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

Investment Consideration:
Gross Initial Yield: 10.71%
Rental Income: £15,000 p.a.
VAT is applicable to this property
Comprises large ground floor retail shop t/a Convenience Store
Located in the heart of the town centre with occupiers close by including Barclays, Specsavers, O2, Ryman and many more.

Property Description:
Comprises double fronted ground floor shop, providing the following accommodation and dimensions:
Ground Floor: 170 sq m (1,830 sq ft)
Open plan retail, Office, Kitchen, Store, WC
Basement: Not inspected

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

Tenancy:
Ground floor shop is at present let to an Individual t/a Convenience Store for a term of 10 Years from 7th August 2025 at a current rent of £15,000* p.a. and the lease contains full repairing and insuring covenants. Rent review in August 2030 linked to RPI. Tenant option to determine in August 2030 with min 6 months notice. Deposit held of £3,000.
*Tenant pays reduced rent of £12,000 p.a. in Years 1&2, £13,000 p.a. in Year 3, £14,000 p.a. in Year 4 and £15,000 p.a. in Year 5. The vendor will top-up rent until 7 August 2029, so the buyer receives the equivalent to £15,000 p.a. from completion

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.