Prime Freehold Retail Investment
Prime Freehold Retail Investment
Falmouth is one of the largest towns in Cornwall situated on the southern coast approximately 12 miles south of Truro. The property is situated in the towns prime retailing pitch on the south side of the busy Market Street. Nearby occupiers include Boots the Chemist, Superdrug, Barclays Bank and Cafe Nero.
Freehold.
Falmouth is one of the largest towns in Cornwall situated on the southern coast approximately 12 miles south of Truro. The property is situated in the towns prime retailing pitch on the south side of the busy Market Street. Nearby occupiers include Boots the Chemist, Superdrug, Barclays Bank and Cafe Nero.
Freehold.
The property currently comprises 3 retail units as follows: The first unit comprises ground floor retail accommodation and first floor ancillary accommodation, with a small return frontage; the second unit comprises ground floor retail accommodation with a small mezzanine storage area at the rear; the third unit comprises retail accommodation on the first floor and is located above the second unit. The property benefits from a small courtyard and access via Smithick Hill at the rear.
VAT is applicable to this lot.
Six Week Completion
See legal pack.
The property currently comprises 3 retail units as follows: The first unit comprises ground floor retail accommodation and first floor ancillary accommodation, with a small return frontage; the second unit comprises ground floor retail accommodation with a small mezzanine storage area at the rear; the third unit comprises retail accommodation on the first floor and is located above the second unit. The property benefits from a small courtyard and access via Smithick Hill at the rear.
VAT is applicable to this lot.
Six Week Completion
See legal pack.
| Unit | Floor | Use | Floor Areas (Approx) |
Tenant | Term | Rent p.a.x | Review/ (Reversion) |
|
|---|---|---|---|---|---|---|---|---|
| 7/8 | Ground First |
Retail Ancillary |
96.50 sq m 84.50 sq m |
(1,039 sq ft) (910 sq ft) |
EE LIMITED (1) | 10 years from 28/11/2011 |
£40,000 | (27/11/2021) |
| 9 | Ground Mezzanine |
Retail Storage |
89.10 sq m 8.40 sq m |
(959 sq ft) (90 sq ft) |
SALTROCK SURFWARE LIMITED guarenteed by Crew Clothing co. Limited (2) |
5 years from 03/05/2019 (3) |
£31,000 | Fixed increases of £1000 per annum (4) (02/05/2024) |
| First Floor 9 |
First | Retail | 115.00 sq m |
(1,237 sq ft) |
INDIVIDUALS t/a Janelli Hair & Beauty |
7 years from 11/02/2013 until 10/03/2020 |
£4,500 | Holding Over |
| Total |
393.50 sq m |
(3,060 sq ft) |
£75,500 | |||||
(1) For the year ending 31st March 2019, EE limited reported a turnover of 7,149,000,000, a pre-tax profit of 1,440,000,000 and total assets of 8,590,000,000 (Source: SmartSearch 02/06/2020).
(2) Saltrock Surfware Ltd were incorporated in 2018 (Source: SmartSearch 03/06/2020). Their Guarantor Crew CLothing Co. Limited were incorporated in 1996 and for the year ending 28th October 2018, reported a turnover of 61,182,000, pre-tax profit of 3,078,000 and total assets of 24,227,000 (Source: SmartSearch 03/06/2020).
(3) The lease provides for a tenant option to determine on 03/05/2021 with at least 6 months prior notice.
(4) The rent increased by 1,000 on 3rd May 2020 and will increase by 1,000 per annum up to 34,000 by 3rd May 2023.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
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