• Kendal is a popular Lake District market town

• Located in a prime retailing pitch

• Retail units let to TUI (Net Assets £193m) and Greenhalgh’s (Net Assets £15.8m)

• Active Management Opportunities on Upper Parts

• Freehold

• £600,000, subject to contract

• 10.2% net initial yield

The property occupies a prime position on the eastern side of Highgate, one of the principal retail locations within the town centre, close to its junction with Finkle Street. Nearby occupiers include Savers (adjacent), Mountain Warehouse, Tesco Express, Phase Eight, TK Maxx, Fat Face, Pavers, Barclays and Halifax.

The property comprises a 3 storey, mid terrace building of traditional stone construction beneath a pitched slate roof.

The ground floor and basement of 5 Highgate comprises a retail unit which has been fitted out by the tenant, Greenhalgh’s, to their usual corporate style.

The ground, basement and part first floor of 5A Highgate comprises a retail unit which has been fitted out by the tenant, TUI, to their usual corporate style.

The remainder of the first and second floors of 5-5A Highgate comprises self-contained office accommodation which is accessed via a separate entrance located down a passageway off Highgate, to the south side of the building. The first floor is refurbished and the second floor previously beneffited from planning permission for 3 x 1-bedroom apartments and 1 x 2-bedroom apartments.

The property also includes part of the first floor adjacent building (9 Highgate).

According to the Valuation Office website the rateable value for the property is as follows:

The business rate multiplier is 49.1 pence per pound.

Freehold.

Tui UK Retail Limited has reported the following figures:

TUI UK Retail Ltd is a subsidiary of the TUI AG Group, a multi-national travel company dating back to 1923. TUI have been voted the ‘World’s Best Leisure Airline’ at the World Airline Awards for five consecutive years and operate from over 600 travel agencies in the UK. The TUI Group is listed on the London Stock Exchange in the FTSE 100 Index.

In 2018 TUI Group reported a turnover of €19.5 bn, and an underlying EBITA of €1,147 m.

For further information visit www.tuigroup.com.

Greenhalgh’s Craft Bakery Limited (Co. No 00580014) has reported the following figures:

Greenhalgh’s is a long-established family Craft Bakery which was founded in 1957. The Company employs approximately 950 staff with a chain of 61 retail shops, along with a wholesale and fleet sector, supplying high quality bakery products to convenience stores, high street retail stores, farm shops and sole proprietorships, through to nationwide providers including major supermarket chains. The company also supplies to a network of hotels, airlines, garden centres, theme parks and motorway service stations together with an established export market. The Company operates from two manufacturing sites in Lostock, Bolton.

For further information visit www.greenhalghs.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).

Our client is seeking a figure of £600,000 (Six Hundred Thousand Pounds), subject to contract.  Assuming a total income of £64,140 per annum, this reflects a net initial yield of 10.2%, after allowing for standard purchaser’s costs of 5.05%.

Please note that a purchaser will be re-charged the cost of the searches which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.

1. An opportunity to acquire a freehold investment in a popular Lake District market town;

2. The property occupies a 100% prime retailing pitch;

3. Ground floor retail units let to the secure tenants of TUI (Net Assets £193m) and Greenhalgh’s (Net Assets £15.8m);

4. Opportunities for asset management including converting the upper floors to residential, subject to planning;

5. A purchase at the asking price reflects an attractive net initial yield;

6. Attractive lot size for an investor.

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