For Sale - Alder King
For Sale 6 Frances Street, Truro, Cornwall, TR1 3DN
Retail Investment Opportunity (Sale and Leaseback)
6 Frances Street, Truro, TR1 3DN 02
Investment Summary City Centre location Single ground floor retail unit with rear storage/ancillary accommodation. ITZA of 387 sq ft (36 sq m) with a sales area of 596 sq ft (£55.4 sq m) and rear store of 113 sq ft (10.5 sq m) Freehold subject to new lease to CLIC Sargent and flat sold on 99 year lease.
Clic Sargent to enter into a new proportional FRI lease for a term of 6 years subject to a tenants break and rent review at the end of the third year. Commencing annual rent of £10,500. Offers sought in excess of £135,000 (One Hundred and Thirty Five Thousand Pounds) reflecting a net initial yield of 7.64%, assuming purchasers’ costs of 1.8%.
6 Frances Street, Truro, TR1 3DN 03
Location and Situation Location Truro is the principle retailing and business centre of Cornwall. It is situated approximately 6 miles (10km) to the south of the A30, 55 miles (88 km) west of Plymouth and Exeter, with its connections to the M5 and beyond, is approximately 87 miles (140 km) to the east. Truro is on the main London to Penzance railway line and is approximately 19 miles (31 km) from Newquay Airport which has direct flights to London Gatwick and other regional and seasonal destinations. Truro is served by both the A390 and A39 which give easy access to the A30 to the north, Falmouth to the south west and St Austell to the east. The resident population of Truro is circa 20,000 and the City serves a wider catchment of 419,000 due to it being the main administrative centre for the county of Cornwall. The population increases significantly during the summer tourist season.
Retail spending in the City is significantly boosted by this tourism, with an estimated 4.5 million visitors in 2014 spending circa £5bn in the county’s economy (Source: Visit Cornwall).
There are a number of proposed residential developments within Truro and the population will continue to increase in the future due to this continuing development. Situation The property is situated in Frances Street which is a long established secondary retailing street positioned to the edge of the City centre and being one of the main routes through the central area.. Nearby occupiers comprise a mixture of retailers including hairdressers, a tanning studio, a kitchen studio and a chemist.
Plan for identification purposes only
6 Frances Street, Truro, TR1 3DN 04
Location & Tenancy Information Description The property comprises the two storey mid terraced building which has been extended to the rear at ground level. The first floor comprises a flat which has been sold on a long lease. Access to the flat and properties to the rear is via a side passageway. The shop itself comprises a retail area of approximately 596 sq ft (55.4 sq m) and a rear store/ ancillary area of approximately 113 sq ft (10.5 sq m) Area
Sq ft
Sq m
Sales
596
55.4
ITZA
387
36.0
Ancillary
113
10.5
TOTAL
709
65.9
Tenancy The ground floor shop is to be let to CLIC Sargent on a new lease for a term of 6 years on proportional full repairing and insuring terms. The commencing rent will be £10,500 per annum subject to a rent review and the tenant’s option to break at the expiry of the third year. Tenure The property is freehold and is subject to the lease to CLIC Sargent and also the 99 year lease of the flat above. Covenant Information
The lease will be taken in the name of ‘CLIC Sargent Cancer Care For Children’ - additional covenant information is available upon request.
Energy Performance Certificates
The property has an EPC rating of E (115). A copy of the EPC Certificate is available for inspection by request.
6 Frances Street, Truro, TR1 3DN 05
Contacts Viewing Arrangements For further information or to arrange an inspection please contact : Alder King Property Consultants High Water House Malpas Road Truro Cornwall TR1 1QH Tom Duncan 01872 227005 [email protected] www.alderking.com Proposal Offers sought in excess of £135,000 (One Hundred and Thirty Five Pounds) reflecting a net initial yield of 7.64% assuming purchasers’ costs of 1.8% SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Ref: TD/84569/Rev 3
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties whi ch are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.
