Property Auctions 14/Feb/2019 | Old Vicarage Place Shopping Precinct, 19 - 21 Fore Street, St Austell, Cornwall, PL25 5YY

Town Centre Multi-Let Retail Investment with Development Potential

Comprises 35,818 sq ft of retail accommodation
Tenants include Iceland, Clarks, Holland & Barrett and The Carphone Warehouse
Accessed via the pedestrianised Fore Street,the prime pedestrianised pitch
Adjacent to White River Place Shopping Centre
Nearby occupiers include Poundland, TK Maxx, Boots and Argos
Development opportunity with indicative residential plans for car park redevelopment (subject to consents)

Lot 29
Auction 14th February 2019
Rent Gross: £251,528 per Annum Exclusive
Status Sold Post
Price
Sector
Shopping Centre
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund Manager

Property Information

Location

Miles: 13 miles north-east of Truro; 39 miles west of Plymouth; 74 miles south-west of Exeter
Roads: A390, A30, A39
Rail: St Austell Railway Station
Air: Exeter International Airport

Situation

St Austell is a busy town 13 miles north-east of Truro and benefits from good access to the A390 and A391 which joins with the A30. The town is an attractive tourist destination, with the Eden Project located north-east of the town centre. The property occupies a prominent position on the prime pedestrianised Fore Street, adjacent to the White River Place Shopping Centre. White River Place houses occupiers including TK Maxx, Peacocks, Superdrug and Costa. Other nearby occupiers include Poundland, Shoe Zone, Thomas Cook and The Works.

Tenure

Leasehold. 19-21 Fore Street is held Freehold. Old Vicarage Place is held leasehold from Restormel Borough Council for a term of 150 years from 29/09/1983 at a peppercorn rent.

Location

Miles: 13 miles north-east of Truro; 39 miles west of Plymouth; 74 miles south-west of Exeter
Roads: A390, A30, A39
Rail: St Austell Railway Station
Air: Exeter International Airport

Situation

St Austell is a busy town 13 miles north-east of Truro and benefits from good access to the A390 and A391 which joins with the A30. The town is an attractive tourist destination, with the Eden Project located north-east of the town centre. The property occupies a prominent position on the prime pedestrianised Fore Street, adjacent to the White River Place Shopping Centre. White River Place houses occupiers including TK Maxx, Peacocks, Superdrug and Costa. Other nearby occupiers include Poundland, Shoe Zone, Thomas Cook and The Works.

Tenure

Leasehold. 19-21 Fore Street is held Freehold. Old Vicarage Place is held leasehold from Restormel Borough Council for a term of 150 years from 29/09/1983 at a peppercorn rent.

Description

19-21 Fore Street comprises four ground floor retail units with lower ground and first floor ancillary accommodation. Old Vicarage Place is an open air shopping precinct arranged in an L shape, accessed via the pedestrianised Fore Street and Vicarage Hill. The scheme currently comprises 22 ground floor retail units with some units benefiting from first floor and lower ground ancillary accommodation. The roof of the centre provides an unused former car park. Indicative plans are in the process of being drawn up for a residential scheme, which will be available in the legal pack.

VAT

VAT is 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

19-21 Fore Street comprises four ground floor retail units with lower ground and first floor ancillary accommodation. Old Vicarage Place is an open air shopping precinct arranged in an L shape, accessed via the pedestrianised Fore Street and Vicarage Hill. The scheme currently comprises 22 ground floor retail units with some units benefiting from first floor and lower ground ancillary accommodation. The roof of the centre provides an unused former car park. Indicative plans are in the process of being drawn up for a residential scheme, which will be available in the legal pack.

