Two retail units, let to TSB Bank plc and Jack Wills Property Limited
Majority of income secured on TSB Bank plc until August 2028
Residential Development Potential (subject to consents)
Neighbouring occupiers include Holland & Barrett, Boots, TK Maxx, Sports Direct, Lush, The Body Shop and Halifax
Lot 13
Auction 21st July 2021
Rent £89,000 per Annum Exclusive
Status Sold
Price £860,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On behalf of a major fund
Property Information
Location
Miles
12 miles south of Newquay, 80 miles south-west of Exeter
Roads
A390, A39, A30
Rail
Truro Railway Station
Air
Newquay Cornwall Airport
Situation
Truro, known as Cornwall's County Town, is an attractive historic cathedral city which is also popular amongst tourists. The property is prominently situated in the heart of Truro city centre on the north side of the busy and pedestrianised Pydar Street, the prime retail thoroughfare. Neighbouring occupiers include Holland & Barrett, Boots, TK Maxx, Sports Direct, Lush, The Body Shop and Halifax.
Tenure
Freehold.
Location
Miles
12 miles south of Newquay, 80 miles south-west of Exeter
Roads
A390, A39, A30
Rail
Truro Railway Station
Air
Newquay Cornwall Airport
Situation
Truro, known as Cornwall's County Town, is an attractive historic cathedral city which is also popular amongst tourists. The property is prominently situated in the heart of Truro city centre on the north side of the busy and pedestrianised Pydar Street, the prime retail thoroughfare. Neighbouring occupiers include Holland & Barrett, Boots, TK Maxx, Sports Direct, Lush, The Body Shop and Halifax.
Tenure
Freehold.
Description
The property comprises two retail units. No. 95 comprises ground floor retail/banking hall accommodation whilst No.96 trades from ground and first floors. No.96 is currently occupied under a flexible lease for the tenant and landlord, therefore the upper floor may be suitable for residential development (subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
No. 95 Band E / No. 96 Band E
See legal pack.
Description
The property comprises two retail units. No. 95 comprises ground floor retail/banking hall accommodation whilst No.96 trades from ground and first floors. No.96 is currently occupied under a flexible lease for the tenant and landlord, therefore the upper floor may be suitable for residential development (subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
No. 95 Band E / No. 96 Band E
See legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
95
Ground
Retail
137.9 sq m
(1,484 sq ft)(1)
TSB BANK PLC (2)
10 years from 08/08/2018
£77,000
24/06/2023 (07/08/2028)
96
Ground First
Retail Retail/Ancillary
80.76 sq m 140.99 sq m
(869 sq ft) (1,518 sq ft)(1)
JACK WILLS PROPERTY LIMITED
2 years from 01/04/2021 (3)
£12,000 (4)
Total
359.65 sq m
(3,871 sq ft) (1)
£89,000 (4)
(1) The above floor areas have been published by the Valuation Office Agency at www.voa.gov.uk. (2) For the year ending 31st December 2020, TSB Bank plc reported a turnover of £1,064,000,000, a pre-tax profit of negative £200,500,000 and shareholder funds of £1,724,900,000 (Source: NorthRow 29/06/2021). (3) As to the lease to Jack Wills Property Limited, engrossments have been circulated for execution and completion is expected shortly. Full details are available in the legal pack. (4) Jack Wills rent is calculated at the greater of 5% of turnover of Jack Wills Retail Limited or a basic rent of £12,000 p.a. The rent is inclusive of insurance rent and service charge. The lease provides for a landlord and tenant rolling option to determine the lease, upon giving 10 weeks notice. Full details are available in the legal pack.
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.
Contacts
Seller's Solicitors
Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AW
