Available
Penrith – 3-Bed Flat
5A/5 Cornmarket, Penrith, Cumbria CA11 7DAFreehold Residential & Retail Ground Rent Investment
Price
£150,000
Rent P.A.
£5,400
Yield
ERV: £8,400
Tenure
Freehold
Lease Term
AST
Years Left on Lease
Holding Over
Area
840 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Asset management opportunity, flat is under rented. ERV: £8,400 p.a.
- Comprises 3-bedroom flat at first and second floor and a retail shop at ground floor (sold-off)
- Cornmarket has a good trading position in the town and benefits from a range of national occupiers having a presence in the immediate vicinity including Domino’s, Betfred and Vision Express.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises 3-bedroom flat arranged at first and second floor and a ground floor shop which has been sold-off on long leasehold, providing the following accommodation and dimensions:
Ground Floor Shop: Sold-off
First/Second Floor Flat: 78 sq m (840 sq ft)
3 bedrooms, kitchen/living room, bathroom
Ground Floor Shop: Sold-off
First/Second Floor Flat: 78 sq m (840 sq ft)
3 bedrooms, kitchen/living room, bathroom
Tenancy Description
The flat is at present let on AST to an Individual for a term of 6 Months from 3rd July 2020 (holding over) at a current rent of £5,400 p.a. Deposit held of £450.
The ground floor shop has been sold-off on long leasehold for a term of 999 Years from November 2024 at a ground rent of peppercorn.
The ground floor shop has been sold-off on long leasehold for a term of 999 Years from November 2024 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
Penrith is a popular market town on the fringe of the Lake District National Park adjacent to junction 40 of the M6 motorway, and the A66 Trans Pennine Trunk Road interchange; has a railway station serving the main West Coast Line between London and Scotland. The town is 20 miles south of Carlisle and 28 miles north of Kendal, the nearest competitive retail centres. Penrith has a resident population circa 16,000 with a local authority catchment in the region of 50,000. Cornmarket has a good trading position in the town and benefits from a range of national occupiers having a presence in the immediate vicinity including Domino’s, Betfred and Vision Express. For identification purposes only the property is shown circled blue on the location plan attached overleaf.