VAT

VAT is 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)		Tenant	Term	Rent p.a.x	Review/ (Reversion)
Unit 1 19/21 Fore St	Ground, Lower Ground & First	Retail/ Ancillary	209.50 sq m	(2,255 sq ft)	VACANT POSSESSION
Unit 2 19/21 Fore St	Ground, Lower Ground & First	Retail/ Ancillary	234.49 sq m	(2,524 sq ft)	GOODENOUGH (ST AUSTELL) LTD t/a Clarks	10 years from 06/09/2018 (1)	£21,000	06/09/2023 (06/09/2028)
Unit 3 19/21 Fore St	Ground, Lower Ground & First	Retail/ Ancillary	212.38 sq m	(2,286 sq ft)	THE CARPHONE WAREHOUSE LTD	5 years from 12/02/2015 (2)	£23,750	(12/02/2020)
Unit 4 19/21 Fore St	Ground, Lower Ground & First	Retail/ Ancillary	270.53 sq m	(2,912 sq ft)	HOLLAND & BARRETT RETAIL LIMITED	5 years from 29/09/2017 (3)	£24,000	(29/09/2022)
Unit 1 Old Vicarage Pl	Ground & First	Retail/ Ancillary	100.89 sq m	(1,086 sq ft)	ALLSHORE ASSOCIATES LIMITED with personal guarantee	10 years from 11/08/2017	£8,900	11/08/2022 (11/08/2027)
Unit 2 Old Vicarage Pl	Ground	Retail/ Ancillary	58.99 sq m	(635 sq ft)	VACANT POSSESSION
Unit 3 Old Vicarage Pl	Ground	Retail/ Ancillary	72.56 sq m	(781 sq ft)	VACANT POSSESSION
Unit 3A Old Vicarge Pl	Ground	Retail/ Ancillary	41.16 sq m	(443 sq ft)	INDIVIDUALS t/a ANH Beauty	5 years from 22/03/2017 (4)	£7,000	22/03/2020 (22/03/2022)
Unit 4 Old Vicarage Pl	Ground	Retail/ Ancillary	108.23 sq m	(1,165 sq ft)	THE TANYA’S COURAGE TRUST	3 years from 27/09/2017 (5)	£11,750	(27/09/2020)
Unit 5 Old Vicarage Pl	Ground	Retail/ Ancillary	90.30 sq m	(972 sq ft)	AD’ SALES LTD t/a St Austell Voice	10 years from 28/01/2013	£10,000	28/01/2016 and 3 yearly (28/01/2023)
Unit 6 Old Vicarage Pl	Ground	Retail/ Ancillary	91.04 sq m	(980 sq ft)	NILES BAKERY LTD	15 years from 05/02/2007	£20,000	05/02/2016 and 05/02/2019 (05/02/2022)
Unit 7 Old Vicarage Pl	Ground	Retail/ Ancillary	748.43 sq m	(8,056 sq ft)	ICELAND FOODS LIMITED	5 years from 10/02/2015	£40,000	(10/02/2020)
Unit 8 & 11 Old Vicarage Pl	Ground & Lower Ground	Retail/ Ancillary	349.97 sq m	(3,767 sq ft)	CAVERSHAM FINANCE LTD t/a BrightHouse	10 years from 15/07/2015	£32,500 (6)	15/07/2020 (15/07/2025)
Unit 9 Old Vicarage Pl	Ground & Lower Ground	Retail/ Ancillary	106.47 sq m	(1,146 sq ft)	PROSPERITY HUB COMMUNITY INTEREST COMPANY t/a The Prosperity Paint Hub	10 years from 15/01/2018 (7)	£15,000	15/01/2023 (15/01/2028)
Unit 10 Old Vicarage Pl	Ground & Lower Ground	Retail/ Ancillary	115.11 sq m	(1,239 sq ft)	INDIVIDUALS t/a Cornish Quality Meats	10 years from 13/10/2015	£20,000	13/10/2020 (13/10/2025)
Unit 12A, 12 B, 13 & 14 Old Vicarage Pl	Ground	Retail/ Ancillary	415 sq m	(4,475 sq ft)	VACANT POSSESSION (8)
Kiosk A Old Vicarage Pl	Ground	Retail/ Ancillary	25.83 sq m	(278 sq ft)	VACANT POSSESSION
Kiosk B Old Vicarage Pl	Ground	Retail/ Ancillary	23.04 sq m	(248 sq ft)	THE VAPE SHOPPE LTD	3 years from 29/06/2016	£6,000	(29/06/2019)
Kiosk C Old Vicarage Pl	Ground	Retail/ Ancillary	52.95 sq m	(570 sq ft)	INDIVIDUAL t/a Natural Store	6 years from 05/02/2015 (2)	£11,628	05/02/2018 (05/02/2021)
Total			3,326.87 sq m	(35,818 sq ft)			£251,528

(1) The lease provides a tenant option to determine on 05/09/2023.
(2) The tenant did NOT exercise their 2018 option to determine.
(3) The lease provides a tenant option to determine on 28/09/2020.
(4) The lease provides a tenant option to determine on 22/03/2020.
(5) The lease provides a tenant option to determine on 27/09/2019. The tenant did NOT exercise a 2018 option to determine.
(6) The lease provides a fixed increase to £35,000 p.a.x from 15/07/2019.
(7) The lease provides an option to determine on 15/01/2023.
(8) As to Units 12A, 12B, 13 & 14, the shop fronts have been removed and the unit decommissioned. No rates are currently payable on these units.