Strategic location in Penrith’s prime commercial area, with strong access to the town centre and local arterial roads.
Self-contained site with associated storage land and parking extending to 0.87 acres.
Local supply shortage of light industrial units.
The property has been significantly refurbished in 2022/2023 presenting to a high specification throughout.
Potential to develop sections of the site, subject to planning.
The current gross passing rent is £117,560 per annum, after deducting the landlord’s apportionment of the ground rent (£5,795 pa) this equates to a net passing rent of £111,765 per annum.
Three tenants in occupation with a WAULT of 8.2 years to expiry and 4.2 years to break.
Held Long Leasehold (c. 102 years unexpired).
Offers are sought in excess of £1,056,000 (One Million and Fifty Six Thousand Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 10.00% and a low capital value of £126 psf.
