99 Market Jew Street Penzance Cornwall TR18 2LE

99 Market Jew Street
Penzance
Cornwall
TR18 2LE

Freehold Retail Investment

Entirely let to Mountain Warehouse Limited
2014 tenant break option removed
Prime retail location adjacent to Boots the Chemist and Superdrug
Popular tourist resort town
VAT free investment
Producing £55,000 p.a.x. (Note 3)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
27
Auction
23rd March 2016
Rent
£55,000 per Annum Exclusive
Status
Sold
Price
£515,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Receivers CBRE

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Freehold Retail Investment

Entirely let to Mountain Warehouse Limited
2014 tenant break option removed
Prime retail location adjacent to Boots the Chemist and Superdrug
Popular tourist resort town
VAT free investment
Producing £55,000 p.a.x. (Note 3)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 27
Auction 23rd March 2016
Rent £55,000 per Annum Exclusive
Status Sold
Price £515,000
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Receivers CBRE

Property Information

Location

Miles: 33 miles south-west of Newquay, 75 miles south-west of Plymouth
Roads: A30, A3071, A394
Rail: Penzance Railway Station

Situation

The property is situated in the popular tourist resort of Penzance, on the eastern side of the principal retailing pitch of Market Jew Street, and close to Penzance Railway Station. The property is located a short distance from the Wharfside Shopping Centre, which houses retailers including New Look, Argos and Card Factory. Other nearby occupiers include Boots the Chemist, Superdrug, Poundland, Tesco Express and WH Smith.

Tenure

Freehold.

Location

Miles: 33 miles south-west of Newquay, 75 miles south-west of Plymouth
Roads: A30, A3071, A394
Rail: Penzance Railway Station

Situation

Tenure

Freehold.

Description

The property, a substantial and attractive building, comprises retail accommodation on the ground and basement floors with ancillary accommodation on the first floor.

Six Week Completion

Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without
personal liability.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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	Reversion
Ground Basement Basement First	Retail/Ancillary Retail Ancillary Ancillary	245.82 sq m 177.63 sq m 53.42 sq m 41.16 sq m	(2,646 sq ft) (1,912 sq ft) (575 sq ft) (443 sq ft)	MOUNTAIN WAREHOUSE LIMITED (1)	10 years from 29/06/2009 on a full repairing and insuring lease (2)	£55,000 (3)	28/06/2019
Totals		518.03 sq m	(5,576 sq ft)			£55,000 (3)

(1) For the year ending 28th February 2015, Mountain Warehouse Limited reported a turnover of £109,894,000, pre-tax profits of £11,961,000 and a total net worth of £37,192,000. (Source: Experian Group 22/02/2016)
(2) The lease is subject to a schedule of condition.
(3) The lease provides for a fixed increase in rent to £55,000 p.a. on 29th June 2016. The seller has agreed to adjust the completion monies so that the property will produce £55,000 p.a.x from completion of the sale.