38/40 New George Street Plymouth Devon PL1 1RW

38/40 New George Street
Plymouth
Devon
PL1 1RW

  • 38/40 New George Street<br>Plymouth<br>Devon<br>PL1 1RW

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
    12/Jul/2022
  • Rent
    Gross: £210,883 per Annum Exclusive
    Net: £187,686
  • Status
    Available
  • Price*
    £900,000 - £950,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • Expand
  • Photos
  • Map

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

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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    26.06.22
    File Size
    50 MB
    Login to View
  • Brochure
    Updated Date
    22.06.22
    File Size
    5 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Edward MartinEdward Martin +44 (0)20 7034 4854 +44 (0)7478 673 535edward.martin@acuitus.co.uk
Associate AuctioneersGraham Fawcett +44 (0)20 7182 7482 +44 (0)7980 548 852graham@fawcettmead.co.uk
Seller's Solicitors
Devonshires Solicitors 30 Finsbury Circus
London
London
EC2M 7DT
Dan Moan 020 7880 4336dan.moan@devonshires.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now