Investment Consideration:
Gross Initial Yield: 8.75%
Rental Income: £17,500 p.a.
VAT is applicable to this property
Comprises two storey retail premises with rear yard, t/a British Heart Foundation
Let on a new 5-year lease expiring 2029. Tenant in occupation since 2012
Future residential development potential of the upper floor, subject to planning
Occupiers close by include Peacocks, Nationwide, Sports Direct, Mountain Warehouse, Poundstretcher, RNLI Shop & Iceland amongst others.
Property Description:
Comprises two storey retail premises t/a British Heart Foundation, arranged as a ground floor open plan retail with ancillary accommodation at first floor, providing the following accommodation and dimensions:
Ground Floor: 82.70 sq m (890 sq ft)
Open plan retail, kitchen, storage
First Floor: 30.30 sq m (326 sq ft)
Ancillary accommodation
Total area size: 113 sq m (1,216 sq ft)
Tenancy:
The property is at present let to British Heart Foundation* on a new reversionary lease of 5 Years from 29th September 2024 at a current rent of £17,500 p.a. and the lease contains full repairing and insuring covenants. Tenant option to determine in the 3rd year with min 6 months notice. Tenant in occupation since 2012.
* British Heart Foundation operates 690 stores throughout the UK. Website: (). For the year ended 31 March 2023 British Heart Foundation reported a total income of £361.7M, total expenditure of £350.5M and total funds held of £125.6M.
Location:
Penzance is a market town and a well established tourist centre on the Cornish Peninsular. The town is bordered to the north and east by the A30, a key arterial route through the South-West of England providing direct access to the M5 Motorway and A303. Penzance rail station is within 265 metres of the property providing direct services to London Paddington, Bristol and Exeter. The property is situated on the south side of Market Jew Street, at its junction with New Town Lane. Occupiers close by include Peacocks, Nationwide, Sports Direct, Mountain Warehouse, Poundstretcher, RNLI Shop & Iceland amongst others.
