Old Vicarage Place Shopping Precinct 19 - 21 Fore Street St Austell Cornwall PL25 5YY

  • Old Vicarage Place Shopping Precinct<br>19 - 21 Fore Street<br>St Austell<br>Cornwall<br>PL25 5YY

Old Vicarage Place Shopping Precinct
19 - 21 Fore Street
St Austell
Cornwall
PL25 5YY

Town Centre Multi-Let Retail Investment with Development Potential

  • Comprises 35,818 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 and Argos
  • Development opportunity with indicative residential plans for car park redevelopment (subject to consents)
  • Lot
    29
  • Auction
    14th February 2019
  • Rent
    Gross: £251,528 per Annum Exclusive
  • Status
    Sold 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
Important UpdateInterested?
  • Expand
  • Photos
  • Map

Town Centre Multi-Let Retail Investment with Development Potential

  • Comprises 35,818 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 and Argos
  • Development opportunity with indicative residential plans for car park redevelopment (subject to consents)
  • Lot 29
  • Auction 14th February 2019
  • Rent Gross: £251,528 per Annum Exclusive
  • Status Sold 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 29/09/1983 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 29/09/1983 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 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		 10 years from
06/09/2018 (1)		 £21,000 06/09/2023
(06/09/2028)
Unit 3 19/21
Fore St		 Ground, Lower
Ground & First		 Retail/
Ancillary
212.38 sq m
(2,286 sq ft)
 THE CARPHONE
WAREHOUSE LTD		 5 years from
12/02/2015 (2)		 £23,750 (12/02/2020)
Unit 4 19/21
Fore St		 Ground, Lower
Ground & First		 Retail/
Ancillary		 270.53 sq m (2,912 sq ft) HOLLAND &
BARRETT RETAIL
LIMITED		 5 years from
29/09/2017 (3)		 £24,000 (29/09/2022)
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		 £8,900 11/08/2022
(11/08/2027)
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) VACANT
POSSESSION		      
Unit 3A Old
Vicarge Pl		 Ground Retail/
Ancillary		 41.16 sq m (443 sq ft) INDIVIDUALS
t/a ANH Beauty		 5 years from
22/03/2017 (4)		 £7,000 22/03/2020
(22/03/2022)
Unit 4 Old
Vicarage Pl		 Ground Retail/
Ancillary		 108.23 sq m (1,165 sq ft) THE TANYA’S
COURAGE TRUST		 3 years from
27/09/2017 (5)		 £11,750 (27/09/2020)
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 28/01/2016
and 3 yearly
(28/01/2023)
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 05/02/2016
and
05/02/2019
(05/02/2022)
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 (10/02/2020)
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
(6)		 15/07/2020
(15/07/2025)
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 (7)		 £15,000 15/01/2023
(15/01/2028)
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
(13/10/2025)
Unit 12A,
12 B, 13 &
14 Old
Vicarage Pl		 Ground Retail/
Ancillary		 415 sq m (4,475 sq ft) VACANT
POSSESSION (8)		      
Kiosk A Old
Vicarage Pl		 Ground Retail/
Ancillary		 25.83 sq m (278 sq ft) VACANT
POSSESSION		      
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 (29/06/2019)
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 (2)		 £11,628 05/02/2018
(05/02/2021)
Total
3,326.87 sq m
(35,818 sq ft)
     £251,528  

(1) The lease provides a tenant option to determine on 05/09/2023.
(2) The tenant did NOT exercise their 2018 option to determine.
(3) The lease provides a tenant option to determine on 28/09/2020.
(4) The lease provides a tenant option to determine on 22/03/2020.
(5) The lease provides a tenant option to determine on 27/09/2019. The tenant did NOT exercise a 2018 option to determine.
(6) The lease provides a fixed increase to £35,000 p.a.x from 15/07/2019.
(7) The lease provides an option to determine on 15/01/2023.
(8) As to Units 12A, 12B, 13 & 14, the shop fronts have been removed and the unit decommissioned. No rates are currently payable on these units.

Contacts

Seller's Solicitors
Hamlins LLP Roxburghe House273-287 Regents Street
London
W1B 2AD
Joseph Holder 0207 355 6112joseph.holder@hamlins.com

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

You may also be interested in

By clicking the Submit button I confirm that I would like to get updates on this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

We will keep you updated about lot xthis property.

In the meantime, if you would like to speak to the Surveyor about this property, please call on .

Are you sure you want to remove this property from your Watch List?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?