Retail premises for sale

Lowther Street, 21, Pizza Express, Carlisle CA3

*** established central food & drink location ****** new 10 year lease from March 2025 ****** residential redevelopment opportunity to upper floors ****** no VAT payable ******freehold investment sale price reduced***LOCATIONThe building is positioned on the corner of Lowther Street and Devonshire Street, in a popular daytime and evening area that provides a variety of local bars and restaurants.descriptiona three storey corner building of limestone construction, under a flat roof. The property benefits from occupancy from national tenant, Pizza Express, within the ground floor and basement.The first and second floor has self-contained access to the vacant office accommodation, with the potential for these areas to be converted to residential use. Indicative plans are attached and the planning reference number is 22/0609, and expires 3 August 2025. This is to create 4 no. Apartments/flats, which was granted in August 2022.Click onto the link to Cumberland Council website for detailshttps://publicaccess.carlisle.gov.uk/online-applications/simpleSearchResults.do?action=firstPageAREAGround Floor Restaurant: 167.5 sq m (1,803 sq ft)Basement: 80.45 sq m ( 866 sq ft)First Floor: 92.72 sq m ( 998 sq ft)Second Floor: 103.49 sq m (1,114 sq ft)total: 444.16 sq m (4,781 sq ft)TENANCYPizza Express (Restaurants) Limited is the tenant of the ground floor and basement. The lease began in January 2000 for a term of 25 years and has just been renewed from March 2025 until 2035 at a rent of £35,000 per annum exclusive. The tenant has a break in 2031. The rent is subject to a fifth year upward-only rent review, and the lease is drafted on internal repairing and insuring terms by way of service charge. Further information including obtaining a copy of the lease is available by contacting the agent directly.investment sale price REDUCEDOffers in the region of £597,500 are invited for the freehold investment.VATWe understand the property is not elected for VAT therefore VAT will not be payable on the sale price.