7 - 9 Market Street
Falmouth
Cornwall
TR11 3AE

Prime Freehold Retail Investment

  • Currently arranged as three retail units
  • Prime Retail Pitch in the centre of town
  • Tenants Include EE and Saltrock Surfware
  • Approximately 393.4 sq m (4,235 sq ft)
  • Nearby occupiers include Boots the Chemist, Superdrug, Barclays Bank and Cafe Nero
  • Lot
    17
  • Auction
    09/Jul/2020
  • Rent
    £75,500 per Annum Exclusive
  • Status
    Available
  • Price*
    £575,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • 7 - 9 Market Street<br>Falmouth<br>Cornwall<br>TR11 3AE
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* More information on the term "price" can be found here

Property Information

Location
Miles
80 miles west of Exeter,
18 miles south of Newquay,
10 miles south-west of Truro
Roads
A39, A394, A393
Rail
Falmouth Town Railway Station
Air
Cornwall Airport Newquay
Situation

Falmouth is one of the largest towns in Cornwall situated on the southern coast approximately 12 miles south of Truro. The property is situated in the towns prime retailing pitch on the south side of the busy Market Street. Nearby occupiers include Boots the Chemist, Superdrug, Barclays Bank and Cafe Nero.

Tenure

Freehold.

Description

The property currently comprises 3 retail units as follows: The first unit comprises ground floor retail accommodation and first floor ancillary accommodation, with a small return frontage; the second unit comprises ground floor retail accommodation with a small mezzanine storage area at the rear; the third unit comprises retail accommodation on the first floor and is located above the second unit. The property benefits from a small courtyard and access via Smithick Hill at the rear.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

See legal pack.

Tenancy & Accommodation

UnitFloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReview/
(Reversion)
7/8Ground
First
Retail
Ancillary
96.50 sq m
84.50 sq m
(1,039 sq ft)
(910 sq ft)
EE LIMITED (1)10 years from
28/11/2011
£40,000(27/11/2021)
9Ground
Mezzanine
Retail
Storage
89.10 sq m
8.40 sq m
(959 sq ft)
(90 sq ft)
SALTROCK
SURFWARE
LIMITED guarenteed
by Crew Clothing co.
Limited (2)
5 years from
03/05/2019 (3)
£31,000Fixed increases
of £1000 per
annum (4)
(02/05/2024)
First
Floor 9
FirstRetail
115.00 sq m
(1,237 sq ft)
INDIVIDUALS t/a
Janelli Hair & Beauty
7 years from
11/02/2013 until
10/03/2020
£4,500Holding Over
Total
393.50 sq m
(3,060 sq ft)
  £75,500 

(1) For the year ending 31st March 2019, EE limited reported a turnover of 7,149,000,000, a pre-tax profit of 1,440,000,000 and total assets of 8,590,000,000 (Source: SmartSearch 02/06/2020).
(2) Saltrock Surfware Ltd were incorporated in 2018 (Source: SmartSearch 03/06/2020). Their Guarantor Crew CLothing Co. Limited were incorporated in 1996 and for the year ending 28th October 2018, reported a turnover of 61,182,000, pre-tax profit of 3,078,000 and total assets of 24,227,000 (Source: SmartSearch 03/06/2020).
(3) The lease provides for a tenant option to determine on 03/05/2021 with at least 6 months prior notice.
(4) The rent increased by 1,000 on 3rd May 2020 and will increase by 1,000 per annum up to 34,000 by 3rd May 2023.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    22.06.20
    File Size
    20 MB
    Login to View
  • Catalogue Page
    Updated Date
    22.06.20
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    22.06.20
    File Size
    646 KB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    20.05.20
    File Size
    694 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Associate Auctioneers
Stratton Creber Commercial 20 Southernhay West
Exeter
Devon
EX1 1PR
Simon Greenslade 01392 202 203simon@sccexeter.co.uk
Seller's Solicitors
OTB Eveling Senate Court, Southernhay Gardens
Exeter
Devon
EX1 1NT
Keith Biggs 01392-823811keith.biggs@otbeveling.com

Useful Links

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