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Commercial Property for sale

Boscawen Street, Truro, Cornwall

£2,465,000

Property Description

Key features

  • EDGE OF PRIME RETAIL INVESTMENT
  • NEW FULL REPAIRING LEASE
  • AVAILABLE IMMEDIATELY
  • CITY CENTRE LOCATION
  • RECENTLY REFURBISHED
  • LET ON AN FRI LEASE
  • PRODUCING 170,000 PER ANNUM EXCL.

Full description

An investment let to Country Casuals for a term of 10 years at an annual rental of 170,000 from August 2011. Offers are sought in the region of 2,465,000 which represents a net initial yield of 6.5% assuming purchase costs of 5.8%. According to their latest accounts (y/e October 2010) Country Casuals Limited have a turnover of 52.7 million and a tangible net worth of 15.2 million.

Property

Prime retail investment opportunity let to Country Casuals for a term of 10 years (no Breaks) from 1st August 2011.

Substantial, double fronted premises offering 417.7m (4,496ft) of retail sales area, located on the edge of Truro's prime retailing area. The premises will be occupied on an open plan basis, incorporating Country Casuals and Viyella on the ground floor, with Austin Reed on the 1st floor.

Other occupiers in the vicinity include Santander, Caffe Nero, H Samuel, The Co-Operative, William Hill, Pizza Express, Lakeland and Poundland.

Tenure: Freehold.

Lease:

The property is let for a 10-year term to Country Casuals Plc with effect from August 2011 at 170,000 p.a. Subject to 5-yearly Rent Review (upwards only) on full repairing and insuring terms. There is no Break Clause.

Investment Price:

Offers are sought in the region of 2.465 million (two million four hundred and sixty five thousand pounds) representing a net initial yield of 6.5% assuming purchasers costs of 5.8%.

Tenant Covenant:

Latest Accounts from Country Casuals Limited to 31/01/10 indicate a turnover of 50,372,530 and a Tangible Net Worth of 13,949,202. The company has a D & B Rating of 4A1. Full accounting information is available upon request.

Legal Costs:

Each party is to bear their own reasonably incurred legal fees.

Local Authority:

Cornwall Council
General Enquiries 0300-1234-100
Planning 0300-1234-151
www.cornwall.gov.uk

Business Rates:

We refer you to the valuation office website www.voa.gov.uk or call 0300-1234-171

Services:

Prospective owners should make their own enquiries of the appropriate statutory undertakers:
Western Power: 0845 601 2989
South West Water: 0800 169 1144
Transco: 0800 111 999

Value Added Tax:

All the above prices/rentals are quoted exclusive of VAT, where applicable.

Epc

The Energy Performance Certificate relating to this property is available via our website www.miller-commercial.co.uk by clicking on the property details under the property search screen. Alternatively this can be downloaded from the national register at www.ndepcregister.com

PLANS: Plans reproduced under Ordnance Survey Licence No LIG1179. Not to scale.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent; [e] Any map extracts used on the details are used to assist identification of the property only, and are not an indication of the actual surroundings, which may have been changed since the map was printed.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.


More information from this agent

Energy Performance Certificates (EPCs)

To view this property or request more details, contact:

Miller Commercial , Truro

Mansion House Princes Street, Truro, TR1 2RF

01872 490048 Local call rate

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Disclaimer

Property reference 10001052E_1052. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Miller Commercial , Truro. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.