Acquired
Plymouth – St Lukes Hospice Plymouth
95/97/97A Cornwall Street, Plymouth PL1 1NXLeasehold Retail Investment
Tenure
Leasehold
Lease Term
6 Years
Years Left on Lease
Holding Over
Area
2,906 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Potential for residential redevelopment in the future (STP)
- The property is arranged as a double fronted shop with upper parts entirely let to St Lukes Hospice
- St Lukes Hospice Plymouth have over 30 shops in the area
- Leasehold. 125 years and 3 days from 12th August 1996
- 2018 break clause was NOT exercised by tenant
- Occupiers close by include Coral, Cancer Research UK, Timpson, Subway, amongst other local restaurants and traders.
Tenure
Leasehold
VAT
VAT is not applicable.
Property Description
The property comprises a double fronted shop with upper parts. The units are self contained, albeit the tenant occupies both. The 2018 break clause was NOT exercised. There is the potential for residential development in the future (STP).
The property provides the following accommodation and dimensions:
No. 97A Retail Shop
Ground Floor Retail Area: 58.6 sq m (631 sq ft)
First Floor Offices: 83.7 sq m (901 sq ft)
No. 95 Retail Shop
Ground Floor Retail Area: 82.0 sq m (882 sq ft)
First Floor Offices: 45.7 sq m (492 sq ft)
Tenure:
Leasehold. Held on a 125 year lease (thus 102 years unexpired) from 12th August 1996 at a peppercorn ground rent.
The property provides the following accommodation and dimensions:
No. 97A Retail Shop
Ground Floor Retail Area: 58.6 sq m (631 sq ft)
First Floor Offices: 83.7 sq m (901 sq ft)
No. 95 Retail Shop
Ground Floor Retail Area: 82.0 sq m (882 sq ft)
First Floor Offices: 45.7 sq m (492 sq ft)
Tenure:
Leasehold. Held on a 125 year lease (thus 102 years unexpired) from 12th August 1996 at a peppercorn ground rent.
Tenancy Description
The shop units Nos. 95 & 97A are at present let to St Lukes Hospice for a term of 6 years from the 28th September 2015 at a current rent of £25,025 per annum and the lease contains internal repairing insuring (IRI) covenants. The 2018 tenant break option was not exercised. St Lukes Hospice Plymouth have over 30 shops in the area (source: www.stlukes-hospice.org.uk/shops). The shop unit No. 97 is subject to a lease for a term of 125 years less 3 days from 12th August 1996 at a peppercorn ground rent.
Tenancies & Accommodation
Location Description
Plymouth is a major regional commercial centre and port having a population of some 245,000. In addition to its maritime links, the city is served by the A38/Devon Expressway providing direct access to Cornwall to the west and Exeter and the M5 Motorway to the east. The property is located at the eastern end of Cornwall Street. There is on street parking to the front with public car parks nearby.
