37/39 Fore Street & 47/49 Aylmer Square, St Austell

The property comprises 2 self-contained retail units fronting Fore St, occupied by H Samuel and Specsavers, with Argos occupying the ground floor of the property, sitting under WH Smith and Boots, facing Aylmer Square. The Argos benefits from rear servicing from Trinity Street. The Boots/WH Smith are sold off on a long-leasehold basis, at a peppercorn.

Location
St Austell is a principal town in mid Cornwall, situated some 15 miles north east of Truro, 20 miles east of Newquay and 38 miles west of Plymouth. The town benefits from direct access to the A390, the principal arterial route from Truro to Liskeard, and the A391 leading to the A30 Bodmin bypass. St Austell Railway Station provides access to Birmingham, Manchester, York, Edinburgh and Glasgow, as well as direct services to Bristol, London and Exeter.

The local population of 34,700 and shopping catchment of 416,000 persons is boosted by an estimated 2.2m tourists that visit the area yearly. With an estimated retail floor space of 370,000 sq ft. prime retailing in St Austell is focused on Fore St and Aylmer Square.

Terms
We are instructed to seek offers of £777,000 (Subject to Contract and exclusive of VAT) representing a net initial yield of 10% and £61 per sq ft, assuming standard purchasers’ costs.

Tenancy
Multi-let to three tenants: Argos Ltd, Signet Trading Ltd and Specsavers Optical Superstores Ltd with a WAULT of 4 years to expiry and 3 years, 8 months to earliest break options. Argos have recently removed their break option, illustrating their commitment to the area. The total current passing rent is £81,952 per annum.

Tenure
Freehold.