21 Lowther St
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21 Lowther St
4,781 SF 100% Leased Retail Building Carlisle CA3 8ES £650,000 (£136/SF)
INVESTMENT HIGHLIGHTS
- Positioned on the corner of Lowther Street and Devonshire Street in an established food and drink location.
- The city benefits from good transport links by way of Carlisle railway station, positioned only 150 metres away.
- Occupiers nearby include The Last Zebra, Thin White Duke, Le Gall and This Time Bar, Nando’s, Nationwide Building Society and Lloyds Bank.
EXECUTIVE SUMMARY
Offers in the region of £650,000 are invited for the freehold investment
The new University of Cumbria campus and Borderlands redevelopment of the Citadel Buildings, is in the pipeline and proposed plans accepted. Additionally, improvement pavement work has recently concluded on Devonshire Street, and this building lies within this development.
Positioned on the corner of Lowther Street and Devonshire Street, in a popular daytime and evening area that provides a variety of local bar and restaurant operators; The Last Zebra, Thin White Duke, Le Gall and This Time Bar, as well as national occupiers Nando’s, Nationwide Building Society and Lloyds Bank.
DESCRIPTION
The property comprises a three storey corner building of limestone construction, under a flat roof. The property benefits from occupancy from national tenant, Pizza Express, within the ground floor and basement. The first and second floor has self-contained access to the vacant office accommodation, with the potential for these areas to be converted to residential use. Indicative plans are attached and the planning reference number is 22/0609, and expires 3 August 2025. This is to create 4 no. apartments/flats, which was granted in August 2022.
The building is shown shaded red on the goad plan overleaf.
AREA/ACCOMODATION
Ground Floor Restaurant 167.5 sq m (1,803 sq ft)
Basement 80.45 sq m ( 866 sq ft)
First Floor 92.72 sq m ( 998 sq ft)
Second Floor 103.49 sq m (1,114 sq ft)
TOTAL 444.16 sq m (4,781 sq ft)
SERVICES
We understand mains gas, water, electricity and drainage are connected. The upper floors are on separate electricity supplies and meters from the ground floor demise.
TENANCY
Pizza Express (Restaurants) Limited is the tenant of the ground floor and basement. The lease began in January 2000 for a term of 25 years and is currently in the process of being renewed until 2035 at a rent of £35,000 per annum exclusive. The tenant will have a break in 2031. The rent is subject to a fifth year upward-only rent review, and the lease is drafted on internal repairing and insuring terms by way of service charge. Further information is available by contacting the agent directly.
SALE PRICE
Offers in the region of £650,000 are invited for the freehold investment.
The new University of Cumbria campus and Borderlands redevelopment of the Citadel Buildings, is in the pipeline and proposed plans accepted. Additionally, improvement pavement work has recently concluded on Devonshire Street, and this building lies within this development.
Positioned on the corner of Lowther Street and Devonshire Street, in a popular daytime and evening area that provides a variety of local bar and restaurant operators; The Last Zebra, Thin White Duke, Le Gall and This Time Bar, as well as national occupiers Nando’s, Nationwide Building Society and Lloyds Bank.
DESCRIPTION
The property comprises a three storey corner building of limestone construction, under a flat roof. The property benefits from occupancy from national tenant, Pizza Express, within the ground floor and basement. The first and second floor has self-contained access to the vacant office accommodation, with the potential for these areas to be converted to residential use. Indicative plans are attached and the planning reference number is 22/0609, and expires 3 August 2025. This is to create 4 no. apartments/flats, which was granted in August 2022.
The building is shown shaded red on the goad plan overleaf.
AREA/ACCOMODATION
Ground Floor Restaurant 167.5 sq m (1,803 sq ft)
Basement 80.45 sq m ( 866 sq ft)
First Floor 92.72 sq m ( 998 sq ft)
Second Floor 103.49 sq m (1,114 sq ft)
TOTAL 444.16 sq m (4,781 sq ft)
SERVICES
We understand mains gas, water, electricity and drainage are connected. The upper floors are on separate electricity supplies and meters from the ground floor demise.
TENANCY
Pizza Express (Restaurants) Limited is the tenant of the ground floor and basement. The lease began in January 2000 for a term of 25 years and is currently in the process of being renewed until 2035 at a rent of £35,000 per annum exclusive. The tenant will have a break in 2031. The rent is subject to a fifth year upward-only rent review, and the lease is drafted on internal repairing and insuring terms by way of service charge. Further information is available by contacting the agent directly.
SALE PRICE
Offers in the region of £650,000 are invited for the freehold investment.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Office
Building Size
4,781 SF
Building Class
B
Year Built
1853
Price
£650,000
Price Per SF
£136
Percent Leased
100%
Tenancy
Multiple
Number of Floors
4
Building FAR
1.02
Lot Size
0.11 AC
Frontage
57 ft on Lowther St
AMENITIES
- Corner Lot
- Security System
- EPC - D
- Storage Space
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21 Lowther St
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