Carlisle Asda store handed £7m price tag

7th June 2024 | Jack Oliver

A supermarket unit in a Carlisle retail park currently let to Asda has been placed on the market with a price tag of £7,000,000.

The 34,750 sq ft store forms part of St Nicholas Gate Retail Park, with other occupiers including B&M, Poundland, Iceland, Halfords, Oak Furnitureland, and The Gym Group.

The property is held on a concurrent ground lease from the freeholders, Custodian REIT, who own the remainder of the retail park.

Let to Asda on a full repairing and insuring lease until May 2038, the store produces a current passing rent of £771,722 per annum, equivalent to £22.21 per sq ft. The asset is subject to fixed rental uplifts to £894,657 per annum in May 2028, and £1,037,175 per annum in May 2033.

The £7m price tag represents a net initial yield of 10.31%.

The cathedral city of Carlisle is the administrative centre for the county of Cumbria, and is located approximately 60 miles west of Newcastle upon Tyne, 100 miles south of Glasgow, and 120 miles north of Manchester.

Park Place Retail has been appointed to find a suitable buyer.


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