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Penzance – Long Let Freehold Convenience Store Investment with CPI linked Rental Uplifts
Co-Op Food, 114-117 Market Jew Street, Penzance, TR18 2LD
Offers in excess of £1,950,000
- Property Type:
- Commercial
- Sub Type:
- Retail
- Tenure:
- Freehold
- Net Initial Yield:
- 6.2%
Description
- Penzance is a busy market town and the largest western town in England, acting as a significant commercial hub for numerous surrounding towns and villages
- Situated on the Prime Retail Pitch with the benefit of a rear yard and customer car parking
- Prominent convenience store extending to 12,613 sq ft over basement, ground and two upper floors
- Entirely let to Co-Operative Group Limited until April 2032 (10.85 years unexpired)
- Tenant option to renew the lease on expiry until 18/04/2047
- Effective rent of £128,179 p.a., subject to rental top up
- The rent is subject to 5-yearly annual CPI indexation linked reviews, subject to a collar of 1% and cap of 3% p.a.
- 114 Market Jew Street is sub-let to Sue Ryder expiring 15/09/2021, subject to ongoing lease renewal negotiations
- Freehold (site area of 0.26 acres)