Cafe, Friendly, Internet, Meeting room, Storage, Telephone system, Train transport
2,079 sq ft
Former Bank premises currently occupied as a cafe and charity retail shop on the ground floor with ancillary office accommodation and meeting rooms to the rear and on the upper floors. Separate side entrance from Bashfull Alley means that the upper floors could be converted into residential accommodation subject to any consents being received.
Offers in excess of Â£330,000 represents an attractive net initial yield of 7.5%
shop, retail unit
is located in Lancaster.
Attractive university city retail investment for sale
Let to a charity with shops around the country
63-65 Market Street
Development potential for upper floors and rear of the property
(subject to planning)
Lancaster is a 2-university city and is situated in north Lancashire and, together with neighbouring
Morecambe, has a resident population of approximately 75,000 but draws on a much wider catchment
including surrounding towns and villages, and the district population is in excess of 142,000. Lancaster
serves as the main regional centre for north Lancashire, south Cumbria and the Lune Valley and benefits
from a good quality catchment area. The city is approximately 20 miles south of Kendal, 22 miles north of
Preston and lies on the London to Glasgow/Edinburgh main railway line and has good access to the M6
motorway at junctions 33 and 34. Retailing in Lancaster is centred around the Marketgate Shopping Centre
(immediately adjacent to the subject property and with a recently developed Primark store as anchor tenant).
Lancaster University is one of the UK’s leading universities with in excess of 17,500 full time students and
over 2,250 permanent staff. There is also a campus of the University of Cumbria in the city.
The subject property is shown for identification purposes on the enclosed Street Traders’ plan and occupies
an excellent location on Market Street, close to occupiers including Waterstones, Barclays Bank, Mountain
Warehouse, Cancer Research, Age UK and a range of independent traders. Outdoor markets are held on
Market Street immediately outside the subject property leading to significant pedestrian footfall, particularly
on market days.
The property comprises a former banking premises, currently occupied as a café and charity retail shop on
the ground floor with ancillary office accommodation and meeting rooms to the rear and on the upper floors.
There is a separate side entrance to the property from Bashful Alley and it is considered that if required, the
upper floors could be converted to residential accommodation, including student housing, subject to any
consents being received. There is good ongoing demand for city centre student accommodation, and similar
conversions of offices on upper floors achieve gross rentals of around £11,000 to £13,000 per annum
dependent upon number of occupiers. The property offers the following accommodation:Accommodation
Ground floor NIA
First floor offices
Second floor offices
Total internal area
94.42 sq m
46.39 sq m
30.35 sq m
17.61 sq m
27.9 sq m
44.6 sq m
8.6 sq m
193.13 sq m
(1,016 sq ft)
(499 sq ft)
(327 sq ft)
(190 sq ft)
(300 sq ft)
(480 sq ft)
(93 sq ft)
(2,079 sq ft)
There is an accessible wc at ground floor level, together with Ladies and Gents at first floor level.
The property is held on a lease dated 8 September 2017 on the basis of a 10-year term from 8 September
2017 (expiry 7 September 2027) and is drawn on a full repairing and insuring basis qualified by reference to
a photographic schedule of condition. The tenant has the benefit of a break clause on 7 September 2022
(subject to 4 months’ notice) and there is an upward only rent review on 7 September 2022. The current rent
passing is £26,000 per annum, subject to review in September 2022.
The property is let to FirstLight Trust (Registered Charity Nº 1149496) which is a charity for veterans of the
emergency services and armed forces. Further information is available on their website at
www.firstlighttrust.co.uk and, in addition to the Lancaster property, they also have ‘hub/cafes’ in Gosport,
Hawick, Redcar and Scarborough with a further outlet due to open in Hereford during Q1 in 2019.
Offers in excess of £330,000 representing an attractive net initial yield of 7.5% after standard purchaser’s
Energy Performance Certificate
The property has an energy performance asset rating of ‘E’.
Each party to be responsible for their own legal fees incurred in the transaction.
The property is not subject to VAT.
Strictly by appointment through the sole agents Peill & Company, tel 01539 888 000 (Simon Adams dealing),
firstname.lastname@example.org for viewings.
Plan for identification purposes only
Disclaimer. Property descriptions, images and related information displayed on this page are based on marketing materials found on the website registered to Peill & Co. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Peill & Co for full details and further information.