Whitehaven shops with ‘superb rental income’ up for auction
Two shops in Whitehaven’s busy Market Place are to be put up for auction this month with a joint guide price of £125,000-£150,000.
Auctioneers at Pugh, whose online property sale on 17 July will feature the two retail units among over 100 other properties and plots of land, say the shops represent a savvy investment as the two properties currently provide a rental income of more than 30% of their guide price, at almost £60,000 a year.
The larger of the two retail units, at three-storeys and 10,000 sq ft, 75 Market Place is occupied by established hardware store, the Haven Home Centre, while the adjoining, much smaller property is let to a business selling wild bird food.
Edward Feather, director at auction house Pugh, explained: “The property at Market Place is offered in conjunction with local agents Walton Goodland and does require remedial work doing, mainly to the front of the building. As a result, the current lease looks set to reduce the rent to £40,000 for a new ten-year business tenancy to reflect the inconvenience of the repair works and their effect on the business.
“But taking that into consideration, these properties still represent a very high yield and for what could be a relatively small investment, depending on how bidding progresses at the auction.”
He added: “The two shops are in one of the best retail locations in the heart of Whitehaven, surrounded by an excellent mix of retail, coffee shop and residential properties. Albion Square, developed as large modern office premises for Sellafield, is very close by, along with all town centre amenities and the attractive harbour front; it’s a great area to invest.”
This month’s Pugh auction, which includes 74 and 75 Market Place in Whitehaven, has new lots added daily and will be held on 17 July at www.pugh-auctions.com
