Let to Martin McColl Limited until 2027 (no breaks)
Prominent corner position some 50 metres from Newquay Railway Station
Popular coastal town and tourist destination
2% per annum compounded fixed rental uplifts
Nearby occupiers include Pizza Express, Aldi andTravelodge
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 68
Auction 19th May 2016
Rent £35,331 per Annum Exclusive
Status Sold
Price £510,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
14 miles north of Truro, 50 miles west of Plymouth
Roads
A30, A39, A392
Rail
Newquay Railway Station
Air
Cornwall Airport Newquay
Situation
Newquay is a popular and important tourist destination situated on the northern coast of Cornwall. The property is situated on the south side of Cliff Road in the town centre, at its junction with Tolcarne Road and some 50 metres from Newquay Railway Station. Nearby occupiers include Pizza Express, Aldi, Travelodge and William Hill and there is a significant hotel and leisure presence nearby.
Tenure
Virtual Freehold. Held for a term of 999 years from 9th March 2011 at a peppercorn rent.
Location
Miles
14 miles north of Truro, 50 miles west of Plymouth
Roads
A30, A39, A392
Rail
Newquay Railway Station
Air
Cornwall Airport Newquay
Situation
Newquay is a popular and important tourist destination situated on the northern coast of Cornwall. The property is situated on the south side of Cliff Road in the town centre, at its junction with Tolcarne Road and some 50 metres from Newquay Railway Station. Nearby occupiers include Pizza Express, Aldi, Travelodge and William Hill and there is a significant hotel and leisure presence nearby.
Tenure
Virtual Freehold. Held for a term of 999 years from 9th March 2011 at a peppercorn rent.
Description
The property comprises a ground floor retail unit with ancillary accommodation in a prominent corner position and forming part of a large building.
Six Week Completion
VAT
VAT is not applicable to this lot.
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 ancillary accommodation in a prominent corner position and forming part of a large building.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review (Reversion)
Ground
Retail
139.27 sq m
(1,499 sq ft)
MARTIN MCCOLL LIMITED (1)
16 years from 09/03/2011 until 08/03/2027 on a full repairing and insuring lease (2)
£35,331
08/03/2021 08/03/2026 with fixed uplifts at 2% per annum compounded
Ground
Ancillary
84.98 sq m
(914 sq ft)
Totals
224.25 sq m
(2,413 sq ft)
£35,331
(1) For the year ending 30th November 2014, Martin McColl Limited reported a turnover of £462,850,000, pre-tax profits of £27,947,000 and a total net worth of £80,309,000. (Source: www.riskdisk.com 18/04/2016). (2) The lease provides for a 5 yearly upward only rent reviews with fixed rental uplifts of 2% compounded per annum. The rent will therefore increase to £39,008 p.a.x on 08/03/2021 and £43,068 on 08/03/2026.
