Prime Retail Investment and Redevelopment Opportunity
Mumford House, 4-6 Highgate, Kendal LA9 4SX
Subject to contract and exclusive of VAT, the property is available at a guide price £495,000
Mumford House occupies a prime position in the heart of Kendal town centre, Cumbria in the North West of England.
Kendal is the principal town of South Lakeland and is situated just outside of the southern boundaries of the Lake District National Park, only 6 miles from Junctions 36 and 37 of the M6 Motorway. The town has a resident population of 29,495 (2011 Census) and is a popular tourist destination being 10 miles south of Windermere and the gateway to the Lakes which has recently gained World Heritage status. The town has a weighted retail catchment in excess of 50,000 people and a greater district catchment in excess of 102,000. The district’s Class Grouping indicates that in excess of 50% of the catchment area is of A, B or C demographic.
Oxenholme Train Station which is situated on the West Coast main railway line is located 4 miles to the south providing direct services to London (approximate journey time 2 hours 50 minutes) and Glasgow (1 hour 45 minutes).
The subject property is centrally situated, occupying a prime retail position on the western side of the northern section of Highgate, opposite the central bandstand and close to its junction with Lowther Street and connection with Stricklandgate.
Highgate forms part of Kendal’s main retailing centre and connects with Stricklangate immediately to the north and Stramongate, Branthwaite Brow and Market Place to the east and north east. Highgate has a range of predominantly regional and national shops, banks and cafes including Lloyds Bank, Nationwide, Nevisport, The Cumberland Estate Agency and a Beales Department Store. Other nearby occupiers include TK Maxx, Fat Face, Edinburgh Woollen Mill, Greggs, Mountain Warehouse and Yorkshire Bank.
The property comprises a traditional mid-terrace four storey stone built property under a multi-pitched slate roof and comprising a ground floor self-contained retail unit with basement, first floor former offices and second floor redundant residential accommodation.
The ground floor retail shop provides an open plan sales area incorporating steel roller shutter internal safety shutters, basement level storage/workshop, WC and kitchenette and is currently occupied by Kendal Goldsmiths.
The two upper floors are independently accessed from Highgate via a separate pedestrian door and were historically used as offices at first floor level and residential at second floor and offer the opportunity of being converted to residential use, subject to planning.
It is understood that the premises provide the following measurements:
4-6 Highgate – Ground Floor Shop
Floor Use Sq m Sq ft
Ground Retail 40.70 438
Ground ITZA Retail 40.70 438
Basement Workshop/Store 34.70 374
Floor Use Sq m Sq ft
First Office 62.77 676
Second Redundant Residential 65.05 700
Total approximate GIA of the upper floors 127.05 1,376
The property is held freehold with the extent shown red on the attached plan.
The ground floor 6-8 Highgate is let to Kendal Goldsmiths subject to a internal repairing and insuring lease for a term of XX years from XX at a rent of £28,000 per annum. Kendal Goldsmiths have been trading from this location for over 29 years.
We understand from the VOA website that the ground floor retail unit has a Rateable Value of £20,000 and the first floor offices are assessed at a Rateable Value of £3,750.
The vendor has made an election to charge VAT in respect of the property which, in the event the transaction cannot be treated as transfer of a going concern (TOGC), will result in VAT being payable on the purchase price.
All figures quoted are exclusive of VAT where applicable.
ENERGY PERFORMANCE CERTIFICATE
The property has an Energy Performance Asset Rating of XX and is available to download from the Edwin Thompson website.
The property is available at a guide price £495,000 subject to contract and exclusive of VAT.
Each party is to bear their own legal costs in the preparation and settlement of the sale documentation together with any VAT thereon.
The property is available to view by prior appointment with the Windermere or Carlisle office of Edwin Thompson LLP. Contact:
John Haley – [email protected]
Joe Ellis – [email protected]
Tel: 015394 48811
Tel: 01228 548385
Edwin Thompson for themselves and for the Vendor of this property, whose Agents they are, give notice that:
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, any offer or contract.
2. All descriptions, dimensions, plans, reference to condition and necessary conditions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to their correctness.
3. No person in the employment of Edwin Thompson has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars, nor to enter into any contract relating to the property on behalf of the Agents, nor into any contract on behalf of the Vendor.
4. No responsibility can be accepted for loss or expense incurred in viewing the property or in any other way in the event of the property being sold or withdrawn.
5. These particulars were prepared in November 2017
Prime and well let ground floor retail unit with independently accessed vacant upper floors in the heart of Kendal Town Centre
Attractive investment property with the potential to convert vacant upper floors to residential flats, subject to planning
The retail unit is currently let to Kendal Goldsmiths at a rental of £28,000 per annum exclusive
Guide Price – £495,000