Truro

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LEASE ASSIGNMENT - PRIME THREE STOREY RETAIL SHOP - 5 LEMON STREET

Existing 10 year lease commencing 22nd May 2014 with a rent at £25,000 p.a

The three storey premises occupies an excellent trading location within the central location of Lemon Street.

LOCATION:
Truro is well established as the principal retail centre for the County of Cornwall and provides some of the most attractive and comprehensive shopping in the south west. In addition, the Cathedral City is the administrative centre for the county with public sector occupiers including Cornwall Council and the combined Crown and County Courts. The city has a resident population of around 20,000 persons but has a catchment population of 265,000 persons which is increasing at an above average rate.

In addition, the city is set to grow significantly over the next few years with numerous large residential developments underway.

SITUATION:
The three storey premises occupies an excellent trading location within the central location of Lemon Street. Nearby occupiers include Henry Lloyd, Your Choice Travel Agents, Newells, Michael Spiers Jewellers, Jaeger and Lloyds Bank.

DESCRIPTION:
The Grade II listed three storey premises comprise ground floor open plan well fitted sales space with traditional retail frontage. An internal door provides access to the stairwell and first and second floor staffroom and offices.

The property is presented in immaculate condition throughout with modern fixtures, fittings and character painted floor boarding within the ground floor sales area.

ACCOMMODATION: (All dimensions and areas are approximate)

Ground Floor shop
Net internal width - 4.25m
Shop depth - 11.57m
Total sales area - 38.20m² - (411 ft²)

First floor
Kitchen - 7.50m² - ( 81 ft²)
Office - 15.50m² - (167 ft²)
Toilet

Second floor
Office - 8.20m² - ( 88 ft²)
Office - 15.50m² - (167 ft²)
Toilet

Basement
Store - 23.30m² - (250 ft²)

LEASE:
The property is occupied under a 10 year lease commencing 22nd May 2014 i.e approximately 8 years unexpired. The current rent is £25,000 per annum which increases by £1,000 per annum from 22nd May 2016 to a maximum rent of £28,000 per annum commencing 22nd May 2018. The lease incorporates a 5 year rent review provision i.e rent review 22nd May 2019. The lease is full repairing and insuring and incorporates a tenant only break clause on 22nd May 2019 subject to 6 months prior notice.

BUSINESS RATES:
Rateable value £34,750 (2010 Rating List)

For further information regarding rates payable contact Cornwall Council - Tel: 0300 1234100

VAT:
All figures quoted are exclusive of VAT where applicable.

SERVICES:
Mains electricity, metered water and drainage are connected. We have not tested the services connected to the premises and the ingoing tenant/purchaser should carry out their own inspections.

PLANNING:
Interested parties should satisfy themselves that their proposed use complies to the existing planning consent.

LEGAL COSTS:
The ingoing tenant will be responsible for the legal costs in dealing with the assignment.

ENERGY EFFICIENCY RATING - 93

Certificate Reference Number: 0002-9939-1030-7700-8103
Report Reference Number: 0930-8070-0411+9700-9024

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