Let on a new 10 year lease to Dignity Funerals Ltd (1)
Located in popular and historic Cornish town
Nearby occupiers include Costcutters, RBS and The Post Office
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 28
Auction 7th July 2016
Rent £6,320 per Annum Exclusive
Status Sold
Price £69,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
2 miles north west Falmouth, 20 miles south of Newquay, 21 miles north east of Penzance
Roads
A39, A394
Rail
Penryn Rail
Air
Newquay Cornwall Airport
Situation
Penryn, located just 2 miles south west of Falmouth, is one of Cornwall's oldest market towns and is home to the University of Exeter’s Penryn Campus. The property is located in the town centre on the elevated section of the pavement off Lower Market Street, known as The Terrace. Nearby occupiers include Costcutters, The Post Office and RBS.
Tenure
Freehold.
Location
Miles
2 miles north west Falmouth, 20 miles south of Newquay, 21 miles north east of Penzance
Roads
A39, A394
Rail
Penryn Rail
Air
Newquay Cornwall Airport
Situation
Penryn, located just 2 miles south west of Falmouth, is one of Cornwall's oldest market towns and is home to the University of Exeter’s Penryn Campus. The property is located in the town centre on the elevated section of the pavement off Lower Market Street, known as The Terrace. Nearby occupiers include Costcutters, The Post Office and RBS.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with three selfcontained residential flats on upper floors, let on long leases
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with three selfcontained residential flats on upper floors, let on long leases
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Term
Tenant
Rent p.a.x
Review/(Reversion)
81
Ground
Retail
43.39 sq m
(467 sq ft)
10 years from 01/02/2016 (1)(2)
DIGNITY FUNERALS LIMITED (3)
£6,000
01/02/2021 (01/02/2026)
81a
Ground
Residential
Not measured
125 years from 07/03/2014 (4)
INDIVIDUALS
£150
07/03/2039 and 25 yearly (5)
81b
First
Residential
Not measured
125 years from 07/03/2014 (4)
INDIVIDUALS
£150
07/03/2039 and 25 yearly (5)
81c
First
Residential
Not measured
199 years from
INDIVIDUALS
£20
(10/07/2201)
Total Commercial Floor Area
43.39 sq m
(467 sq ft)
£6,320
(1) Terms for a new 10 year lease at a rent of £6,000 p.a.x have been agreed and is in solicitors hands due to complete imminently. (2) The lease provides an option to determine on 01/02/2021. (3) Dignity Funerals Limited are part of Dignity Plc who own more than 767 funeral locations and operate 39 crematoria in the UK. (Source: dignityfunerals.co.uk 27/05/2016) (4) The seller has served notices on the residential lessees under Section 5B of the Landlord and Tenant Act 1987. (5) The lease provides fixed rental increases in which the rent doubles every 25 years.
