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
    14/Feb/2019
  • Rent
    £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
Important Auction & Property Update
  • Old Vicarage Place Shopping Precinct<br>19 - 21 Fore Street<br>St Austell<br>Cornwall<br>PL25 5YY
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

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.

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

UnitFloorUse
Floor Areas (Approx)
TenantTermRent p.a.xReview/
(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)
£21,00006/09/2023
(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 & FirstRetail/
Ancillary
100.89 sq m(1,086 sq ft)ALLSHORE
ASSOCIATES
LIMITED with
personal guarantee
10 years from
11/08/2017
£8,90011/08/2022
(11/08/2027)
Unit 2 Old
Vicarage Pl
GroundRetail/
Ancillary
58.99 sq m(635 sq ft)VACANT
POSSESSION
   
Unit 3 Old
Vicarage Pl
GroundRetail/
Ancillary
72.56 sq m(781 sq ft)VACANT
POSSESSION
   
Unit 3A Old
Vicarge Pl
GroundRetail/
Ancillary
41.16 sq m(443 sq ft)INDIVIDUALS
t/a ANH Beauty
5 years from
22/03/2017 (4)
£7,00022/03/2020
(22/03/2022)
Unit 4 Old
Vicarage Pl
GroundRetail/
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
GroundRetail/
Ancillary
90.30 sq m(972 sq ft)AD’ SALES LTD
t/a St Austell Voice
10 years from
28/01/2013
£10,00028/01/2016
and 3 yearly
(28/01/2023)
Unit 6 Old
Vicarage Pl
GroundRetail/
Ancillary
91.04 sq m(980 sq ft)NILES BAKERY
LTD
15 years from
05/02/2007
£20,00005/02/2016
and
05/02/2019
(05/02/2022)
Unit 7 Old
Vicarage Pl
GroundRetail/
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)
£15,00015/01/2023
(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
£20,00013/10/2020
(13/10/2025)
Unit 12A,
12 B, 13 &
14 Old
Vicarage Pl
GroundRetail/
Ancillary
415 sq m(4,475 sq ft)VACANT
POSSESSION (8)
   
Kiosk A Old
Vicarage Pl
GroundRetail/
Ancillary
25.83 sq m(278 sq ft)VACANT
POSSESSION
   
Kiosk B Old
Vicarage Pl
GroundRetail/
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
GroundRetail/
Ancillary
52.95 sq m(570 sq ft)INDIVIDUAL
t/a Natural Store
6 years from
05/02/2015 (2)
£11,62805/02/2018
(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.

Property Documents

  • Catalogue Page
    Updated Date
    28.05.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    28.05.19
    File Size
    4 MB
    View PDF
  • Common Auction conditions
    Updated Date
    15.08.19
    File Size
    144 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863 +44 (0)7899 877 224georgina.roberts@acuitus.co.uk
Seller's Solicitors
Hamlins LLP Roxburghe House273-287 Regents Street
London
W1B 2AD
Joseph Holder 0207 355 6112joseph.holder@hamlins.com

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