Under Offer
Penzance – Convenience Store & Gymnasium
3/4 Market Jew Street, Penzance, Cornwall TR18 2HNFreehold Retail Investment
Price
£250,000
Rent P.A.
£31,500
Yield
12.60%
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
9y 3m
Area
5,446 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises double fronted shop at ground floor and a self-contained first & second floor t/a Gymnasium
- Future development potential of the upper floors, subject to obtaining the necessary consents
- Located in the heart of the town centre with occupiers close by including Barclays, Specsavers, O2 and more.
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
Comprises double fronted retail shop at ground floor and a self-contained first & second floor, accessed from the front of the building and t/a Gymnasium. The property provides the following accommodation and dimensions:
Ground Floor: 170 sq m (1,830 sq ft)
Open plan retail, Office, Kitchen, Store, WC
Basement: Not inspected
First Floor: 165 sq m (1,776 sq ft)
Gymnasium
Second Floor: 171 sq m (1,840 sq ft)
Gymnasium
Total GIA: 506 sq m (5,446 sq ft)
Ground Floor: 170 sq m (1,830 sq ft)
Open plan retail, Office, Kitchen, Store, WC
Basement: Not inspected
First Floor: 165 sq m (1,776 sq ft)
Gymnasium
Second Floor: 171 sq m (1,840 sq ft)
Gymnasium
Total GIA: 506 sq m (5,446 sq ft)
Tenancy Description
Ground floor shop is at 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
The first/second floor accommodation is at present let to an Individual for a term of 15 years from 18th June 2018 at a current rent of £16,500 per annum 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.
*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
The first/second floor accommodation is at present let to an Individual for a term of 15 years from 18th June 2018 at a current rent of £16,500 per annum 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.
Tenancies & Accommodation
Location Description
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.
