Carlisle is the administrative centre for the county of Cumbria.
The main retail destination for the region, with little competition from surrounding areas.
Large catchment population with over 382,000 people living in the PROMIS primary catchment area.
A dominant, foodstore anchored, retail warehouse park totalling 108,440 sq ft GIA.
Let to B&M Home Store, Poundland, Iceland, Halfords and Oak Furniture Land, with one unit available.
An attractive WAULT of 9.5 years (8.2 years including one break option).
Reversion from £1 per annum to full ERV on the ASDA foodstore in 2038.
Current rent of £889,718 per annum, including a rental top up on the former Brantano unit.
Fixed rental uplift with B&M in September 2018.
100% of the existing income is secured against 'A' rated covenants.
The park benefits from an open A1 part bulky, part food planning consent.
Deliverable asset management opportunities.
We are instructed to seek offers in excess of £11,500,000 (Eleven Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 7.25%, taking into account the rental top ups on the vacant unit and Oak Furniture Land, and assuming purchaser's costs of 6.70%.
An acquisition at the quoting price would see the yield increase to 7.52% in September 2018 following B&M's fixed rental uplift.