Freehold Retail and Office Investment with Residential Development Potential
Shop let to Countrywide Estate Agents until 2025 (subject to option)
Self-contained office accommodation on upper floors with residential potential (subject to consents)
Prominent corner position adjacent to pedestrianised Fore Street
Nearby occupiers include Iceland, Superdrug, Shoe Zone, M&Co and Peacocks
Lot 45
Auction 18th October 2018
Rent £18,000 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Trustees
Property Information
Location
Miles
9 miles west of Truro
17 miles north-east of Penzance
Roads
A30, A39, A394
Rail
Redruth Rail
Air
Newquay Airport
Situation
The property is prominently positioned on the northern side of Fore Street, close to its junction with the pedestrianised pitch and Alma Place, in the heart of the town centre.
Nearby occupiers include Iceland, Superdrug, Shoe Zone, M&Co and Peacocks. Redruth Railway Station is just a three minute walk from the subject property.
Tenure
Freehold.
Location
Miles
9 miles west of Truro
17 miles north-east of Penzance
Roads
A30, A39, A394
Rail
Redruth Rail
Air
Newquay Airport
Situation
The property is prominently positioned on the northern side of Fore Street, close to its junction with the pedestrianised pitch and Alma Place, in the heart of the town centre.
Nearby occupiers include Iceland, Superdrug, Shoe Zone, M&Co and Peacocks. Redruth Railway Station is just a three minute walk from the subject property.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with basement ancillary accommodation. In addition, the first and second floors provide four self-contained office suites accessed via Fore Street and Green Lane.
VAT
VAT is applicable to this lot.
Planning
PA12/11483 - Conversion of the upper floors to form four residential flats. Approved on 29/01/2013 - Permission now lapsed. For further information please visit planning.cornwall.gov.uk.
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 basement ancillary accommodation. In addition, the first and second floors provide four self-contained office suites accessed via Fore Street and Green Lane.
VAT
VAT is applicable to this lot.
Planning
PA12/11483 - Conversion of the upper floors to form four residential flats. Approved on 29/01/2013 - Permission now lapsed. For further information please visit planning.cornwall.gov.uk.
Completion Period
Six Week Completion
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
Ground Basement
Retail Ancillary
167.50 sq m 100.11 sq m
(1,803 sq ft) (1,077 sq ft)
COUNTRYWIDE ESTATE AGENTS (1)
10 years from 25/08/2015 until 24/08/2025 (2) on a full repairing and insuring lease
£18,000
25/08/2020
First Floor (via Fore Street) Second Floor (via Fore Street) First Floor (via Green Lane) Second Floor (via Green Lane)
Office Office Office Office
40.01 sq m 36.29 sq m 61.95 sq m 72.69 sq m
(430 sq ft) (390 sq ft) (666 sq ft) (782 sq ft)
VACANT POSSESSION - see planning section
Total
478.55 sq m
(5,148 sq ft)
£18,000
(1) Countrywide is the UK’s largest and most successful estate agency and property services group with 850+ branches across the UK (Source: www.countrywide.co.uk 26/04/2018). (2) The lease provides a tenant option to determine on 24/08/2020.
