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The property comprises a prime high yielding retail investment let to Greggs and occupying a high footfall street in Truro.
Arranged across ground first and second floors, the property is let to two tenants. The ground floor is let to Greggs on a 10 year lease expiring 20/07/2032 and paying £55,000 per annum.
The upper parts are let to a local hairdressers on a 25 year lease that commenced 25/07/1997 and producing £9,500 per annum. The lease expired 25/05/2021 and therefore tenant is currently holding over.
We consider the property offers both asset management and development potential to the upper parts via either the renewal of the existing lease, reletting of the space or conversion to alternative uses, including residential, subject to the existing leases and obtaining any requisite consents.
The property occupies a prime, high footfall, pitch in the centre of Truro; the administrative capital of Cornwall and a popular tourist destination.
Tenure
Freehold
Tenancy
The ground floor is let to Greggs Plc on a 10 year lease expiring 20/07/2032 and paying £55,000 per annum. The lease is on full repairing and insuring terms and includes a tenants break option in the 5th year.
The upper parts are let to a local hairdresser on a lease that originally commenced in 25/07/1997 and paying £9,500 per annum. The lease expired 25/05/2021 and therefore tenant is currently holding over.
Greggs Plc
Planning
Whilst there are no extant planning consents, the upper parts may be suitable for conversion to alternative uses, including residential, subject to the existing leases and obtaining any requisite consents.
Rent