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
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.
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
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.
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.
