19 / 21 Fore Street & Old Vicarage Place Shopping Centre St Austell Cornwall PL25 5YY

  • 19 / 21 Fore Street & Old Vicarage Place Shopping Centre<br>St Austell<br>Cornwall<br>PL25 5YY

19 / 21 Fore Street & Old Vicarage Place Shopping Centre
St Austell
Cornwall
PL25 5YY

Town Centre Multi-Let Retail Investment with Development Potential

  • Comprises 33,766 sq ft of retail accommodation
  • Tenants include Iceland, Clarks, Holland & Barrett and The Carphone Warehouse
  • Accessed via the pedestrianised Fore Street, the prime pedestrianised pitch
  • Adjacent to White River Place Shopping Centre
  • Nearby occupiers include Poundland, TK Maxx, Boots, Argos and Prezzo
  • Development opportunity with indicative residential plans for car park redevelopment (subject to consents)
  • Lot
    52
  • Auction
    24th May 2018
  • Rent
    Gross: £278,628 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of a Major Fund Manager
  • Octopus Bridging Loan
    To be confirmed
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Town Centre Multi-Let Retail Investment with Development Potential

  • Comprises 33,766 sq ft of retail accommodation
  • Tenants include Iceland, Clarks, Holland & Barrett and The Carphone Warehouse
  • Accessed via the pedestrianised Fore Street, the prime pedestrianised pitch
  • Adjacent to White River Place Shopping Centre
  • Nearby occupiers include Poundland, TK Maxx, Boots, Argos and Prezzo
  • Development opportunity with indicative residential plans for car park redevelopment (subject to consents)
  • Lot 52
  • Auction 24th May 2018
  • Rent Gross: £278,628 per Annum Exclusive
  • Status Withdrawn Post
  • Price  
  • Sector
    Shopping Centre
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of a Major Fund Manager

Property Information

Location
Miles
13 miles north-east of Truro
39 miles west of Plymouth
74 miles south-west of Exeter
Roads
A390, A30, A39
Rail
St Austell Railway Station
Air
Exeter International Airport
Situation

St Austell is a busy town 13 miles north-east of Truro and benefits from good access to the A390 and A391 which joins with the A30. The town is an attractive tourist destination, with the Eden Project located north-east of the town centre. The property occupies a prominent position on the prime pedestrianised Fore Street, adjacent to the White River Place Shopping Centre. White River Place houses occupiers including TK Maxx, Peacocks, Superdrug and Costa. Other nearby occupiers include Poundland, Shoe Zone, Thomas Cook and The Works.

Tenure

Leasehold. 19-21 Fore Street is held Freehold. Old Vicarage Place is held leasehold from Restormel Borough Council for a term of 150 years from 29/02/1984 at a peppercorn rent.

Location
Miles
13 miles north-east of Truro
39 miles west of Plymouth
74 miles south-west of Exeter
Roads
A390, A30, A39
Rail
St Austell Railway Station
Air
Exeter International Airport
Situation

St Austell is a busy town 13 miles north-east of Truro and benefits from good access to the A390 and A391 which joins with the A30. The town is an attractive tourist destination, with the Eden Project located north-east of the town centre. The property occupies a prominent position on the prime pedestrianised Fore Street, adjacent to the White River Place Shopping Centre. White River Place houses occupiers including TK Maxx, Peacocks, Superdrug and Costa. Other nearby occupiers include Poundland, Shoe Zone, Thomas Cook and The Works.

Tenure

Leasehold. 19-21 Fore Street is held Freehold. Old Vicarage Place is held leasehold from Restormel Borough Council for a term of 150 years from 29/02/1984 at a peppercorn rent.

Description

19-21 Fore Street comprises four ground floor retail units with lower ground and first floor ancillary accommodation. Old Vicarage Place is an open air shopping precinct arranged in an L shape, accessed via the pedestrianised Fore Street and Vicarage Hill.
The scheme currently comprises 22 ground floor retail units with some units benefiting from first floor and lower ground ancillary accommodation. The roof of the centre provides an unused former car park. Indicative plans are in the process of being drawn up for a residential scheme, which will be available in the legal pack.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

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

Description

19-21 Fore Street comprises four ground floor retail units with lower ground and first floor ancillary accommodation. Old Vicarage Place is an open air shopping precinct arranged in an L shape, accessed via the pedestrianised Fore Street and Vicarage Hill.
The scheme currently comprises 22 ground floor retail units with some units benefiting from first floor and lower ground ancillary accommodation. The roof of the centre provides an unused former car park. Indicative plans are in the process of being drawn up for a residential scheme, which will be available in the legal pack.

VAT

VAT is applicable to this lot.

