£290,000

Property for sale

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£290,000

(£72.59/sq. ft)

Property for sale

13 Cornwall Street, Plymouth, Devon PL1

3,995 sq. ft

Local area information

Property location

Nearby amenities

  • ACE Schools Plymouth 0.2 miles
  • Pilgrim Primary Academy 0.3 miles
  • Plymouth 0.4 miles
  • Plymouth (Barbican) Landing Stage 0.5 miles

These distances are calculated in a straight line. The actual route and distance may vary.

Read our area guide for Plymouth to find out more about the area.

Features and description

  • City centre investment opportunity
  • Prominent pitch in prime retail centre
  • Let on new 5-year lease
  • Income secured against pdsa (credit rating 15)
  • Attractive lot size
  • £290,000 for the long leasehold interest
The property is a double fronted retail unit with two double doors to the front. Internally the property provides retail space on the ground and first floor, there is a pedestrian lift at the rear of the property.
Location


Plymouth is the largest conurbation in the southwest region of England, located approximately 72 km (45 miles) south west of Exeter and 87 km (54 miles) east of Truro. It is well connected by road and rail with a mainline station and the A38 Devon Expressway linking into the M5 at Exeter.

The city has the largest centre for shopping in the South West, outside of Bristol with retailing centred around New George Street, Cornwall Street, Armada Way and the Drake Circus Shopping Centre. Drakes Circus Shopping Centre is one of the West Country's popular shopping destinations with around 70 shops and restaurants and 1,270 parking spaces. Key occupiers include M&S, Apple, Primark, Next, H&M and Hotel Chocolat.

The property is located in a prominent position on Cornwall Street within close proximity to the entrance to Drake Circus and Marks & Spencer. It is next door to Malcolm Barnecutt Bakery. Other occupiers in the vicinity include Card Factory, B&M, Superdrug and Specsavers.

Accommodation


All areas are approximate and have been provided by the landlord.

Ground floor - 183.6 sq m (1,976 sq ft)
First floor - 187.6 sq m (2,019 sq ft)
Itza - 96.3 sq m (1,039 sq ft)

Total - 371.1 sq m (3,995 sq ft)
Rent / Price


£290,000


Terms


The property is let to the Peoples Dispensary for Sick Animals on a new 5 year Fri lease from 23rd February 2022 at a rent of £25,000 pax. The tenant has 3 months' rent free and 8 months at half rent. A Schedule of Condition is attached to the lease. The rental agreed reflects an itza rate of approx. £19.50 per sq ft (excluding incentives).

The long leasehold interest is for sale. The lease is for a period of 125 years, commencing on 3rd January 1992 and therefore expiring on 2nd January 2117 (approx. 95 years remaining). The ground rent is 8% of the occupational rent. Copies of the leases are available to interested parties.

Tenants Covenant
The pdsa was founded in 1917 by animal welfare pioneer, Maria Dickin cbe and is the UK's leading veterinary charity. Operating through a UK-wide network of 48 Pet Hospitals, pdsa provides free veterinary care to the sick and injured pets of people in need and promotes responsible pet ownership. They have 113 shops and 48 hospitals.

Business Rates


From the Valuation Office Agency website () we understand that the current Rateable Value is £72,000. Therefore, making the approximate Rates Payable £36,864 per annum for 2022/23.

Interested parties are advised to confirm the rating liability with Plymouth City Council.

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 (59)
Legal Fees


Each party to be responsible for their own legal fees in relation to this transaction.
VAT


The property has been elected for VAT and therefore VAT will be chargeable at the usual rate where applicable.

More information

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