29 Cornwall Street, Plymouth, Devon, PL1 1NW

Town centre retail investment let to Card Factory

Property details

Type Investment, Retail
Tenure Long Leasehold for a term of 125 years from 20th August 1986 at a current ground rent of £2,000 p.a which is calculated at 8% of the annual rental income.
Price Offers in the region of £230,000
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Features
  • High Street retail investment opportunity
  • Prominent location in thriving shopping suburb
  • Let to Card Factory on a five-year lease, expiring 28/11/2023
  • Passing rent - £25,000
  • Offers in the region of £230,000 are sought, equating to a huge net initial yield of 10.60%
Location
Plymouth is the largest conurbation in the southwest region of England, located approximately 72 km (45 miles) south west of Exeter and 87 km (54 miles) east of Truro. It is well connected by road and rail with a mainline station and the A38 Devon Expressway linking into the M5 at Exeter. The city has the largest centre for shopping in the South West, outside of Bristol with retailing centred around New George Street, Cornwall Street, Armada Way and the Drake Circus Shopping Centre. Drakes Circus Shopping Centre is one of the West Country's popular shopping destinations with around 70 shops and restaurants and 1,270 parking spaces. Key occupiers include M&S, Apple, Primark, Next, H&M and Hotel Chocolat. Occupying a prime position in the city’s pedestrianised retail thoroughfare, the property is opposite Superdrug and Boots Opticians and amongst other multiple retailers such as Marks & Spencer, Barclays, Specsavers, Clarks, Coral, and Caffé Nero
Description

The property comprises a ground floor retail area shop with ancillary accommodation and service access to the rear.

Accommodation
Ground floor retail area - 1,175 sq ft/109.16 sq m
First floor ancillary area - 685 sq ft/63.63 sq m
3 WCs
Total area - 1,860 sq ft/172.79 sq m
Price
Offers in the region of £230,000 are sought for the long leasehold interest. A purchase at this level would represent a very attractive net initial yield of 10.60%.
Tenancy
The entire property is let on a full repairing and insuring lease to Sportswift Limited t/a Card Factory for a term of 5 years from 29th November 2018 at a current rent of £25,000 per annum exclusive.
VAT
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC
The property has an EPC rating of D.
Legal Costs
Each party is to be responsible for their own legal costs incurred in this transaction.
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identity and confirmation of the source of any funding will be required from the successful purchaser.