Rohan, 14-16 Lake Road, Keswick, CA12 5BX
Franck-Steier Price has recently completed the sale of a prime retail unit in Keswick on behalf of a private investor.
The property is located in Keswick town centre and comprises a ground floor retail unit with basement storage and two upper floors of residential accommodation. The unit extends to 241.64 sq.m (2,601 sq.ft).
The ground floor and basement are let to Evans in Keswick Ltd (t/a Rohan) with personal guarantees. The lease is for a term of 20 years from 21 Feb 2003 on effective FRI terms. The current rent is £70,000 per annum.
The upper floors comprise two residential apartments that have been sold long leasehold for term of 999 years from 2004 at rents of a peppercorn per annum.
The investment was sold for £1,000,000 which reflected a net initial yield of 7.00%. The purchaser was a private investor.