Substantial High Yielding City Centre Retail Investment
Majority let to Blacks Outdoor Retail Ltd (t/a Millets) - a part of JD Sports Fashion PLC
Part let to Clubsport Skechers Limited (t/a Skechers)
Approx. 13,251 sq ft
Located in the heart of Plymouth's prime retailing area
Nearby Drakes Circus Shopping Centre with key retailers such as Marks & Spencer, Apple, Primark, Next and H&M
Ongoing £7m City Centre Regeneration project fronting the property
Lot 22
Auction 12th July 2022
Rent Gross: £210,883 per Annum Exclusive Net: £187,686
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
45 miles south-west of Exeter and 54 miles east of Truro
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport
Situation
The property is located in a prime position on New George Street, between the entrances to Drakes Circus Shopping Centre and Armada Way. Drake Circus Shopping Centre is one of the West Country's most popular shopping destinations with occupiers such as Marks & Spencer, Apple, Primark, Next and H & M - the centre also has 1,270 parking spaces. Other nearby occupiers include Body Shop, Tesco Express and Ted Baker.
Work is ongoing to refresh New George Street & Old Town Street as part of a multi-million pound investment by the council to include better links between Drakes Circus and The Barcode, Islands of Greenery, new play areas, places to sit and new tree planting. Completion of this regeneration is due later this year
Tenure
Leasehold. The property is held under a head lease from Plymouth City Council for a term of 125 years from 13/12/2012 to 12/12/2137 at a ground rent of 11% of rents received. There is no head rent payable if the property is vacant where the Landlord is 'Actively Marketing' the units.
The current rent payable under the head lease is £23,197 pa.
Location
Miles
45 miles south-west of Exeter and 54 miles east of Truro
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport
Situation
The property is located in a prime position on New George Street, between the entrances to Drakes Circus Shopping Centre and Armada Way. Drake Circus Shopping Centre is one of the West Country's most popular shopping destinations with occupiers such as Marks & Spencer, Apple, Primark, Next and H & M - the centre also has 1,270 parking spaces. Other nearby occupiers include Body Shop, Tesco Express and Ted Baker.
Work is ongoing to refresh New George Street & Old Town Street as part of a multi-million pound investment by the council to include better links between Drakes Circus and The Barcode, Islands of Greenery, new play areas, places to sit and new tree planting. Completion of this regeneration is due later this year
Tenure
Leasehold. The property is held under a head lease from Plymouth City Council for a term of 125 years from 13/12/2012 to 12/12/2137 at a ground rent of 11% of rents received. There is no head rent payable if the property is vacant where the Landlord is 'Actively Marketing' the units.
The current rent payable under the head lease is £23,197 pa.
Description
The property comprises two shops arranged on the ground, basement, first and second floors. 38 New George Street (Skechers) is arranged on the ground floor and basement. 40 New George Street (Millets) is arranged over the ground, basement, first and second floors with trading space on part of the first floor.
VAT
VAT is applicable to this lot.
Completion Period
6 week completion
EPC
See legal pack.
Description
The property comprises two shops arranged on the ground, basement, first and second floors. 38 New George Street (Skechers) is arranged on the ground floor and basement. 40 New George Street (Millets) is arranged over the ground, basement, first and second floors with trading space on part of the first floor.
VAT
VAT is applicable to this lot.
Completion Period
6 week completion
EPC
See legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
38 New George Street
Ground Basement
Retail/Ancillary Ancillary
85.19 285.30
(917) (3,071)
CLUBSPORT SKECHERS LIMITED (t/a Skechers) (1)
10 years from 04/01/2016
£60,883
40 New George Street
Ground First Second
Retail/Ancillary Retail/Ancillary Ancillary
232.90 313.54 314.09
(2,507) (3,375) (3,381)
BLACKS OUTDOOR RETAIL LIMITED (t/a Millets) (2)
Approx. 10 years from 14/05/2013 to 13/08/2023
£150,000
Total
1,231.02
(13,251)
£210,883
(1) www.investors.skechers.com. Headquartered in California, Skechers is an award winning global brand with product available in more than 170 countries. Clubsport Skechers Limited is a Skechers Franchisee. (2) Blacks Outdoor Retail Limited are a wholly owned subsidiary of JD Sports Fashion Plc (www.millets.co.uk)
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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