Let on a recent 16-year lease to Martin McColl Limited
2% per annum compounded fixed rental uplifts
Prominent location in the town centre, some 50 metres from the station
Significant commercial centre and popular tourist destination
Nearby occupiers include Travelodge, Burger King and a significant hotel and leisure presence
Six Week Completion Available
Lot 45
Auction 18th October 2012
Rent £32,000 per Annum Exclusive
Status Sold
Price £430,000
Sector Supermarket/Convenience
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
Newquay town centre, 16 miles north of Truro, 40 miles west of Plymouth
Roads
A1, A17, A153
Rail
Newquay Rail Station
Air
Newquay Cornwall Airport
Situation
The property is situated in Newquay town centre, some 50 metres from the station. The town is a major tourist destination in the UK and the property benefits from close proximity to the established hotel and leisure presence located nearby.
Tenure
Virtual Freehold.
Location
Miles
Newquay town centre, 16 miles north of Truro, 40 miles west of Plymouth
Roads
A1, A17, A153
Rail
Newquay Rail Station
Air
Newquay Cornwall Airport
Situation
The property is situated in Newquay town centre, some 50 metres from the station. The town is a major tourist destination in the UK and the property benefits from close proximity to the established hotel and leisure presence located nearby.
Tenure
Virtual Freehold.
Description
The property comprises a ground floor retail unit with ancillary accommodation in a prominent corner position. Ample parking is available opposite the property and the nearby surrounding streets.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with ancillary accommodation in a prominent corner position. Ample parking is available opposite the property and the nearby surrounding streets.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Ground
Retail Ancillary
151.06 sq m 64.19 sq m
(1,626 sq ft) (691 sq ft)
MARTIN MCCOLLLIMITED (1)
16 years from 09/03/2011 until 08/03/2027 on a full repairing and insuring lease (2)
£32,000
08/03/2016 and 5 yearly thereafter (fixed uplifts at 2% per annum compounded)
Totals
215.25 sq m
(2,317 sq ft)
£32,000
(1) For the year ending 27th November 2011, Martin McColl Limited reported a turnover of £380,485,000 a pre-tax profit of £18,068,000 and a total net worth of £100,676,000. (Source www.riskdisk.com 04/09/2012) (2)The lease provides for a 5 yearly upward only rent reviews with fixed uplifts at 2% per annum compounded throughout.
