Two shops in Whitehaven are set to be put up for auction this month.
The properties, in the West Cumbrian town’s Market Place, have a joint guide price of £125,000-£150,000.
Auctioneers at Pugh, whose online property sale will be held on July 17, said the shops represented a savvy investment as they currently provide a rental income of more than 30% of their guide price, at almost £60,000 a year.
The larger of the two retail units, 75 Market Place, has three storeys and is 10,000 sq ft. It is occupied by established hardware store the Haven Home Centre, while the adjoining, much smaller property is let to a business selling wild bird food.
Edward Feather, director at Pugh, said: “The property at Market Place is offered in conjunction with local agents Walton Goodland and does require remedial work doing, mainly to the front of the building.
“As a result, the current lease looks set to reduce the rent to £40,000 for a new 10-year business tenancy to reflect the inconvenience of the repair work and their effect on the business.
“But taking that into consideration, these properties still represent a very high yield and for what could be a relatively small investment, depending on how bidding progresses at the auction.”
Haven Home Centre said: “The building is being sold at auction shortly but we have no plans to close. A new landlord may mean some changes at some point and we have looked at all our options including a move. Right now we are staying put – business as normal.”
