6% Net Initial Yield

Investment Consideration:
Vacant possession
ERV: £15,000 p.a. GIY: 6.00%
VAT is applicable to this property
Comprises ground floor shop with ancillary accommodation at first floor
Total area size of 252.50 sq m (2,718 sq ft)
Property benefits from rear service access and goods lift from ground to first floor
Located within short walk to Whitehaven Marina
Occupiers close by include Post Office, WH Smith, Santander and Costa, amongst others.
Property Description:
Comprises ground floor retail shop with ancillary accommodation at first floor. The property benefits from rear service access and goods lift from ground to first floor and provides the following accommodation and dimensions:
Gross Frontage 6.00 m 19`8``
Net Frontage 5.85 m 19`3``
Shop Depth 15.95 m 52`4``
Built Depth 27.70 m 90`10``
Ground Floor sales area 90.40 sq m (973 sq ft)
Ground Floor storage 45.30 sq m (488 sq ft)
First Floor storage 116.80 sq m (1,257 sq ft)
Total Net Internal Area 252.50 sq m (2,718 sq ft)
Tenancy:
The entire property is at present to an Individual for a term of 5 Years from 17th March 2022 at a current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine in the 3rd Year with minimum 6 months notice.
Location:
Whitehaven is situated on the west coast of Cumbria approximately 9 miles from Workington, 14 miles from Cockermouth and 44 miles from access to the M6 motorway at junction 40. The town has a resident population of approximately 25,000 and serves as a significant retail, service and employment centre to the outlying rural areas. Copeland Borough Council have significant plans for regeneration of King Street and linking this area to the Harbour area with representation from leisure, restaurant and hotel properties. The property is located within short walk to Whitehaven Marina. Occupiers close by include Post Office, WH Smith, Santander and Costa, amongst others.