81 The Terrace Penryn Cornwall TR10 8EH

81 The Terrace
Penryn
Cornwall
TR10 8EH

Freehold Retail investment

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

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Freehold Retail investment

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

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.