33 - 35 Penny Street, Lancaster, LAN

The property comprises a mid-terraced building of stone construction redeveloped in 2005 to provide a retail unit over ground, first and second floors.
The property is located on the eastern side of the pedestrianised Penny Street in the centre of Lancaster. Lancaster train station is located in close proximity, west of the property.

Sale Notes:
The investment opportunity comprises a retail unit arranged over ground, first and second floor situated in a prime trading position.
Offers in excess of £2,960,000 (Two Million, Nine Hundred & Sixty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a 5.75% NI yield after purchaser’s costs at 5.8%.
The property is let to River Island Clothing Co. Limited for a term of 15 years from October 2005 upon full repairing and insuring terms at a current rental of £180,000 per annum exclusive. The rent reviews are 5 yearly upward only with the next rent review being due in October 2015. Based upon our measured areas the rent reflects an ITZA of £115.