Carigiet Cowen Chartered Surveyors — expert, efficient and personal serviceRegulated by RICS

About this property:

*** ESTABLISHED CENTRAL FOOD & DRINK LOCATION ***
*** NEW 10 YEAR LEASE FROM MARCH 2025 ***
*** RESIDENTIAL REDEVELOPMENT OPPORTUNITY TO UPPER FLOORS ***
*** NO VAT PAYABLE ***
***FREEHOLD INVESTMENT SALE PRICE REDUCED***
BEST & FINAL BIDS TO BE RECEIVED
NO LATER THAN 12 NOON FRIDAY 20TH JUNE 2025

LOCATION
The building is positioned on the corner of Lowther Street and Devonshire Street, in a popular daytime and evening area that provides a variety of local bars and restaurants.

DESCRIPTION
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.

Click onto the link to Cumberland Council website for details

https://publicaccess.carlisle.gov.uk/online-applications/simpleSearchResults.do?action=firstPage

AREA
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)

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 has just been renewed from March 2025 until 2035 at a rent of £35,000 per annum exclusive. The tenant has 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 including obtaining a copy of the lease is available by contacting the agent directly.

INVESTMENT SALE PRICE REDUCED
Offers in the region of £600,000 are invited for the freehold investment.

COMPLETED BEST & FINAL BID FORMS TO BE RECEIVED NO LATER THAN 12 NOON FRIDAY 20TH JUNE 2025
Apply for a form by contacting our office email [email protected]

VAT
We understand the property is not elected for VAT therefore VAT will not be payable on the sale price.

Terms: Sale Price: £600,000
Size: 444.16 m² (4781 ft²)
Postcode: CA3 8ES
Ref:BB/7447