36 and 36a Cliff Road Newquay Cornwall TR7 2ND

36 and 36a Cliff Road
Newquay
Cornwall
TR7 2ND

Virtual Freehold Retail Investment

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
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Virtual Freehold Retail Investment

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

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)	MARTIN MCCOLL LIMITED (1)		£35,331
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.