Carlisle Asda unit brought to market at £7m

Park Place Retail is handling the sale of a long-lease investment opportunity at the city’s St Nicholas Gate Retail Park off London Road.

Priced at £7m, the 35,000 sq ft unit is owned by Custodian REIT and is currently let to Asda until 2038. Custodian REIT also owns the rest of the retail park.

This deal provides a passing rent of £22.21 per sq ft, equating to £771,000 annually, and an initial net yield of 10.31%.

There are fixed rental uplifts which increase to £894,000 in 2028 and just more than £1m from 2033.

Other notable names based at the retail park include B&M, Poundland, Iceland, Halfords, Oak Furniture Land, and The Gym Group.