Scotch Street, Carlisle

£675,000
Prime City Centre Retail Investment
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  • Ref: 120284
  • Type: Investment, Retail
  • Availability: Available
4,245 sq.ft.

Property Features

  • Prime Retail position in Carlisle City Centre
  • Let to CEX Ltd on 10 yr lease (wef 22/01/15) on FRI terms
  • Corporate store not a franchise operation, low risk credit rating

Full Details

The property comprises a Grade II listed end terrace, three/four storey building under pitched slate covered roofs, incorporating attic accommodation with a gable and corner window. The ground floor incorporates a glazed retail frontage with centralised pedestrian door to the sales area covering the majority of the ground floor with a rear lobby goods entrance and WC to the rear. The upper floors provide storage and staff accommodation including further WC’s.

Location
Scotch Street is one of the principle retail pitches within Carlisle city centre being pedestrianised along with English Street. The property occupies a prominent position between the Eden Centre including TK Maxx, Wilko’s and Sports Direct, Poundland, Vodafone and Greggs and The Lanes Shopping Centre (Primark) close by. Carlisle is situated at the northern end of Cumbria adjacent to the M6 and close to the Scottish Borders. The city has a population of 75,306 and a wider population of 107,524 (2011 census) and is the main administrative and retail centre for Cumbria.

Terms
The entire property is let to CEX Ltd on a 10 year lease wef 22/01/15 at a rebalanced rent of £55,000 p.a. (circa £45 psf ITZA).

Covenant Strength
Covenant Strength
CEX Ltd (Company No: 03194152) was founded in 1992 and buy, sell and exchange a range of technology and entertainment products. CEX Ltd have 618 stores worldwide including 388 stores in the UK of which 274 are franchised stores. This store is operated as a corporate store (rather than franchise arrangement). CEX Ltd have been reported as being recession resistant as a business model with over 30 years experience and have an Experian score of 81, considered low risk.

Available Area

Name/FloorSq FtSq MAvailability
g Floor Sales Area1,570145.86Available
g Floor Rear Areas20619.14Available
1st Floor Storage/Ancillary1,414131.36Available
2nd Floor Storage/Ancillary1,05598.01Available
Total4,245394.37