Commercial Development for saleFormer Burgess Site, Eddystone Road, Wadebridge
Sold STC £1,950,000
- Substantial retail investment opportunity
- Fully let with WAULT of 5.3years
- Current income circa £142,000pax
- Excellent location in thriving market town
- EPCs available on request
Full descriptionThis is an exciting opportunity to acquire the freehold interest of a substantial retail investment at the heart of the thriving market town of Wadebridge. The Former Burgess Site was built in the early 2000s and is seen as a benchmark for town centre redevelopment within the County. The development offers a mix of accommodation, with ground floor retail and restaurant space, first floor retail and office space , 10 luxury apartments sold on long leaseholds and a number of commercial long leasehold interests. The total current income is circa £142,000 and we are instructed to market the investment with a guide price of £1.95m, representing a Net Initial Yield of 6.87% assuming purchaser's costs of 5.8%. The investment is fully let with a Weighted Average Unexpired Lease Term of 8.7 years to expiry and 4.8 years to breaks.
Location - Wadebridge is a thriving market town on the north coast of Cornwall located 25 miles from Truro and 66 miles from Exeter. It is the main town servicing the popular tourist resorts of Padstow, Rock and Polzeath. The River Camel and the highly popular Camel Trail cycle route run through the town. The town has a population of 7,900; however its population increases exponentially during the school holidays. Wadebridge is proud of its large numbers of independent retailers, cafs and restaurants and with its close proximity to the coast, its popularity amongst tourists and residents alike continues to improve.
Situation - The property is situated on Eddystone Road. This is the main thoroughfare through the town and forms the link through the town between the Bodmin and Padstow elements of the renowned Camel Trail. The development forms the main central piazza in the town and has moved the centre of gravity of the town from the traditional shopping area of Molesworth Street and The Platt. Whilst Wadebridge is well known for its high proportion of independent retailers, the Eddystone Road investment is only a short distance from the Lidl and Co-op supermarkets, and all four major high street banks.
Description - This is an exciting opportunity to acquire the freehold interest in a substantial retail development based around a large piazza which is a hub of activity within the town. The development was built in the early 2000s and has contributed greatly to the regeneration of Wadebridge town centre. Broadly speaking the development is made up of 4 main elements; Quayside House, comprising a spacious air conditioned retail unit on the ground floor with 10 apartments above; Eddystone House comprising a bistro on the ground floor with office and retail/salon space on the second and third floors; the Burgess Building, let to a number of commercial long leaseholders; and The Rotunda building, an attractive circular building currently used as a caf/sandwich shop. All of the units have staff parking facilities and refuse areas at the rear. The development attracted a large amount of interest when it was completed, and the developer and current owner secured lettings to high quality retailers whose businesses continue to thrive in this location.
Tenure - Freehold subject to, and with the benefit of the leases detailed on the Schedule of Accommodation. N.B. Quayside House Flats and the Burgess Units are on the basis of Ground Rent only. The Freehold includes the area edged red on the appended plan, up to the river wall, (which is owned and maintained by the Environment Agency), but excludes the area edged green on the plan which represents the Freehold of the three Riverside blocks of flats numbered 1-28. Both the Riverside Footpath and Harbour Road, edged blue on the plan, are adopted by the Highways Agency meaning that the Freeholder bears no responsibility for these areas.
Schedule Of Accommodation And Tenancies - (All measurements and areas are approximate) A schedule of accommodation and tenancies is appended to these details.
Investment Proposal - We are instructed to market the freehold interest subject to and with the benefit of the existing tenancies with a Guide Price of £1,950,000 representing a Net Initial Yield of 6.87%, increasing to 7.3% on reversion assuming purchaser's costs of 5.8%. The investment is fully let, with an AWULT to lease expiry of 8.7 years and 4.8 Years to breaks.
Covenant Status And Investment Commentary - The development is fully let on proportional FRI leases and the majority of the tenants have occupied their units since the development was completed in the early 2000s. The investment has a Weighted Average Unexpired Lease Term of 5.3 years.
93% of the income is derived from the following tenants:
R. Harris, E. Doney, R. Cornelius (The Harris Family) trading as Ann's Cottage Surf Shop. Ann's Cottage is a very successful chain of surf shops, founded in 1978 in Polzeath. The company now has 9 stores throughout the County and a successful web sales business.
Tim & Tina Burridge trading as the Glasshouse Restaurant. The Glasshouse is a popular caf bar and has been trading since 2008.
Prizm Hair Company Ltd is a hairdressers that has traded from the development since it was completed in 2002. The business has many loyal customers and the lease has a personal guarantee from the proprietor.
Mrs Ann Stoneman trades as the Attic Tanning and Beauty. Again this business has traded from the site since its completion.
Jane Lewis trades as Flying Saucers Cafe and has traded on the site since 2008. The Cafe is a popular spot for tourists and locals alike.
Whilst sold on 999 year leases, the businesses occupying the Burgess Building add a major retail attraction to this area of town. The three main retail units are owner occupied and trade as J Shoes, a well known discount shoe retailer, Home Furnishings, a popular furniture and soft furnishings outlet and Countrywise, selling quality outdoor pursuit clothing. All traders are well known throughout the region.
Vat - The property is opted for VAT and can be treated as a transfer of a business as a going concern (TOGC).
Epc - The Energy Performance Ratings for this property vary from "C" to "E".
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
Local Authority - Cornwall Council
General Enquiries 0300-1234-100
Contact Information - For further information or an appointment to view please contact Will Attlee on 01872 247004 or via email firstname.lastname@example.org
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.
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