Freehold Multi-Let Retail & Office Investment Carlyle s Court, St Mary s Gate, Carlisle CA3 8RY

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1 Freehold Multi-Let Retail & Office Investment Carlyle s Court, St Mary s Gate, Carlisle CA3 8RY CARLYLE S Carlyle s Court, St Mary s Gate, Carlisle - Freehold Multi-Let Retail & Office Investment 1

2 GLASGOW A1 INVESTMENT SUMMARY M8 EDINBURGH Mixed Use Retail and Office Investment M74 A702 Located in the historic City of Carlisle; the premier North West City, the property is situated within 500m of The Lanes Shopping Centre & The Market Hall A1 19,207 sq ft (1,784 sq m) NIA 8 Freehold Fully Leased to 16 Tenants Total Net Rent of 202,200 per annum 3.75 years WAULT (3.4 years WAULT to breaks) Asset management opportunities to enhance the income NEWCASTLE SUNDERLAND Offers in excess of 1,593,000 Net Initial Yield % 83 Capital Value per sq ft CARLISLE A74M M6 M6 A1(M) A1(M) MIDDLESBROUGH LOCATION Carlisle is the primary administrative and commercial centre for Cumbria and dominates the catchment population for the county and wider Border region. Located approximately 60 miles (97 kilometres) west of Newcastle, 100 miles (161 kilometres) south east of Glasgow and 115 miles (185 kilometres) north of Manchester, Carlisle benefits from excellent arterial links with Junction 43 of the M6 Motorway approximately 2 miles (3.3 kilometres) east of the town centre. There are regular rail services from Carlisle s mainline station to Glasgow and London (Euston) with fastest journey times of 1 hour 10 minutes and 3 hours 15 minutes, respectively. HUDDERSFIELD WAKEFIELD DEMOGRAPHICS Carlisle has a primary catchment population of 381,000 people. In-store retail expenditure for Carlisle totalled 872m, 35m higher than the national average (PMA, 2014). The closest competing retail centres of Newcastle and Glasgow are 1 hour and 1.5 hours respectively by road, meaning Carlisle has very limited retail competition. Due to its close proximity to the Lake District the City attracts a total of 11,000,000 visitors a year. Carlyle s Court, St Mary s Gate, Carlisle - Freehold Multi-Let Retail & Office Investment 2

3 7&8 CARLYLE S Direct access into Paris 38 Department Store SITUATION Carlyle s Court has good prominence within the town centre benefiting from frontage to both St Mary s Gate and Fisher Street. St Mary s Gate leads directly to Carlisle Cathedral, the major tourist attraction, whilst Fisher Street connects to the town Square, Market Cross. The property is located within a 10 minute walk from the train station. Most of the national retailers have a representation in the town due to the tourist numbers attracted annually. Carlisle Castle Dacre Rd A595 Corporation Rd Rickergate Lowther St Georgian Way Devonshire Walk Drovers Lane Castle Way A595 Abbey St Castle St West Walls Long Lane Carlisle Cathedral 3 Fisher St West Tower St St Mary s Gate Castle St Scotch St Market Cross East Tower Lane Globe Lane 1 Grapers Lane New Lane Lowther St Chapel St 2 9 Spencer S PARIS 38 DEPARTMENT STORE THE DUTCH UNCLE ST MARY S GATE Chiswick St Bank St 1. The Lanes Shopping Centre 2. Earls Lane Shopping Centre 3. The Eden Centre/The Market Hall DESCRIPTION The Property is set around a central court yard comprising retail shops, cafes and a restaurant on the ground floor with offices on the upper two floors. Carlyle s Court benefits from prominent access to both St Mary s Gate and Fisher Street with a separate entrance to the offices on St Mary s Gate. The property is of brick and stone construction in a Period design but was developed in the 1990s. The retail court yard provides direct access to the neighbouring department store, increasing footfall to the subject Property. CARLISLE CATHEDRAL Carlyle s Court, St Mary s Gate, Carlisle - Freehold Multi-Let Retail & Office Investment 3

