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Agent's details

High Street Retail Investment

For sale: £360,000.00|334 - 5,402 Sq Ft|General Retail, Retail

Property details

FOR SALE£360,000.00
SIZE334 - 5,402 Sq Ft
ADDRESS37 Market Place, Penzance TR18 2SE
TYPEGeneral Retail, Retail
TENUREFreehold, For Sale Freehold, For Sale Freehold
POSTED ON22nd October 2021

Description

SITUATION Retailing in Penzance is concentrated on Market Jew Street of which Market Street forms part to the western end. The property is located to the north side of the street where Market House, occupied by Lloyds Bank, separates the two streets. Therefore, the property is well located to benefit from the high footfall. Pay and display parking is available at Clarence Street car park, St Erbyn’s car park and Harbour car park, all a short walk from the property. DESCRIPTION An attractive mid-terrace building of traditional construction with painted rendered elevations, arranged over ground and first floors. The property has been divided to the rear at ground floor only to provide a separate kiosk retail unit fronting Bread Street. There is further development potential to add an additional floor to the property, subject to all required consents being obtained. This apartment would benefit from stunning views across the harbour and over to St Michael’s Mount. TENURE The property is held freehold. TENANCY The property is entirely let to Santander UK PLC on a reversionary lease from 11 November 2018, expiring on 24 December 2025, on full repairing an insuring terms at a passing rent of £32,000 per annum, having been re-based from £57,500 per annum. There is an upwards only rent review to market rent as at 11 November 2023. Abbey National and more recently Santander have been in occupation of this property since 11th November 1993. COVENANT INFORMATION Santander UK PLC (Co No.02294747) was incorporated in 1988 and trades as a large retail and commercial bank based in the UK, being a wholly owned subsidiary of the major global bank Banco Santander. In 2020 the company had over 14 million active customers and provided £170 billion in customer loans. EPC The property as occupied by Santander has an EPC rating of E (125) and the rear kiosk unit has an EPC rating of D (77) . The full reports are available on request. VAT The property is registered for VAT so VAT will be payable on the purchase price. However it is anticipated that the sale will be treated as the Transfer of a Going Concern (TOGC). PROPOSAL Our client is seeking offers in excess of £360,000 (Three Hundred and Sixty Thousand Pounds) for the freehold, subject to contract and excluding VAT. A purchase at this price will provide a Net Initial Yield of 8.56% assuming purchasers costs of 3.88%.

Location

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Location: 37 Market Place, Penzance TR18 2SE

Penzance (0.3 miles)

St Erth (5.4 miles)

Lelant Saltings (6.2 miles)

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