• Freehold retail investment opportunity

• Prominent town centre position

• In excess of 13.25 years unexpired lease term

• Fixed rental uplifts

• Let to The Original Factory Shop

• Trading from this property since 1999

• Guide Price £635,000, subject to contract

• 8.5% Net Initial Yield

• Guaranteed Reversionary Yield:
  • 9.6% in Sept 2019
  • 10.9% in Sept 2024

The property occupies a prominent position in Ulverston town centre, within short walking distance of Market Street, the town's principal retail thoroughfare. National retailers in the town include Costa, Boots, Tesco, Greggs, Co-op and Santander.

A Pay and Display public car park is situated immediately to the rear of the subject property.

The property comprises a double storey detached building of brick construction set beneath a pitched roof. There is a customer car park/loading area to the side of the building.

Internally, the property has been fitted out by the tenant to their usual corporate style to provide a main retail area on ground floor along with ancillary accommodation at first floor, with a goods lift.

There is a car parking area to the front and side of the property.

We understand the property is located within the Ulverston conservation area but is not listed.

Freehold.

The Factory Shop Ltd (Co. No. 4176887), has reported the following figures;

The Original Factory Shop was founded in 1969 and comprises around 200 ‘mini’ department stores across the UK, as well as a trading website. The business sells a wide range of branded and own sourced products across fashion, footwear, and household departments at significant discounts to a broad customer base. Stores are most often in market towns and tourist locations where they act as both a shopping destination and the major non-food retailer in the immediate locality. The group has continued its store opening program, with 5 new stores opened in the latest financial year. For further information please visit www.tofs.com.

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. An opportunity to acquire a freehold retail investment;

2. The investment is let to an established tenant, The Factory Shop Limited - Shareholders’ Funds £47.7 million;

3. In excess of 13.25 years unexpired lease term;

4. The lease benefits from guaranteed rental uplifts;

5. The tenant has been trading from this property since 1999;

6. The property occupies a prominent position within Ulverston town centre;

7. A purchase at the asking price reflects an attractive yield profile;

8. The investment provides a purchaser with an attractive lot size.