Includes a mews of 9 retail units situated in a prime position on Pydar Street
Neighbouring occupiers include Superdry, WH Smith, Boots, TK Maxx, Lush, The Body Shop, Halifax and TSB
Lot 61
Auction 18th October 2018
Rent
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
12 miles south of Newquay, 80 miles south-west of Exeter
Roads
A390, A39, A30
Rail
Truro Railway Station
Air
Newquay Cornwall Airport
Situation
Truro is an attractive historic cathedral city that is popular with tourists. The property is prominently situated in the heart of Truro city centre on the south side of the pedestrianised Pydar Street, the town’s prime retail thoroughfare. Neighbouring occupiers include Superdry, WH Smith, Boots, TK Maxx, Lush, The Body Shop, and Halifax and TSB banks.
Tenure
Freehold.
Location
Miles
12 miles south of Newquay, 80 miles south-west of Exeter
Roads
A390, A39, A30
Rail
Truro Railway Station
Air
Newquay Cornwall Airport
Situation
Truro is an attractive historic cathedral city that is popular with tourists. The property is prominently situated in the heart of Truro city centre on the south side of the pedestrianised Pydar Street, the town’s prime retail thoroughfare. Neighbouring occupiers include Superdry, WH Smith, Boots, TK Maxx, Lush, The Body Shop, and Halifax and TSB banks.
Tenure
Freehold.
Description
The property comprises an attractive mews of 11 retail units, seven of which comprise ground floor retail accommodation and first floor storage accommodation. Four units comprise ground and part first floor retail accommodation and part first floor storage accommodation.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises an attractive mews of 11 retail units, seven of which comprise ground floor retail accommodation and first floor storage accommodation. Four units comprise ground and part first floor retail accommodation and part first floor storage accommodation.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Review/ (Reversion)
1
Ground First
Retail Storage
13 sq m 14.2 sq m
(140 sq ft) (153 sq ft)
INDIVIDUAL t/a Just Books
6 years from 24/03/2017 (1)
£7,500
(23/03/2023)
2 & 3
Ground First
Retail Retail/Storage
26.3 sq m 21 sq m
(283 sq ft) (226 sq ft)
VACANT POSSESSION (2)
4 & 5
Ground First
Retail Retail/Storage
36.9 sq m 33.5 sq m
(397 sq ft) (361 sq ft)
INDIVIDUAL t/a Bambu Coffee Shop & Cafe
9 years from 06/07/2012
£15,000
(05/07/2021)
Car Parking space
INDIVIDUAL t/a Bambu Coffee Shop & Cafe
£625
(05/07/2021)
6
Ground First
Retail Storage
12.2 sq m 16.1 sq m
(131 sq ft) (173 sq ft)
INDIVIDUAL t/a The Watchmen of Truro
6 years from 01/05/2013
£7,250
01/05/2019 (30/04/2019)
7
Ground First
Retail Storage
13.2 sq m 10.2 sq m
(112 sq ft) (87 sq ft)
INDIVIDUAL t/a Pydar Jewellers
6 years from 18/09/2018 (3)
£5,400
(17/09/2018)
8
Ground First
Retail Storage
10.4 sq m 8.1 sq m
(112 sq ft) (87 sq ft)
INDIVIDUAL t/a Lisa Harker - Quality Art
3 years from 01/10/2017 (4)
£5,000
01/10/2018 (30/09/2020)
9
Ground First
Retail Storage
10.4 sq m 8.1 sq m
(112 sq ft) (87 sq ft)
VACANT POSSESSION. Terms agreed for new lease (5)
10
Ground First
Retail Storage
13.2 sq m 10.2 sq m
(142 sq ft) (110 sq ft)
INDIVIDUAL t/a Fantasy Fayre
6 years from 18/01/2016 (6)
£6,500
01/01/2019 (17/01/2022)
11
Ground First
Retail Storage
11.8 sq m 17 sq m
(127 sq ft) (183 sq ft)
INDIVIDUAL t/a Barber
6 years from 02/02/2018 (7)
£7,500
02/02/2021 (02/02/2024)
Total
285.8 sq m
(3,076 sq ft)
£54,775
(1) As to unit 1, the lease provides for a tenant option to determine on 24/03/2020 subject to 6 months’ notice in writing. (2) As to unit 3, the seller is in advanced negotiations with a new tenant to sign a new lease for unit 3 only at a rent of £5,400 per annum exclusive. (3) As to unit 7, terms have been agreed or the tenant to sign a new lease for a term of 6 years at a rent of £5,400 per annum exclusive but not yet documented, but is anticipated to complete imminently. (4) As to unit 8, the tenant has served notice to determine the lease on 01/01/2019 and agreed a new Tenancy at Will to occupy the property until 2019. (5) As to unit 9, the Seller has agreed terms with a new tenant at a rent of £5,600 per annum exclusive. The lease and rent deposit deed are awaiting signature. (6) As to unit 10, the tenant has served notice to determine the lease on 01/01/2019. (7) As to unit 11, the lease provides for a tenant option to determine on 02/02/2021 subject to 6 months’ notice in writing.