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Princess Street
Workington

For Sale — Land/Development
Status: Available

About this property:

* FREEHOLD MIXED USE DEVELOPMENT OPPORTUNITY *
* FULL PLANNING PERMISSION SECURED *
* TERMS AGREED WITH NATIONAL RETAILER FOR MAJORITY OF RETAIL SPACE ON 15 YEAR LEASE AT £35,000 P.A.X*

The Princess Hall site is situated on Princess Street, a predominantly residential area, less than half a mile to the south of Workington town centre.

The property overlooks Vulcan Park, at the northern end of which is Workington Community Hospital.

Planning permission for the demolition of the building together with redevelopment of the site to provide a mixed residential and retail scheme has been secured as detailed under planning application reference number FUL/2021/0067.

The approved scheme will provide approximately 3,715 sq ft of ground floor retail space across two lock up units, with 7 flats above comprising 3 no. 2 bedroom and 4 no. 1 bedroom apartments.

In addition a further terrace of three dwellings has been approved to comprise 2 no. 3 bed and 1 no. 2 bed houses. The entirety of the residential development is to be affordable.

The vendor has agreed Heads of Terms with a national retailer for a proposed agreement for lease relating to íRetail Unit 1í which is to comprise 3,015 sq ft ground floor accommodation. Solicitors are actively engaged in drafting an Agreement for Lease.

The proposed lease term is 15 years with tenant break option on the 10th anniversary at an initial rent of £35,000 per annum exclusive subject to 5 yearly upwards only open market rent reviews.

Further information available upon receipt of serious enquiries.

Copies of approved floor plans and elevations are available upon request or can be accessed online via Cumberland Councilís website.

Total Site Area 0.56 acres ( 0.2263 Ha)

Offers in excess of £200,000 are invited for the freehold interest.

Terms: For Sale: £200,000
Size: 0.23 hectares (0.57 acres)
Postcode: CA14 2QG
Ref:MB/7401