95/96 Pydar Street Truro Cornwall TR1 2BD

95/96 Pydar Street
Truro
Cornwall
TR1 2BD

Freehold Bank/Retail Investment

Prime pedestrianised city centre location
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
Auction Venue
Live Streamed Auction
On behalf of a major fund

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Freehold Bank/Retail Investment

Prime pedestrianised city centre location
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

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

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.