Acquired
Morecambe – TSB Bank PLC
Lunedale House, Unit 4, Market Street, Morecambe LA4 5DWFreehold Bank Investment
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
1y 9m
Area
4,381 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprising ground floor bank with ancillary accommodation on the first floor
- Rent review in 2021
- Development potential subject to obtaining the necessary planning consents
- Pedestrianised town centre location
- Occupiers nearby include Barclays Bank, Ladbrokes, Home Bargains, JD Wetherspoons, Peacocks, Holland & Barrett, Subway and Nationwide, amongst many more.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The property is arranged as a ground floor bank with ancillary accommodation on the first floor. The property benefits from service access to the rear.
The property provides the following accommodation and dimensions:
Gross Frontage: 6.25m (20’ 6’’)
Net Frontage: 5.60m (18’ 5’’)
Splay: 2.10m (6’ 10’’)
Shop Depth: 30.90m (101’ 5’’)
Built Depth: 30.20m (108’ 11’’)
First Floor Rear: 89.50 sq m (960 sq ft)
First Floor Front: 144.83 sq m (1,559 sq ft)
The property provides the following accommodation and dimensions:
Gross Frontage: 6.25m (20’ 6’’)
Net Frontage: 5.60m (18’ 5’’)
Splay: 2.10m (6’ 10’’)
Shop Depth: 30.90m (101’ 5’’)
Built Depth: 30.20m (108’ 11’’)
First Floor Rear: 89.50 sq m (960 sq ft)
First Floor Front: 144.83 sq m (1,559 sq ft)
Tenancy Description
The property is at present let to TSB Bank PLC for a term of 10 years from 29th September 2016 at a current rent of £20,500 per annum and the lease contains full repairing and insuring covenants. The lease provides for rent review on 28.09.2021. Break clause in 2021 removed in exchange for 9 months rent free period, which will be topped up from completion so that the buyer effectively receives £20,500 p.a. from completion.
Tenancies & Accommodation
Location Description
Morecambe is a popular coastal town with a population of approximately 51,000. The town benefits from good road communications, with the M6 (Junction 34) being 6 miles to the east. Morecambe overlooks Morecambe Bay and is 4 miles north-west of Lancaster, 31 miles north-west of Preston and 42 miles north of Blackpool. The property is situated on the west side of Euston Road at the junction with Market Street, close to an entrance to the Arndale Centre within the pedestrianised central shopping area. Occupiers close by include Barclays Bank, Ladbrokes, Home Bargains, JD Wetherspoons, Peacocks, Holland & Barrett, Subway and Nationwide, amongst many more.
