Approximately 381.30 sq. m. (5,200 sq. ft.) over Ground and First Floors
Prime retailing location
Nearby occupiers include Sports Direct, HMV, L'Occitane en Provence, TK Maxx, EE and Nationwide
Lot 7
Auction 2nd November 2023
Rent £140,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Investment Fund Manager
Property Information
Location
Miles
12 miles south of Newquay, 80 miles south-west of Exeter
Roads
A30, A390, A39
Rail
Truro Railway Station
Air
Newquay Cornwall Airport
Situation
Truro is an attractive, historic cathedral city which is a popular tourist destination. The property is situated on Pydar Street, a busy pedestrianised retailing location and the prime retailing thoroughfare in Truro. Nearby occupiers include Sports Direct, HMV, L'Occitane en Provence, TK Maxx, EE and Nationwide.
Tenure
Freehold.
Location
Miles
12 miles south of Newquay, 80 miles south-west of Exeter
Roads
A30, A390, A39
Rail
Truro Railway Station
Air
Newquay Cornwall Airport
Situation
Truro is an attractive, historic cathedral city which is a popular tourist destination. The property is situated on Pydar Street, a busy pedestrianised retailing location and the prime retailing thoroughfare in Truro. Nearby occupiers include Sports Direct, HMV, L'Occitane en Provence, TK Maxx, EE and Nationwide.
Tenure
Freehold.
Description
The property comprises two retail units, providing ground floor retail accommodation and first floor ancillary accommodation.
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
The property comprises two retail units, providing ground floor retail accommodation and first floor ancillary accommodation.
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
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
4/5 Pydar Street
Ground First
Retail Ancillary
140.70 131.30
(1,514) (1,413)
ESQUIRE RETAIL LTD t/a Clinton Cards (1)
5 years from 25/04/2023 (4)
£55,000 (3)
6 Pydar Street
Ground First
Retail Ancillary
113.80 97.50
(1,224) (1,049)
HUTCHINSON 3G UK LTD t/a Three (2)(5)
10 years from 07/02/2014
£85,000
Total
381.30
(5,200) (4)
£140,000
(1) Clinton Cards are a national card and gift retailer established in 1968 trading from over 220 stores across the UK. (www.clintonsretail.com). (2) For the year ending 31/12/2021, Hutchinson 3G UK Ltd reported a Turnover of £2,311,396,000, a Pre-Tax Profit of £1,205,054,000 and a Net Worth of £4,368,894,000 (NorthRow 12/10/2023). (3) The current rent reserved under the terms of the lease is £27,500 per annum exclusive. The lease provides for a fixed rental increase on 25/12/2023 to £55,000 p.a.x. The Seller will top up the rent from completion of the sale until 25/12/2023. Therefore this unit will produce £55,000 p.a.x. from completion of the sale. (4) The lease provides for a tenant option to determine the lease on 24/04/2026 subject to serving six months written notice. (5) Section 26 Notice under the Landlord and Tenant Act 1954 has been served by the tenant showing intent to renew their lease with further details 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.
