Three ground floor retail units and nightclub in town centre location
Approximately 50% let to Grand Metropolitan Estates Limited with 7 yearly geared rent reviews until 2057
Nearby occupiers include Coral, Specsavers, Cancer Research and Oxfam
Six Week Completion
Lot 14
Auction 17th October 2013
Rent £49,675 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
239 miles south-west of London, 45 miles south-west of Exeter
Roads
A38, M5 (Junction 31)
Rail
Plymouth Rail Station
Air
Plymouth and Exeter Airports
Situation
side of Cornwall Street within Plymouth City Centre close to the city’s Pannier Market and a number of multiples including Coral Betting Shop, Specsavers, Cancer Research UK and Oxfam.
Tenure
Long Leasehold. Held from Plymouth City Council for a term of 125 years from 20th July 2007 until 19th July 2132 based on 10% of occupational rents received at a current rent of £6,075 per annum, subject to 5 yearly reviews.
Location
Miles
239 miles south-west of London, 45 miles south-west of Exeter
Roads
A38, M5 (Junction 31)
Rail
Plymouth Rail Station
Air
Plymouth and Exeter Airports
Situation
side of Cornwall Street within Plymouth City Centre close to the city’s Pannier Market and a number of multiples including Coral Betting Shop, Specsavers, Cancer Research UK and Oxfam.
Tenure
Long Leasehold. Held from Plymouth City Council for a term of 125 years from 20th July 2007 until 19th July 2132 based on 10% of occupational rents received at a current rent of £6,075 per annum, subject to 5 yearly reviews.
Description
The property comprises two ground floor retail units at 91 and 93 Cornwall Street and a nightclub on ground and first at 89a Cornwall Street with the first floor also running over both units at 91 and 93.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units at 91 and 93 Cornwall Street and a nightclub on ground and first at 89a Cornwall Street with the first floor also running over both units at 91 and 93.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
No
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
89a
Ground First
Café Nightclub
34.67 sq m 215.91 sq m (1)
(373 sq ft) (2,324 sq ft) (1)
IMAGES NIGHTCLUB (PLYMOUTH) LIMITED t/a Images Club & Wine Bar
10 years from 24/06/2011 until 23/06/2021 (2)
£10,000
24/06/2017
91
Ground
Retail
72.55 sq m
(781 sq ft)
PANTER AND SON LIMITED (3) t/a Panters Beds & Bedding
5 years from 25/03/2010 (4)
£10,000
(24/03/2015)
93
Ground First
Retail/ Ancillary (5) Nightclub (7)
181.53 sq m (5)
(1,954 sq ft) (5)
GRAND METROPOLITAN ESTATES LIMITED (6)
99 years from 29/09/1958 until 28/09/2057
£35,750
24/06/2013 and 7 yearly thereafter
Totals
504.66 sq m
(5,432 sq ft)
£55,750
(1) The floor areas stated for the first floor of 89a are on a GIA basis. (2) The lease to Images Nightclub (Plymouth) Ltd contains a tenant’s option to determine on the fifth anniversary of the term subject to 6 months notice. (3) Panters are a well established and independent retailer trading from units in Exeter, Exmouth and Plymouth. (Source: www.panters.uk.com 18/09/2013) (4) There is a landlord only option to break at anytime on giving 3 months’ notice. (5) The floor areas used for 93 Cornwall Street are those stated in the lease. The ground floor is sublet to Huron Services Limited. (6) For the year ending 30th June 2012, Grand Metropolitan Estates Limited reported a turnover of £1,157,000, pre-tax profits of £14,255,000 and a total net worth of £209,748,000. (Source: www.riskdisk.com 18/09/2013) (7) The first floor is sublet to Demetrious Ionnides t/a Images Club & Wine Bar, as part of the premises accessed from 89a Cornwall Street.
Contacts
Seller's Solicitors
Devonshires Solicitors 30 Finsbury Circus London EC2M 7DT
