33-35 Market Jew Street, Penzance, Cornwall, TR18 2HT
FOR SALE
::: Penzance
::: £625,000
::: Long Leasehold
Multi-let high yielding retail investment.
A parade of 4 modern shop units in an excellent trading position at the lower end of Market Jew Street opposite Wharfside shopping centre.
Fully let and income producing on commercial leases with longstanding tenants.
Current Rental Income - £60,000 Per Annum.
Location
The subject property is located in Penzance, the commercial and administrative centre for the former Penwith district of Cornwall, in the very south west of the county. Penzance has a resident population of circa 20,000 persons and is an important centre and harbour town with geographic positioning, making it largely unopposed as the last large town in the south west.
The property is situated on Market Jew Street the town’s principal retailing location opposite the entrance to the Wharfside shopping centre and the substantial Harbour car park. This good secondary trading pitch is well suited to the existing tenant line-up with the current owner having only experienced one short void in the last 15 years.
Description
The property comprises the ground floor of a four storey building comprising 3 single and 1 double retail unit. Each unit is entirely self contained and a glazed shop front, retail sales, stores, fire escape and WC.
The property is fully let and income producing with tenants held on business tenancies. The property is of modern design and construction having been built in the 1990’s.
Accommodation
All measurements and dimensions are approximate.
| Unit 1-2 t/a | |||
|---|---|---|---|
| Shop Width | 8.70m | ||
| Shop Depth | 10.90m | ||
| Store | 2.00m x 3.10m | ||
| Staff/Office | 3.90m x 2.70m | ||
| WC | |||
| Net Internal Area | 112.82 sq m | (1,214 sq ft) | |
| Unit 3 t/a | |||
| Shop Width | 4.30m | ||
| Shop Depth | 8.80m | ||
| Staff/Office | 1.90m x 2.70m | ||
| WC | |||
| Net Internal Area | 41.47 sq m | (446 sq ft) | |
| Unit 4 | |||
| Shop Width | 4.30m | ||
| Shop Depth | 8.80m | ||
| Staff/Office | 1.90m x 2.70m | ||
| WC | |||
| Net Internal Area | 41.47 sq m | (446 sq ft) | |
| Unit 5 | |||
| Shop Width | 4.30m | ||
| Shop Depth | 10.90m | ||
| Staff/Office | 2.45m x 2.35m | ||
| WC | |||
| Net Internal Area | 56.44 sq m | (608 sq ft) |
Tenure
The property is held on a proportional full repairing and insuring long-leasehold basis for a term of 999 years from 2nd February 1996 at a peppercorn rent.
Tenancies
Unit 1 - 2 ta
| Tenant | Mr M Nobes and Mr A Rixon |
| Term | 15 years from 21 December 2007 |
| Rent | £25,000 per annum exclusive |
| Reviews | 3 yearly, upward only to Market Value |
| Repair | Internal repairing and insuring |
| Use | A1 retail |
Unit 3
| Tenant | Mr M Nobes and Mr A Rixon |
| Term | 15 years from 21 December 2007 |
| Rent | £12,500 per annum exclusive |
| Reviews | 3 yearly, upward only to Market Value |
| Repair | Internal repairing and insuring |
| Use | A1 retail |
Unit 4
| Tenant | Mr Sean Hickman and Ms Lori Caddy |
| Term | 10 years from June 2015 |
| Rent | £10,000 per annum exclusive |
| Reviews | Year 5 |
| Repair | Proportional Full Repairing and Insuring |
| Use | A1 retail |
| NB | We await the completed lease copy in relation to this unit |
Unit 5
| Tenant | Mr C Telford |
| Term | 6 years from 5 January 2010 |
| Rent | £12,500 per annum |
| Reviews | Year 3 |
| Repair | Proportional Full Repairing Insuring |
| Use | A1 retail |
Business rates
Rateable Value (2017 List)
Unit 1 & 2 £19,250
Unit 3 £4,750
Unit 4 £8,500
Unit 5 £9,900
The tenants are responsible for the business rates. Prospective tenants should make their own enquiries with Cornwall Council to confirm rates payable and any small business rate relief or discounts available.
EPC
Rating C
Certificate reference number - 0530-0232-5539-2501-6002
Price
Offers are sought for the remainder of the long leasehold interest off a Guide Price of £625,000 reflecting a net initial yield of 9.15% allowing for purchasing costs.
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