91 and 92 Pydar Street Truro Cornwall TR1 2BD

91 and 92 Pydar Street
Truro
Cornwall
TR1 2BD

Major Retail Investment Opportunity in Central Truro

Two adjoining shops let to TJX UK (t/a TK MAXX) and Shoe Zone Retail Limited
TK Maxx have been in occupation since 2012
Substantial floor area of approx. 2,502.60 sq. m. (26,937 sq. ft.) over ground and first floors
Loading Bay area at the rear
Prime city centre location
Attractive and Popular cathedral city
Nearby occupiers include New Look, Boots, Jack Wills, Holland & Barrett, HMV and EE

Lot
15
Auction
9th May 2024
Rent
£240,000 per Annum Exclusive
Status
Sold
Price
£1,500,000
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Major Retail Investment Opportunity in Central Truro

Two adjoining shops let to TJX UK (t/a TK MAXX) and Shoe Zone Retail Limited
TK Maxx have been in occupation since 2012
Substantial floor area of approx. 2,502.60 sq. m. (26,937 sq. ft.) over ground and first floors
Loading Bay area at the rear
Prime city centre location
Attractive and Popular cathedral city
Nearby occupiers include New Look, Boots, Jack Wills, Holland & Barrett, HMV and EE

Lot 15
Auction 9th May 2024
Rent £240,000 per Annum Exclusive
Status Sold
Price £1,500,000
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 very popular amongst tourists. The property is prominently situated on the northern side of the busy pedestrianised Pydar Street, the prime retailing thoroughfare in the heart of Truro's city centre. Neighbouring occupiers include New Look, Boots, Jack Wills, Holland & Barrett, HMV and EE.

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 adjoining shops providing ground floor retail and first floor ancillary accommodation. The shops benefit from extensive frontages and rear access to load and unload goods.

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 adjoining shops providing ground floor retail and first floor ancillary accommodation. The shops benefit from extensive frontages and rear access to load and unload goods.

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

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.
Ground First (91 Pydar Street)	Retail Ancillary	690.40 1,225.50	(7,431) (13,191)	TJX UK (t/a TK MAXX) (1)	5 year from and including 26/03/2022 (2)	£185,000
Ground First (92 Pydar Street)	Retail Ancillary	316.00 270.00	(3,401) (2,914)	SHOE ZONE RETAIL LIMITED (t/a Shoe Zone) (3)	5 years from and including 11/07/2022	£55,000
Loading Bay				THE CORNWALL COUNCIL	999 years from and including 29/07/2004 (4)	Peppercorn
Total		2,502.60	(26,937)			£240,000

(1) For the year ending 28/01/2023 TJX UK reported a turnover of £3,887,200,000, a Pre-Tax Profit of £172,400,000 and a Net Worth of £679,000,000 (NorthRow 02/04/2024).
(2) The lease provides for a tenant option to determine the lease on 31/01/2026. The tenant removed the 2024 break option.
(3) For the year ending 01/10/2022 Shoe Zone Retail Ltd reported a Turnover of £156,164,000, a Pre-Tax Profit of £13,675,000 and a Net Worth of £39,553,000 (NorthRow 02/04/2024).
(4) With regard to the Loading Bay/Yard, there are rights reserved to use the conduits in the yard that serve 91/92 Pydar Street, to load and unload goods or materials from vehicles on and from the yard and in emergency to pass and repass on foot across the yard.

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.