4 ACCOMMODATION The property comprises a total Net Internal Area of 19,207 sq ft; which includes 11,509 sq ft of retail space and 7,698 sq ft of offices. UNIT / FLOOR USER NET INTERNAL AREA ITZA sq m sq ft sq ft Shop 1 Retail - A Shop 2 Retail - A Shop 3 Retail - A , Shop 4 Retail - A Shop 5 Retail - A , Shops 6, 6a & 9 Retail - A , Shops 7 & 8 Retail - A Shop 10 Retail - A Shop 11 & 13 Retail - A Shop 12 Retail - A , Shop 14 Retail - A SUB TOTAL 1, ,509 6,173 1st Floor Office ,014-2nd Floor Office ,684 - SUB TOTAL ,698 - TOTAL 1, ,207 6,173 The property occupies a site of approximately 0.31 acres (0.12 ha). TENURE The Property is held Freehold Carlyle s Court, St Mary s Gate, Carlisle - Freehold Multi-Let Retail & Office Investment 4

5 TENANCIES The property is let to 16 tenants on 18 separate leases, as per the tenancy schedule below. PROPERTY TENANT NIA (SQ FT) ITZA (SQ FT) LEASE DATES NET RENT START EXPIRY BREAK ( PA) ( PSF) 1954 ACT Shop 1 Mr M Whitelock-Wainwright /03/ /02/2018-9, Inside Shop 2 Beadle & Hill Limited /10/ /09/ , Inside Shop 3 The Shabby Scholar Limited t/a Dutch Uncle 2, /08/ /08/ /08/ , Inside Shop 4 B Turnbull & Co Limited /03/ /03/ /03/ , Inside Shop 5 Shop 6, 6a & 9 Shops 7 & 8 Shop 10 Malcolm Alan Jopson & Dona Miller Jopson FBH Marketing Ltd t/a The Sony Centre Robert Jackson t/a Digital Photo Express David Cleminson t/a The Sandwich Place 1, /07/ /07/ , Inside 1, /12/ /06/ , Inside /11/ /11/ , Outside /09/ /09/ , Inside Shop 11 & 13 The Shabby Scholar Limited /08/ /08/ /08/ , Inside Shop 12 Graeme Byers Hill & James Francis Hill 1, /11/ /11/ , Inside Shop 14 Susan Wright t/a Sonatas /12/ /12/ , Inside Office 1 Training 2000 Limited /12/ /12/2017-3, Outside Office 2 Trillium (Prime) Property GP Limited 1,487-21/09/ /03/2018-8, Inside Office 3 BTCV Enterprises Limited 1,818-17/06/ /06/2016-7, Outside Office 4 BTCV Enterprises Limited /06/ /06/2016-4, Outside Office 5 Training 2000 Limited /12/ /12/2017-3, Outside Office 6 & 6a Minerva People Limited 1,695-02/12/ /12/2018-8, Outside Office 7 DC Research Limited /12/ /12/ /06/2016 2, Inside Doorway Paris ,207 6, , The above was correct at the time of marketing. Carlyle s Court, St Mary s Gate, Carlisle - Freehold Multi-Let Retail & Office Investment 5

6 ASSET MANAGEMENT The property is currently 100% Let and occupied however there are various re-gear and renewal opportunities. The property would also lend itself to future change of use of the offices to residential, subject to planning. The town is also experiencing low retail and office vacancy rates providing excellent prospects for rental growth. Carlyle s Court, St Mary s Gate, Carlisle - Freehold Multi-Let Retail & Office Investment 6

7 VAT The property is elected for VAT and it is envisaged that the sale will be structured as a TOGC. PROPOSAL We are instructed to seek offers in excess of 1,593,000 (one million five hundred and ninety three thousand pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 12.00%, after deducting usual purchaser s costs of 5.80%. The Capital Value equates to 83 psf. CONTACT For further information or to arrange an inspection, please contact: Jed Wolfe jed.wolfe@bnpparibas.com James Parkinson james.parkinson@bnpparibas.com Richard Talbot-Williams richard.talbot-williams@bnpparibas.com MISREPRESENTATION ACT: BNP Paribas Real Estate for themselves and for the vendors or lessors of this property, whose agents they are give notice that: a) all particulars are set out as general outline only for the guidance of intending purchasers or lessees, and do not comprise part of an offer or contract: b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believe to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. c) no person in the employment of BNP Paribas Real Estate has any authority to make any representation of warranty whatsoever in relation to this property. Design and Production DS.EMOTION.COM MAR