The subject property is a three storey mixed use building dating from the 1950's. The property is of Portland cement faced render and exposed facing brick elevations under a series of bitumous covered flat roofs. Natural light is provided by original crittall and single glazed windows together with an aluminium framed shop front. The ground floor retail area and part first floor is occupied by a retail tenant currently selling greeting cards and ancillary products. The remainder of the first and second floors comprise part of a larger demise which also includes the adjacent properties. This larger area is sub-divided into a number of separate suites currently occupied by sub-tenants for office uses and as a tattoo parlour. Within the subject property the tattoo parlour and recruitment training occupiers are present.
The property therefore comprises a mixed use investment with two leases in place. Long leasehold interest subject to 2 occupational leases. Current rent passing £40,320 per annum.
Plymouth is the largest city in Devon and Cornwall and has one of the largest retail centres in the South West, with a residential population of approximately 250,000 inhabitants. It is situated on the border with Cornwall in the picturesque
county of Devon and is easily accessible, with the main A30 running through the heart of the city west into Cornwall over the Tamar Bridge and east to the M5 motorway into Exeter, Bristol and beyond.
The City offers a range of retail, business and leisure amenities, together with the principal source of employment, namely Devonport Dockyard. The City forms part of the national rail network being located on the Penzance to Paddington main line and has ferry links to European destinations.
The property is located in the heart of Plymouth City Centre, occupying a prominent position in the middle of New George Street. This busy location houses retailers including the likes of Poundland, Superdrug, Brighthouse, McDonalds, Burger King, Vodafone, WH Smith, along with many other national and regional operators.
We understand that the property is connected to mains electricity, drainage and water but have not carried out any tests in this regard. We did not note any gas appliances within the building but assume that gas is available within the street close by. Heating on the second floor is provided by way of individual oil fired radiators and night storage heaters. There is air conditioning on the first floor.
The property is held on a long lease from Plymouth City Council. This is common place for the city centre with the majority of the stock being held on this basis. The ground rent payable to the freeholder is 10% of the rent actually collected. The position with respect to the upper parts is unusual in that there is a long ground lease in place with approximately 31 years to the reversion.
Summary of leases.
Head lease Demise: 58-60 New George Street, Plymouth.
Lease Date: 31 March 2017
Lessor: The Council of the City of Plymouth
Lessee: Oxbode Properties LLP
Term: 125 years from 31 March 2017
Current Passing Rent:£3,032
Rent Review Dates/Pattern:Annual based on 10% of rents received or in the event of owner/occupation 10% of market rent.
Demise: 60 New George Street, Plymouth (ground floor and part first floor)
Lease Date: 8 February 2016
Lessor: Oxbode Properties Limited
Lessee: T. Waller and W. Waller
Term: 7 years from 8 February 2016
Current Passing Rent:£40,000 per annum
Rent Review Dates/Pattern:8 February 2021 plus last day of the term.
Rent Review basis /regards /disregardsUpwards only to market rent subject to normal assumptions and disregards.
Repairing/Decorating Obligations:The tenant's repairing liability is restricted to the interior of the premises and that is capped by a Schedule of Condition. The tenant is liable to repair the interior in the last 3 months of the term.
Demise: Part First Floor and Second Floor, 58-60 New George Street, Plymouth.
Lease Date: 30 October 1953
Lessor: Various parties including J. Sears & Co., W. Barrett & Co. Ltd, Lawleys Limited, H Samuel Limited and Manfield & Sons Limited.
Lessee: New George Street Development Company Limited
Term: 97 years from 24 June 1951
Current Passing Rent:£320 per annum
Rent Review Dates/Pattern:There are no rent reviews under the lease.
Repairing/Decorating Obligations:The tenant is responsible for the repair of the interior of the building.
Long Leasehold and Ground Rent Investment
City centre location
Well located in Plymouth city centre close to Armada Way
125 years from March 2017
( Agency Pilot Software Ref: 3895 )