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)
Unit 1 Old
Vicarage Pl		 Ground & First Retail/
Ancillary
100.89 sq m
(1,086 sq ft)
 ALLSHORE
ASSOCIATES
LIMITED with
personal guarantee		 10 years
from
11/08/2017
(1)		 £8,900 11/08/2023
(10/08/2027)
Unit 2 Old
Vicarage Pl		 Ground Retail/
Ancillary
58.99 sq m
(635 sq ft)
 VACANT
POSSESSION		      
Unit 3 Old
Vicarage Pl		 Ground Retail/
Ancillary
72.56 sq m
(781 sq ft)
 INDIVIDUALS
t/a Affordable
Foods		 1 year from
12/07/2017		 £9,000 (11/07/2018)
Unit 3A Old
Vicarage Pl		 Ground Retail/
Ancillary
41.16 sq m
(443 sq ft)
 INDIVIDUALS
t/a ANH Beauty		 5 years from
22/03/2017 (2)		 £7,000 22/03/2020
(21/03/2022)
Unit 4 Old
Vicarage Pl		 Ground Retail/
Ancillary
108.23 sq m
(1,165 sq ft)
 THE TANYA’S
COURAGE TRUST		 3 years from
08/01/2018		 £11,750 (07/01/2021)
Unit 5 Old
Vicarage Pl		 Ground Retail/
Ancillary
90.30 sq m
(972 sq ft)
 AD’ SALES LTD
t/a St Austell Voice		 10 years from
28/01/2013		 £10,000 28/01/2018
(27/01/2023)
Unit 6 Old
Vicarage Pl		 Ground Retail/
Ancillary
91.04 sq m
(980 sq ft)
 NILES
BAKERY
LTD		 15 years from
05/02/2007		 £20,000 (04/02/2022)
Unit 7 Old
Vicarage Pl		 Ground Retail/
Ancillary
748.43 sq m
(8,056 sq ft)
 ICELAND FOODS
LIMITED		 5 years from
10/02/2015		 £40,000 09/02/2017
(09/02/2020)
Unit 8 & 11 Old
Vicarage Pl		 Ground &
Lower
Ground		 Retail/
Ancillary
349.97 sq m
(3,767 sq ft)
 CAVERSHAM
FINANCE LTD
t/a BrightHouse		 10 years from
15/07/2015		 £32,500 15/07/2020
(14/07/2025)
Unit 9 Old
Vicarage Pl		 Ground &
Lower
Ground		 Retail/
Ancillary
106.47 sq m
(1,146 sq ft)
 PROSPERITY HUB
COMMUNITY
INTEREST
COMPANY
t/a The Prosperity
Paint Hub		 10 years from
15/01/2018 (3)		 £15,500 (14/01/2028)
Unit 10 Old
Vicarage Pl		 Ground &
Lower
Ground		 Retail/
Ancillary
115.11 sq m
 (1,239 sq ft) INDIVIDUALS
t/a Cornish Quality Meats 		10
years from
13/10/2015		 £20,000 13/10/2020
(12/10/2025)
Unit 12A, 12B, 13 & 14 Old
Vicarage Pl		 Ground Retail/
Ancillary
415 sq m
 (4,475 sq ft) VACANT
POSSESSION		      
Kiosk A Old
Vicarage Pl		 Ground Retail/
Ancillary
25.83 sq m
 (278 sq ft) TIMPSON LIMITED 1 year from
24/06/2017 (4)		 £6,100 (28/09/2018)
Kiosk B Old
Vicarage Pl		 Ground Retail/
Ancillary
23.04 sq m
 (248 sq ft) THE VAPE
SHOPPE LTD		 3 years from
29/06/2016		 £6,000 (28/06/2019)
Kiosk C Old
Vicarage Pl		 Ground Retail/
Ancillary
52.95 sq m
 (570 sq ft) INDIVIDUAL
t/a Natural Store		 6 years from
05/02/2015 (5)		 £11,628 05/02/2018
(04/02/2021)
Unit 1 19/21
Fore St		 Ground, Lower
Ground & First		 Retail/
Ancillary
209.50 sq m
 (2,255 sq ft) VACANT
POSSESSION		      
Unit 2 19/21
Fore St		 Ground, Lower
Ground & First		 Retail/
Ancillary
234.49 sq m
 (2,524 sq ft) GOODENOUGH
(ST AUSTELL) LTD
t/a Clarks		 15 years from
01/02/2002 (6)		 £32,500 01/02/2012
(31/01/2017)
Unit 3 19/21
Fore St		 Ground, Lower
Ground & First		 Retail/
Ancillary
21.74 sq m
 (234 sq ft) THE CARPHONE
WAREHOUSE LTD		 5 years from
12/02/2015 (5)		 £23,750 (11/02/2020)
Unit 4 19/21
Fore St		 Ground, Lower
Ground & First		 Retail/
Ancillary
270.53 sq m
 (2,912 sq ft) HOLLAND &
BARRETT RETAIL
LIMITED		 20 years from
17/09/2002 (7)		 £24,000 (28/09/2022)
Total  
3,136.97 sq m
(33,766 sq ft)
     £278,628  

(1) The tenant is currently benefitting from a concessionary rent due to expire on 09/08/2018. The vendor has agreed to adjust the completion monies so the unit will effectively produce £8,900 from the completion of sale. The lease provides an option to
determine on 10/08/2023.
(2) The lease provides a tenant option to determine on 22/03/2020.
(3) The lease provides an option to determine on 14/01/2023.
(4) The tenant has served notice to terminate their lease on 28/09/2018.
(5) The tenant did NOT exercise their 2018 option to determine.
(6) The tenant is currently in discussions with the landlord with regards to a new 10 year lease (subject to option) at a rent of £21,000. Please refer to the legal pack for further information.
(7) The lease provides an option to determine on 28/09/2020.

Contacts

Seller's Solicitors
Hamlins LLP Roxburghe House, 273-287 Regents Street
London
W1B 2AD
Joseph Holder 0207 355 6112jholder@hamlins.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

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