Iceland 3 Berkely Vale Falmouth Cornwall TR11 3PL

Iceland
3 Berkely Vale
Falmouth
Cornwall
TR11 3PL

Freehold Supermarket Investment

Entirely let to Iceland Foods Limited until February 2030 (no breaks)
2025 tenant break option removed
5 yearly fixed rental increases (in Iceland lease) at 2.5% per annum compounded
Approximately 7,653 sq ft
Prosperous and popular Cornish tourist destination
Nearby occupiers include Tesco, Marks & Spencer, Argos and Boots the Chemist
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
51
Auction
23rd March 2016
Rent
£70,740 per Annum Exclusive
Status
Sold
Price
£1,065,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Supermarket Investment

Entirely let to Iceland Foods Limited until February 2030 (no breaks)
2025 tenant break option removed
5 yearly fixed rental increases (in Iceland lease) at 2.5% per annum compounded
Approximately 7,653 sq ft
Prosperous and popular Cornish tourist destination
Nearby occupiers include Tesco, Marks & Spencer, Argos and Boots the Chemist
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 51
Auction 23rd March 2016
Rent £70,740 per Annum Exclusive
Status Sold
Price £1,065,000
Sector
Supermarket/Convenience
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 12 miles south of Truro, 20 miles east of Penzance
Roads: A30, A39, A394
Rail: Penmere Railway Station
Air: Newquay Cornwall Airport

Situation

The property is situated on the south side of Berkeley Vale, close to both Market Street and Killigrew Street in the heart of Falmouth town centre.Nearby occupiers include Tesco, Marks & Spencer, WHSmith, Boots the Chemist, Superdrug and branches of Halifax, Barclays and Lloyds banks.

Tenure

Freehold.

Location

Miles: 12 miles south of Truro, 20 miles east of Penzance
Roads: A30, A39, A394
Rail: Penmere Railway Station
Air: Newquay Cornwall Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor supermarket with ancillary/office accommodation on the first floor. In addition the property benefits from a goods lift, service yard and customer car parking for approximately 12 cars.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Fixed Rental Uplifts/(Reversion)
Ground First	Supermarket/Ancillary Ancillary/Office	442.97 sq m 268.03 sq m	(4,768 sq ft) (2,885 sq ft)	ICELAND FOODS LIMITED (1)	25 years from 28/02/2005 on a full repairing and insuring lease	£70,740 rising to £80,036 in Feb 2020 and to £90,553 in Feb 2025	28/02/2020 28/02/2025 (27/02/2030)
Totals		711.00 sq m	(7,653 sq ft)			£70,740

(1) For the year ending 27th March 2015, Iceland Foods Limited reported a turnover of £2,682,021,000, pre-tax profits of £58,794,000 and a total net worth of £709,630,000. (Source: Experian Group 15/02/2016)
NB Part of the property has been sublet on two 125 year subleases from 20th April 1989.