Penny Street & Market Street, Lancaster
Acquisition of High Street Retail, Lancaster
The freehold interest in 4-6 Penny Street & 3-5 Market Street, Lancaster, has been acquired by JRRT (Properties) Limited.
The property is located within the prime retail section of the historic university town of Lancaster. It comprises a prominent corner retail unit of traditional stone construction, with frontages onto both the pedestrianised Penny Street and Market Street.
The building provides a total net internal area of approximately 5,634 sq ft (523.4 sq m). The entire property is let to JD Sports Fashion Plc on a 10 year lease expiring on 6th October 2024 (tenant break 6th October 2019), at a current passing rent of £120,000 per annum. The purchase price of £1,780,000 reflects a net initial yield of 6.38%.
