Bridges Retail Park Bridges Retail Park, Whitehaven, CA28 7RW

Whitehaven is an attractive seaside town, situated on the west coast of Cumbria, 38 miles south west of Carlisle, and on the edge of the Lake District.

The property is located in a prominent position fronting Flatt Walks, on route to central Whitehaven and the A595, which is the main route to nearby towns Workington and Cockermouth.

The scheme forms the only retail park for the town and is anchored by a 52,000 sq ft Morrisons with petrol filling station.

The park totals 42,790 sq ft and is occupied by B&M, Carpetright, Shoe Zone, Greggs and McDonald’s. B&M comprise almost 50% of the income.

Low rents averaging just £8.80 per sq ft, with a total income of £376,730 per annum.

The McDonald’s rent increases significantly in October 2024 from £39,000 per annum to £78,000 per annum on commencement of their reversionary 15 year lease.

Class E planning consent, with flexible accommodation allowing for merging or subdivision of units.

Asset management potential including the low site cover of 27%, allowing for further development on site, subject to the necessary consents.

We have been instructed to seek offers in excess of £4,285,000 (Four Million, Two Hundred and Eighty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 8.25%, assuming purchasers’ costs of 6.56%.

The yield increases to a minimum of 9.10% in October 2024 on commencement of the McDonald’s reversionary lease.

This reflects a low capital value of just £100.00 per sq ft and £1,132,400 per acre.