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

About this property:

*** ESTABLISHED CENTRAL FOOD & DRINK LOCATION ***
*** NEW 10 YEAR LEASE FROM JANUARY 2025 ***
*** RESIDENTIAL REDEVELOPMENT OPPORTUNITY TO UPPER FLOORS ***
*** NO VAT PAYABLE ***

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 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.

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

Terms: Sale Price: £650,000
Size: 444.16 m² (4781 ft²)
Postcode: CA3 8ES
Ref:BB/7447