• Kendal is a popular Lake District market town

• Located in a prime retailing pitch

• Let to the secure covenant of Savers Health & Beauty Ltd

• Pre-Tax Profits £49 million

• Passing rent equates to £43.50 Zone A with recent nearby letting evidence at £70.00 Zone A

• Freehold

• £545,000, subject to contract

• 8.0% 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 Mountain Warehouse, Tesco Express, Phase Eight, TK Maxx, Fat Face, Pavers, Barclays and Halifax.

The property comprises a retail unit on ground and part first floor which has been fitted out by the tenant to their usual corporate style and is predominantly open plan.

The upper floors comprise residential accommodation on part first, second and third floors which have been sold off on a long lease.

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.

The current passing rent of £46,000 per annum equates to £43.50 Zone A. There is a shortage of available retail units in Kendal town centre and we are aware of the following evidence:

8 Highgate – in close proximity to the subject property, a ground floor retail unit with a net sales area of 736 sq ft, an ITZA of 583 sq ft plus 741 sq ft ancillary accommodation on first floor. Let to Greggs on a 10 year lease from April 2019, subject to a tenant break option at year 5, and a six month rent free period. The passing rent is £42,500 per annum equating to £70.00 Zone A.

Savers Health and Beauty Limited (Co. No 02202838) has reported the following figures:

Savers is a leading health, home and beauty retailer, currently trading from over 460 stores. The company is part of the A.S. Watson Group which also includes Superdrug Stores Plc and The Perfume Shop in the UK.

Savers was voted 4th in The Sunday Times Best Big Companies to work for 2019.

For further information visit www.savers.co.uk.

Our client is seeking a figure of £545,000 (Five Hundred and Forty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 8.0%, after allowing for standard purchaser’s costs of 4.87%.

Please note that a purchaser will be re-charged the cost of the searches and surveys 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 retail investment in a popular Lake District market town;

2. Let to the secure covenant of Savers Health & Beauty Limited (Pre-Tax Profits £49m);

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

4. The current passing rent equates to £43.50 Zone A with recent letting evidence in close proximity to the subject property at £70.00 Zone A

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

6. Attractive lot size for an investor.

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