Market Jew Street - PRIME RETAIL INVESTMENT - Realla

PRIME RETAIL INVESTMENT

                    110   Market Jew Street
                          Penzance, Cornwall, TR18 2LE

INVESTMENT SUMMARY:
• Penzance is an attractive coastal Cornish
   market town, and popular tourist destination.

• Retail unit located within the town’s prime
   retail pitch on Market Jew Street.

• A new 10 year FRI lease from 25 October
   2016, to Holland & Barrett Retail Ltd
   (t/a Holland & Barrett).

• Holland & Barrett Retail Ltd have a D&B rating
   of 5A1 and offer excellent covenant strength.

• The tenant has recently upsized to this unit
   from another unit in the town, showing
   commitment to the location.

• Rebased passing rent of £39,000 per annum,
   increasing to the greater of OMR or £40,000
   per annum at first review in 2021.

• Seeking offers in the region of £570,000
  (Five Hundred and Seventy Thousand Pounds)
  subject to contract and exclusive of VAT,
  reflecting a net initial yield of 6.5%.

110 Market Jew Street, Penzance, Cornwall, TR18 2LE

LOCATION
Penzance is the principal town in
South West Cornwall and is located
approximately 25 miles from the
County Capital of Truro, 75 miles west of
Plymouth and 120 miles west of Exeter.

The town has good communication connections with a
direct link to the A30 which forms the arterial road through
the County, linking with the M5 at Exeter. Penzance
benefits from a bus station and Penzance Railway Station
which provides regular services to London Paddington
and other UK destinations. Newquay airport is located
approximately 41 miles from the town and Penzance
Harbour provides services to the Isles of Scilly. The town
has a population in excess of 20,000, and is a very popular
tourist seaside destination continuing to attract rising
visitor levels.

110 Market Jew Street, Penzance, Cornwall, TR18 2LE

Penzance

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                 50 metres
                                                                                                                                 Created By: Miller Commercial LLP
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110 Market Jew Street, Penzance, Cornwall, TR18 2LE

SITUATION
The property is situated in Penzance town centre on
Market Jew Street which provides the prime retail pitch
for the town. Nearby occupiers include; Co-operative
food, CEX, WH Smith, Superdrug, Mountain Warehouse,
H. Samuel, O2, Specsavers, Tesco Express and Boots
the Chemist.
The town’s principal car parking provision and the
Wharfside Shopping Centre are also within close proximity,
tenants of which include; New Look, Costa and Argos.

DESCRIPTION
The property compromises a two storey building with
well configured sales accommodation at ground floor
and ancillary accommodation at first floor level.

ACCOMMODATION
The property provides the following approximate net
internal floor areas;

Area	                           Sq ft
Ground Floor Sales              1833
ITZA                            867
Ground Floor Ancillary          545

First Floor Ancillary           1635

Total                           4013

110 Market Jew Street, Penzance, Cornwall, TR18 2LE

TENURE
Freehold.

TENANCY
The property in its entirety is let to Holland & Barrett Retail
Ltd (t/a Holland & Barrett) on a new 10 year full repairing
and insuring lease from 25th October 2016, at a passing
rent of £39,000 per annum exclusive.
The lease is subject to five yearly rent reviews with a
minimum uplift to the higher of £40,000 per annum or
open market rent at the first review in October 2021.

TENANT’S COVENANT
Holland & Barrett Retail Ltd (02758955) is the leading
retailer of vitamins, minerals and herbal supplements
in Europe with over 700 stores in the UK.
Holland & Barrett Retail Limited is rated ‘very low risk’ by
Experian, have a Dun and Bradstreet rating of 5A1 and
their latest financial figures are set out below:

Year Ending              02/03/2013            01/03/2014         28/02/2015
                         (000’s)               (000’s)            (000’s)

Turnover (£)             335,286               349,637            368,823
Pre Tax Profit           74,421                84,309             89,463
Net Worth                193,650               251,454            260,473

110 Market Jew Street, Penzance, Cornwall, TR18 2LE
110 Market Jew Street, Penzance, Cornwall, TR18 2LE

EPC                                                                FURTHER INFORMATION
The property has an EPC Rating of 89 (D). A copy of the EPC
is available upon request.

                                                                   For further information, or to arrange
VAT                                                                an inspection, please contact;
The property is elected for VAT. It is anticipated that the sale
will be treated as a Transfer of a Going Concern (TOGC).           Laura Gardner
                                                                   MILLER COMMERCIAL
                                                                   Tel: 01872 247032
PROPOSAL                                                           lg@miller-commercial.co.uk
We are instructed to seek offers in excess of, £570,000
(Five Hundred and Seventy Thousand Pounds) for our                 Robert Sloman
client’s freehold interest in this property, subject to contract   Miller Commercial
and exclusive of VAT. This reflects a net initial yield of
6.5% after allowing for purchaser’s costs of 4.9%.
                                                                   Tel: 01872 247035
                                                                   rs@miller-commercial.co.uk