0 Bed Retail Property (high Street) For Sale

The property is located in the heart of Lancaster, on the corner of King Street and Middle Street, close to national multiples such as Tesco, Primark and J D Wetherspoon, and within walking distance of a mix of retail and residential properties, most notably the Market Gate Shopping Centre. Lancaster is a thriving university city, home to two major campuses Lancaster University, consistently ranked among the top 10 universities in the UK, and the University of Cumbria’s Lancaster Campus, situated close to the city centre.



Nearby attractions include Lancaster Castle and Lancaster Cathedral, both approximately five minutes’ walk away. Lancaster is roughly equidistant between Blackpool and Kendal in the Lake District (20 – 25 miles away) and is just over 50 miles north of Manchester. The property benefits from excellent transport connections, with Lancaster’s main railway station close by and very easy access to Junctions 33 and 34 of the M6 motorway.



The city is a strategically significant commercial centre, which together with its neighbouring towns, provides a substantial catchment population of approximately 145,000 residents.

This is an exceptional opportunity to acquire a fully let mixed-use investment property, comprising an independent retail arcade of 10 ground floor shops with upper floor ancillary accommodation and 3 student flats providing 17 units of accommodation, ideally located in a prominent location in Lancaster City Centre.

The property is situated on the corner of Middle Street and King Street, the latter being one of Lancaster’s prime commercial thoroughfares. The retail arcade is accessed via a decorative archway, leading to a vibrant mix of retail units of varying sizes and uses with a range of goods and services from an award winning gelato to a destination sports specialist, as well as a jeweller, discerning menswear, retro record shop and health specialists, amongst others. Some tenants have been in occupation for well over 10 years. Front-facing retail units feature prominent glazed frontages, providing excellent visibility and footfall, while additional retail spaces are located within the precinct, offering flexibility for a range of occupiers and business types.     To the rear of the precinct secure gated access is offered to the student accommodation.



Currently let and managed through a specialist letting agent, IPM Ltd. The accommodation  consists of 3 flats providing 6, 7 and 4 bedroom units respectively, which have largely been refurbished over the last few years to include redecoration, flooring, new secondary double glazing to the front elevation and replacement furnishings/white goods as required.



The tenancy details (in brief) are summarised below (with additional information available in the sale pack):-

LocationTenantFloor Area (Sq Ft)Lease BeginsLease TermShop Unit 1Lapel Men’s Wear50024-Jul-243 YrsShop Unit 2Rose of Sharon (West African/Caribbean goods)31001-Sep-243 YrsShop Unit 3Leonardini Gelato Boutique42401-Aug-245 YrsShop Unit 4 KP Gold and Jewellery25010-Feb-253 YrsShop Unit 5Paperstreet Studio Tattooist59529-Sep-245 YrsShop Unit 6Chinese Health40530-Nov-255 YrsShop Unit 7Forty Five Records Ltd50020-Sep-243 YrsShop Unit 8Unit 8  Hair & Beauty52001-Apr-225 YrsShop Unit 9Northern Yarn43017-Dec-235 YrsShop Unit 10 The Runners Centre79101-Sep-245 Yrs Total rent from retail units £58,300 Unit 11 (6 bed flat)Inclusive Property Management Ltd130222-Sep-2548 weeksUnit 12 (7 bed flat)Inclusive Property Management Ltd109222-Sep-2548 weeksUnit 13 (4 bed flat)Inclusive Property Management Ltd76122-Sep-2548 weeks Total rent from residential units £44,718 

 SERVICES:                                        The subjects benefit from mains electric and water.



SALE TERMS:                                  The property is to be sold by auction  on 10th December  2025 with a Guide Price of £1.1M  for the freehold investment.



ENERGY PERFORMANCE:        A copy of the Energy Performance Certificates (EPC’s) are available upon request.



NON DOMESTIC RATES:          Each commercial unit (ie excluding the student residential flats) is separately rated for business rates, payable by the shop tenants.



PROPOSAL:                                     Any proposals to purchase should be sent directly to the joint selling agents.



LEGAL COSTS:                                Each party will be responsible for paying their own legal costs incurred in this transaction and agents fees will be covered by the buyers.



VAT:       All values quoted are exclusive of VAT (NB no VAT is payable in respect of the sale of a going concern)



Further details and photographs of the student accommodation can be accessed via the Escape

Campus website on


INVESTMENT DETAILS

The current total rental income is £103,018 per annum. The 10 shops are held on effectively fully repairing and insuring leases producing £58,300 per annum at current rates. In addition, a service charge is collected from the shop tenants towards the external maintenance.



Eight out of the 10 shop leases were renewed in 2024 or 2025 for a term of 3 to 5 years and only one lease incorporates a future break option. Further tenancy details including a standard template lease can be made available.   The 3 flats are fully registered HMO’s (Houses in Multiple Occupation) and provide a total of 17  bedrooms. There has been a regular annual agreement in place to let the 3 flats to IPM Ltd for many years. IPM Ltd in turn sublet each bedroom to the individual students, and also organise  minor internal repairs as well as health and safety compliance. Total rental income from the flats has generally been in excess of £55,000 p.a.  The tenancy details (in brief) are summarised below (with additional information available in the sale pack).



VIEWING ARRANGEMENTS: Strictly by contacting the joint selling agents:-



AGENT CONTACT INFORMATION:



                                                                               



Suzie Barron Bsc (Hons) MRICS                  Tom Creer BSc (Hons) MRICS



General Practice Surveyor                               Property & Asset Management



Associate                                                                    Associate Director



suzie.                                      



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