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COMMERCIAL

INVESTMENT, 51-57, Aylmer Square, St Austell, Cornwall

Guide Price
£695,000
Miller Commercial, Truro
PROPERTY TYPE

Commercial Property

SIZE

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Key features

  • INVESTMENT WITH ANGLES
  • EXCELLENT YIELD
  • ST AUSTELL TOWN CENTRE
  • GOOD GROWTH POTENTIAL
  • DEVELOPMENT OPPORTUNITY
  • ACTIVE MANAGEMENT
  • EPC'S (B TO D)

Description

The portfolio comprises five retail units, together with six pitches (three of which are let) which currently yield a total rent of £66,600 per annum.

* INVESTMENT WITH ANGLES
* EXCELLENT YIELD
* ST AUSTELL TOWN CENTRE
* GOOD GROWTH POTENTIAL
* DEVELOPMENT OPPORTUNITY
* ACTIVE MANAGEMENT
* EPC'S (B TO D)

Location

This retail investment block is situated in the heart of St Austell town centre in between the newly developed White River Place shopping centre comprising 155,000 ft of retail, Old Vicarage Place, and the recent grant assisted refurbishment of Fore Street.
The White River Place development is nearing full occupancy, with only the unit opposite Aylmer Square vacant, which we understand is subject to advanced negotiations. Old Vicarage Place has just been acquired from Receivership by M & M as part of a £400 M portfolio acquisition. We understand they intend to invest and improve the appearance and tenant lineup.
Nearby occupiers in this prime retail area of the town include POUNDLAND, ARGOS, PREZZO, FRANKIE & BENNYS, GAME, TK MAXX, WILKINSONS, O2, SUPERDRUG, HALIFAX, NEW LOOK, ST AUSTELL CINEMA AND THORNTONS. THE PENULTIMATE UNIT IS UNDER OFFER TO LLOYDS BANK.

Description

The portfolio comprises five retail units, together with six pitches (three of which are let) which currently yield a total rent of £66,600 per annum. The asset includes a substantial service yard (under the Poundland unit) , part of which may potentiality be used for two areas of further development : A) to the existing shops, and B) The area where the pitches are situated where there is planning consent for developing four new retail units at around 20 Sq M each.

Asset Management

The asset invites active management from both a development and rental perspective. We highlight that the shop rents range from £24, to £39 per square foot ITZA, and may increase in line with higher rents achieved in the adjoining scheme and area generally.

Planning

Planning consent has been granted for the development of four kiosk units in the position of the existing Pitches. More information can be secured from the planning consent PA12/06451. NOTE. We consider there to be potential to develop in the service yard, either for extension of the shop units, or for further shop units in place of the pitches, (perhaps to incorporate more of the service yard). There is also an opportunity to re-gear the other legal interests, to incorporate the area adjacent to unit 55; a dis-used escalator serving Poundland on upper floors.

Legal Interest

The freehold is held by Cornwall Council. Our client's interest is a 255 year lease from 26 January 2009 at a fixed peppercorn rent.

Price

Guide price. £695,000. This price represents a net initial yield in excess of 9.0%, after allowing for the purchasers costs of 5.8%. We consider this property to have plenty of growth in terms of rental and development potential, subject to active management.

Legal Costs

Each party to bear their own legal costs.

Energy Performance Certificate

The Energy Performance Rating for these properties range from B to D and are available upon request.

General Information

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

Vat

All of the above prices/rentals are quoted exclusive of VAT, where applicable. This investment is VAT registered, and we anticipate that this sale will take place by way of a TOGC (transfer of a going concern)

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

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.

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.

Brochures

Brochure 1Brochure 2

INVESTMENT, 51-57, Aylmer Square, St Austell, Cornwall

Approximate location

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • St. Austell Station0.2 miles
  • Par Station4.1 miles
  • Luxulyan Station4.1 miles

About the agent

Miller Commercial, Truro

Mansion House Princes Street, Truro, TR1 2RF

Miller Commercial, Truro

Miller Commercial is a General Practice firm of Chartered Surveyors operating out of Mansion House, a mid 18th Century Grade 1 Listed property in the heart of Truro, Cornwall's only City and the Duchy's commercial hub.

The firm is a private partnership born from a Hambro Countrywide management buy-out in 1994, with 3 Partners and 12 additional fee earners. Miller Commercial is the largest commercial firm of Chartered Surveyors in the county and operates throughout Cornwall and West Devo

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Notes

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Disclaimer - Property reference 10002770E_2770. 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.

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