Retail Investment Opportunity (Sale and Leaseback)
6 Frances Street, Truro, TR1 3DN 02
Investment Summary City Centre location Single ground floor retail unit with rear storage/ancillary accommodation. ITZA of 387 sq ft (36 sq m) with a sales area of 596 sq ft (£55.4 sq m) and rear store of 113 sq ft (10.5 sq m) Freehold subject to new lease to CLIC Sargent and flat sold on 99 year lease.
Clic Sargent to enter into a new proportional FRI lease for a term of 6 years subject to a tenants break and rent review at the end of the third year. Commencing annual rent of £10,500. Offers sought in excess of £135,000 (One Hundred and Thirty Five Thousand Pounds) reflecting a net initial yield of 7.64%, assuming purchasers’ costs of 1.8%.
6 Frances Street, Truro, TR1 3DN 03
Location and Situation Location Truro is the principle retailing and business centre of Cornwall. It is situated approximately 6 miles (10km) to the south of the A30, 55 miles (88 km) west of Plymouth and Exeter, with its connections to the M5 and beyond, is approximately 87 miles (140 km) to the east. Truro is on the main London to Penzance railway line and is approximately 19 miles (31 km) from Newquay Airport which has direct flights to London Gatwick and other regional and seasonal destinations. Truro is served by both the A390 and A39 which give easy access to the A30 to the north, Falmouth to the south west and St Austell to the east. The resident population of Truro is circa 20,000 and the City serves a wider catchment of 419,000 due to it being the main administrative centre for the county of Cornwall. The population increases significantly during the summer tourist season.
Retail spending in the City is significantly boosted by this tourism, with an estimated 4.5 million visitors in 2014 spending circa £5bn in the county’s economy (Source: Visit Cornwall).
There are a number of proposed residential developments within Truro and the population will continue to increase in the future due to this continuing development. Situation The property is situated in Frances Street which is a long established secondary retailing street positioned to the edge of the City centre and being one of the main routes through the central area.. Nearby occupiers comprise a mixture of retailers including hairdressers, a tanning studio, a kitchen studio and a chemist.
Plan for identification purposes only
6 Frances Street, Truro, TR1 3DN 04
Location & Tenancy Information Description The property comprises the two storey mid terraced building which has been extended to the rear at ground level. The first floor comprises a flat which has been sold on a long lease. Access to the flat and properties to the rear is via a side passageway. The shop itself comprises a retail area of approximately 596 sq ft (55.4 sq m) and a rear store/ ancillary area of approximately 113 sq ft (10.5 sq m) Area
Sq ft
Sq m
Sales
596
55.4
ITZA
387
36.0
Ancillary
113
10.5
TOTAL
709
65.9
Tenancy The ground floor shop is to be let to CLIC Sargent on a new lease for a term of 6 years on proportional full repairing and insuring terms. The commencing rent will be £10,500 per annum subject to a rent review and the tenant’s option to break at the expiry of the third year. Tenure The property is freehold and is subject to the lease to CLIC Sargent and also the 99 year lease of the flat above. Covenant Information
The lease will be taken in the name of ‘CLIC Sargent Cancer Care For Children’ - additional covenant information is available upon request.
Energy Performance Certificates
The property has an EPC rating of E (115). A copy of the EPC Certificate is available for inspection by request.
6 Frances Street, Truro, TR1 3DN 05
Contacts Viewing Arrangements For further information or to arrange an inspection please contact : Alder King Property Consultants High Water House Malpas Road Truro Cornwall TR1 1QH Tom Duncan 01872 227005 [email protected] www.alderking.com Proposal Offers sought in excess of £135,000 (One Hundred and Thirty Five Pounds) reflecting a net initial yield of 7.64% assuming purchasers’ costs of 1.8% SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Ref: TD/84569/Rev 3
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties whi ch are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.
