106-109 Market Jew Street Penzance Cornwall TR18 2LE

106-109 Market Jew Street
Penzance
Cornwall
TR18 2LE

Freehold Retail Investment

Mainly let to Poundland Limited by way of a new reversionary lease
Part let to CEX (Franchising) Limited on a new 10 year lease
Approximately 1,496.82 sq m (16,112 sq ft)
Popular tourist resort town
Situated on the town’s principal retailing thoroughfare
Nearby occupiers include Boots the Chemist, Superdrug, Tesco Express and WH Smith
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
56
Auction
7th July 2016
Rent
£117,500 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Insolvency Practitioners Deloitte

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Freehold Retail Investment

Mainly let to Poundland Limited by way of a new reversionary lease
Part let to CEX (Franchising) Limited on a new 10 year lease
Approximately 1,496.82 sq m (16,112 sq ft)
Popular tourist resort town
Situated on the town’s principal retailing thoroughfare
Nearby occupiers include Boots the Chemist, Superdrug, Tesco Express and WH Smith
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 56
Auction 7th July 2016
Rent £117,500 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Insolvency Practitioners Deloitte

Property Information

Location

Miles: 33 miles south-west of Newquay, 75 miles south-west of Plymouth
Roads: A30, A3071, A394
Rail: Penzance Railway Station

Situation

The property is situated in the popular tourist resort of Penzance, on the eastern side of the principal retailing pitch of Market Jew Street, and close to Penzance Railway Station. The property is located a short distance from the Wharfside Shopping Centre, which houses retailers including New Look, Argos and Costa. Other nearby occupiers include Boots the Chemist, Superdrug, Tesco Express and WH Smith.

Tenure

Freehold.

Location

Miles: 33 miles south-west of Newquay, 75 miles south-west of Plymouth
Roads: A30, A3071, A394
Rail: Penzance Railway Station

Situation

Tenure

Freehold.

Description

The property comprises two adjoining ground floor retail units with ancillary accommodation on the first floor and basement. The first floor of Unit 109 is not currently accessible and is not used by the tenant.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.

Completion Period

Six Week Completion

EPC

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

Description

VAT

VAT is applicable to this lot.

Note

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
106-108	Ground Basement First	Retail/Ancillary Ancillary Ancillary	728.84 sq m 595.65 sq m 55.97 sq m	(7,845 sq ft) (6,412 sq ft) (602 sq ft)	POUNDLAND LIMITED (1)	15 years from 24/06/2009 (2)	£90,000 (2)	(23/06/2024)
109	Ground First	Retail/Ancillary Ancillary	116.36 sq m Not measured	(1,253 sq ft) (Not accessible)	CEX (FRANCHISING) LIMITED (3)	10 years from 18/05/2016	£27,500 (4)	18/05/2021 (17/05/2026)
Totals			1,496.82 sq m	(16,112 sq ft)			£117,500 (2) (4)

(1) For the year ending 29th March 2015, Poundland Limited reported a turnover of £1,111,526,000, pre-tax profits of £45,922,000 and a total net worth of £93,866,000
(Source: Experian Group 02/06/2016).
(2) The tenant occupies the property under a lease for a term of 10 years from 24th June 2009 at a current rent reserved of £45,000 p.a.x until 15th May 2017, from 16th May 2017 the rent will increase to £90,000 p.a.x The parties have signed a reversionary lease for a term of 5 years from 24th June 2019 at a rent reserved of £90,000 p.a.x. The tenant is to benefit from twelve months half rent beginning 16th May 2016. The seller has agreed to adjust the completion monies so that the unit will produce £90,000 p.a.x from completion of the sale.
(3) CEX was founded in London in 1992 and trades from 326 branches in the UK with other branches in Spain, USA, Ireland, India, Australia, Portugal, Netherlands, Mexico and Poland. (Source: www.webuy.com) For the year ending 30th June 2015, CEX (Franchising) Limited reported a turnover of £19,566,107 pre-tax profits of £1,904,998 and a total net worth of £6,339,841 (Source: Experian Group 09/06/2016).
(4) The tenant is to benefit from a six month rent free period and an additional twelve months half rent from 18th November 2016. The seller has agreed to adjust the completion monies so the unit will produce £27,500 p.a.x from completion of the sale.