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Lot 19
10–12 Oxford Street, Workington, Cumbria CA14 2AH

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Sold: £185,000

(GROSS YIELD 11.2%)
APPROX 14 YEARS UNEXPIRED WITHOUT BREAKS

SITUATION

On this busy road close to the junction with Vulcans Lane near to a Co-Op Funeralcare, Job Centre Plus, Age UK, Swinton, Cumberland Building Society and a host of established traders, close to the town's bus station and County Library and being a short walk from the main shopping area of Murray Road.
Workington lies on the main A66 some 8 miles from Cockermouth, 22 miles from Keswick and 40 miles from the M6 (Junction 40) at Penrith.

PROPERTY

A terraced building comprising a Ground Floor Double Restaurant/Take-Away with Basement Storage plus separate front access to 2 Self-Contained Flats above.

ACCOMMODATION

Ground Floor Double Restaurant/Take Away
Gross Frontage 33'0"
Internal Width 28'8'
Restaurant Depth 37'10" (max)
Built Depth 66'1"
Restaurant Area Approx 960 sq ft
Kitchen Area Approx 555 sq ft
plus Male & Female WCs
Basement
Area Approx 555 sq ft

Total Commercial Area Approx 2,070 sq ft

First & Second Floor Flat (above No 10)
3 Bedrooms, Living Room, Kitchen, Bathroom/WC
(GIA Approx 1,300 sq ft)

First & Second Floor Flat (above No 12)
2 Bedrooms, Living Room, Kitchen, Bathroom/WC
(GIA Approx 1,230 sq ft)

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to Luqi Zhao as a Chinese Restaurant for a term of 20 years from 24th January 2011 at a current rent of £18,500 per annum exclusive.

Rent Reviews 2016 (Outstanding), 2021 and 2026

Note 1: No. 14 Oxford Street (Single Shop & Flat) was let at £16,200 p.a. and sold freehold for £130,000 in May 2015.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Buyer or Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.