Property Information
Address:
Seasalt, Duke Street, Truro, Cornwall
, TR1 2QE
, Cornwall
, United Kingdom
Price: Property no longer available.
Size: 1689 sq ft157 sqm
Primary Category: Shop
All Categories:
Shop,
Property Ref/Movehut: MH647940
Property Ref/Agent: 19079
*Please use the agent ref when calling the agent directly.
Property description
The property comprises a two storey terraced property with retail shop at ground floor level and ancillary accommodation above which is currently used as storage and staff facilities.
Location
Truro is the administrative capital for Cornwall, being the county's main civic and business centre. It is also long established as Cornwall's most popular retail location offering a wide variety of national and high quality independent shopping opportunities.
The property is located at the commencement of Duke Street, a continuation of Boscawen Street, with its range of attractive shop premises. Seasalt have traded very successfully from this retail unit for almost 20 years - it being the fifth store to open in the early stages of the company's growth.
Accommodation
All areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition).
Ground floor retail
80.70 sq m
869 sq ft
First floor ancillary
76.22 sq m
820 sq ft
Total NIA
156.95 sq
m
1,689 sq ft
Rent / Price
Guide Price £550,000
Terms
The freehold is available with a 10 year lease in place which commenced 24th June 2020. There is a tenant's break at 5 years and the rental is £40,500 per annum. Guide price £550,000 which reflects a net initial yield of 7.02% (allowing for purchase costs of 4.89%).
COVENANT STRENGTH
Seasalt Limited (02259954) are one of the UK's best known lifestyle clothing brands and trade from over 70 stores in predominately coastal and county town locations as well as concessions in top department stores. They are often featured in the press as one of the UK's fastest growing chains with sustained year on year growth.
Seasalt Limited is a highly successful and credit worthy business ranked by Experian with a top score of 100 out of 100.
Business Rates
From the Valuation Office Agency website () we understand that the current Rateable Value is £38,750 effective from the 1st April 2017 reference 220.
Services
We understand that mains electricity water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries.
EPC
C - (60)
Legal Fees
Each party to be responsible for their own legal fees in relation to this transaction.
VAT
All figures quoted are exclusive of VAT if applicable.
Business not affected
Retail property investment on Duke Street, Truro
Let to Seasalt Limited on a 10 year lease at a rent of £40,500 p.a.
Ground floor retail first floor ancillary space utilised as storage
Net initial yield of 7.02% allowing for purchase costs of 4.89%
;