Blencathra House, Tangier Street, Whitehaven, Cumbria

Description

Fully let town centre office building and car park overlooking Whitehaven Marina. Tenants include North West Projects Ltd, EJ Parker Technical Services (Central) Ltd and Mitie Ltd. Gross initial yield of 16.27%. Future potential for residential use, subject to obtaining all relevant consents. VAT is applicable.

Accommodation

Arranged over ground and two upper floors, providing three floors of open-plan office accommodation with kitchen and WC facilities on each floor. Total accommodation approximately 1,198.99 sq m (12,906 sq ft). The property benefits from an 8-person passenger lift, integral lighting, central heating and aluminium-framed double glazing.

Location

Whitehaven is located 38 miles south-west of Carlisle and 45 miles north of Barrow-in-Furness, close to the Lake District National Park. The town is situated on the A595, which connects with the M6 motorway via the A66. Corkickle Rail Station is within 0.8 miles and provides regular services to Carlisle, Lancaster and Barrow-in-Furness. The property is situated in the town centre within a mixed-use area on the west side of Tangier Street, close to its junction with Williamson Lane and overlooking Whitehaven Marina.

Tenure / Property Information

Investment Analysis

The supplied guide is £1.2m–£1.3m for a fully let freehold office investment. The auctioneer states a gross initial yield of 16.27%, but no passing rent or valuation basis for that yield is supplied, so GDV and an independently calculated market value cannot be established. VAT and possible additional seller or third-party charges apply.

Investment Snapshot

Strategy Recommendation

Consider an income-led commercial hold only after verifying the rent roll, leases, tenant covenants, rent-review provisions, VAT position, condition and all acquisition costs. Do not underwrite residential conversion without confirmed consents and a separate appraisal.

Works Required

No refurbishment works are evidenced. Verify the condition of the three-storey office accommodation, lift, central heating, glazing, kitchen and WC facilities, car park, garage and cycle store, with allowance for routine maintenance only after survey evidence.

Rental & Market Context

Potential BRRR Position

A conventional residential BRRR analysis is not supported. The property is a fully let commercial office investment, and no GDV, refurbishment budget, finance terms or passing rent are supplied. Any future residential use is expressly subject to obtaining all relevant consents and should not be relied upon without planning and building-control evidence.

Buy-to-Let Analysis

This is a commercial multi-let investment rather than a standard residential BTL. It is fully let, with leases expiring in 2031 and 2032 and stated RPI-linked reviews in November 2026 and January 2027. The stated gross initial yield is 16.27%, but the passing rent and calculation basis are not supplied, so income and yield cannot be independently tested. Review tenant covenant, leases, repairing obligations, arrears and VAT treatment.

Flip Analysis

A flip appraisal cannot be established because no supported commercial GDV, resale evidence, refurbishment cost, selling allowance or transaction-cost detail is supplied. The property is presented as an income-producing investment, with leases extending to 2031 and 2032, rather than a vacant resale opportunity.

Investor Risks & Due Diligence

• VAT is applicable, but the VAT amount and recoverability position are not supplied.

• Additional seller or third-party charges may apply and are unspecified.

• The passing rent and rent roll are not supplied, so the stated 16.27% gross initial yield cannot be independently recalculated.

• Leases expire in 2031 and 2032, creating future reletting and void risk.

• RPI-linked reviews are stated to be uncapped, but future rental increases are not guaranteed.

• Any residential conversion requires all relevant consents and is not assured.

• No EPC or detailed condition information is supplied.

• Tenant covenant strength, arrears, repairing obligations and service-charge arrangements are not evidenced.

Recommendation

Consider an income-led commercial hold only after verifying the rent roll, leases, tenant covenants, rent-review provisions, VAT position, condition and all acquisition costs. Do not underwrite residential conversion without confirmed consents and a separate appraisal.

Strategy Rating

Analysis Confidence

The guide, tenure, occupancy, lease timing, stated yield and physical description are supplied, but passing rent, valuation comparables, EPC, condition, buyer fees, VAT amount, operating costs and relevant commercial transaction costs are absent.