3-4 Market Jew Street, Penzance, Cornwall, TR18

Investment Consideration:
Gross Initial Yield: 11.00%
Rental Income: £16,500 p.a.
VAT is applicable to this property
Comprises self-contained first & second floor commercial premises t/a Gymnasium
Future residential development potential, subject to obtaining the necessary consents
Located in the heart of the town centre with occupiers close by including Barclays, Tesco and more.

Property Description:
Comprises self-contained first & second floor commercial premises, accessed from the front of the building and t/a Gymnasium. The property provides the following accommodation and dimensions:
First Floor: 165 sq m (1,776 sq ft)
Gymnasium
Second Floor: 171 sq m (1,840 sq ft)
Gymnasium
Total GIA: 336 sq m (3,616 sq ft)

Tenancy:
The property is at present let to an Individual for a term of 15 years from 18th June 2018 at a current rent of £16,500 p.a. and the lease contains full repairing and insuring covenants. Rent review from 2023 outstanding. Rent review on 18.06.28 open market upward only. Mutual option to determine on 18.06.28 with min 3 months notice.

Tenure:
Long Leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.

Location:
The property is situated in the popular tourist resort of Penzance, on the western side of the principal retailing pitch of Market Jew Street, and 300 metres from Penzance Railway Station. The property is located a short distance from Wharfside Shopping Centre, which includes retailers such as Costa, Iceland and numerous independent retailers. Nearby retailers include Tesco Express, Co-op Convenience Store, Boots the Chemist, Superdrug, WHSmith, Sports Direct, Saltrock, Domino's and JD Wetherspoon.