St Austell, Cornwall Pl25 4Tr Town Centre Retail Warehouse Poundstretcher Ltd Sale and Leaseback Investment East Hill, St Austell, Cornwall Pl25 4Tr
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TOWN CENTRE RETAIL WAREHOUSE SALE AND LEASEBACK INVESTMENT POUNDSTRETCHER LTD, EAST HILL, ST AUSTELL, CORNWALL PL25 4TR TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR INVESTMENT SUMMARY • Town centre retail warehouse sale and • Sale and leaseback arrangement demonstrates • Fixed uplift to £104,500 per annum (£10.85 psf) leaseback investment tenant’s confidence in continued trade at the fifth anniversary • Prominently situated on East Hill, a busy • Poundstretcher Limited are to take a new • Freehold arterial route serving the town centre 10-year unbroken FRI lease • Offers in excess of£1,000,000 • The property provides a total gross internal area • Poundstretcher Limited provides an (Subject to Contract) of 9,627 sq ft on a prominent site of 0.99 acres excellent covenant with £387m turnover in • Net Initial Yield of 8.98% and a reversionary yield with car parking for 88 vehicles 2018 (D&B 4A1) of 9.88% in 2024 • Large site providing scope for residential • Low initial rent of £95,000 per annum (£9.88 psf) • Low Capital Value of £104 psf or £1m per acre development in the future, subject to planning Stratford Upon-Avon M40 WORCESTER B ST GEORGE’S CHANNEL CARDIGAN BANBURY HEREFORD Chipping Campden M50 TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD M Chipping Norton SALE AND LEASEBACK INVESTMENT ST DAVIDS EAST HILL, ST AUSTELL, CORNWALL PL25 4TR GLOUCESTER Brecon Beacons M5 OXFORD H Cirencester M40 M4 LOCATION Faringdon Ric SWANSEA Didcot Malmesbury NEWPORT SWINDON St Austell is one of the largest towns within M4 Royal SLOU Wootton the County of Cornwall, located 15 miles to M4 Bassett CARDIFF M4 the north east of Truro, 38 miles to the west of BRISTOL M4 READING Marlborough Hungerford Plymouth and 155 miles to the south west of BATH M3 Devizes Bristol. Weston-Super-Mare BRISTOL CHANNEL Trowbridge Road communications are excellent and G the town benefits from direct access to the Warminster Minehead WELLS M3 Exmoor A390, the principal arterial route from Truro Glastonbury to Liskeard and the A391 leading to the A30 Barnstaple WINCHESTER (Bodmin Bypass), 7 miles to the north. SALISBURY UK motorway access is provided via Junction Bideford TAUNTON 31 of the M5 Motorway, located to the south M5 Yeovil of Exeter, approximately 75 miles to the north SOUTHAMPTON South Downs Bude CHICHESTER east. New Forest PORTSMOUTH Great Western Railway services operate EXETER DORCHESTER Poole from St Austell Station, providing access BOURNEMOUTH to destinations including Birmingham New Exmouth Street, Wolverhampton, Manchester Piccadilly, Weymouth Leeds, York, Edinburgh and Glasgow Central. Dartmoor Great Western Railway provides direct services Cornwall Airport Bodmin Newquay Torquay to Exeter St David’s (113 minutes), Bristol NEWQUAY Temple Meads (185 minutes) and London ST AUSTELL PLYMOUTH Paddington (243 minutes) on an hourly basis. TRURO In addition, St Austell Rail Station provides a St Ives dedicated rail link to Luxulyan and the Eden Falmouth Project, a popular visitor attraction with a PENZANCE journey time of 28 minutes. TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR Place e edge Close Bod Grah n Road m Menacuddle Lane hia St Austell Poltair Roa in Road revart College r T B Road re y wery Driv d St Austell River a rs W Ti nne y Lane T d T re w r m ence Roa e e r ena regorr ick Vie a n Stone T an R scent Cl oad e c e Road wington Place e T arnsmerry Cr C oad SITUATIONC lar ence Road Prior Carlyon R The Vicarage y R oad ve Road The property occupieso a prominent and Gr Trelake Ro ad large site on East Hill, just to the east of B3274 T r T e Gr im Polkyth v ail W theb town’s retail core. The road is busy with The er Close Leisure Blo Centre ay T wing Hous r passing traffic with a car dealerships and e Palace Road Sedgemoor g Th a Centre rn residential housing to thee north. Church e T Lane e Hall rr Go ac ver Road Coach House Lane P e r Carlyon Road iory St John's Priory St Austell The pedestrianised Fore Street can be accessed oods Church R o Car Park T Bodm a eet ar W re d r M d t Ce varric arket Hill to the side of the property which in turn leads S i gs n Road din St Austell e Si k eet Library Th Restormel Drive to the White River Place Shopping Centre. North St Austell Alternative lk a oss Str Provision k Road Bakery Close W Academy c C igh Cr s r H varri Ri ' oss v t re Theer Vinnick railway (W station is a 5-minute walk to the et T Assembly e L oad an t Str ane ro R r ke Tru G r Building Biddick a King' north of the property. M Court h Roa Beec d s h Avenu Park Ro Beech Road ite R C V hu ad ica Beech Lane a Ro i r ver) ch t xandr Fore Street Cha Stree Ale Ayl r a ag e d e m n Hill dos D er Plac u Alexandra Road k Hill Place e St est W W Park e r e St Austell atering Hill Close urt House e East Hill Eliot Co Baptist t t obert C Church Alb R o ee llege Aylmer tr The Oaks S e The Park Square rt Road d a Medical Gr South o Riv Bridge Ro T R een r e Centre ini rt r White River Place e W t w y S alk Alb e Shopping Centre South i t v r a e Street n Alber d ill e t Roa le H t d G e u rive est W n D e v A d ourne l e b i f Road k est Old Lawn Sch h W g B3274 West Hill Hi vithic e Car Park M r T o o o orland c l umbe Road o Road L a W rur n oodland T e R Clo River Vinnic oad k (White River eet P o ndhu Str Eastb h ourne Road ah Road ) R Sout Ledr oad Road stephen Close Belmont Moorland Meneage Villas T Moorland r Road e Road Clinic vear Clos Pensylva d a o Penn R Edgcu u Cr ndh s Po esce nt e m o Bosinne r Driv be Road y Ro ad Sawle A390 Penwinnic revear Close k Road T Eastbourne Close e A390 nick Road A3058 Penwin Tolcarne Close Boconnoc Road n Way Dithmarsche d a A390 o Southbourne Road R le d Pentewan d ll Road Retail te us whi A e Park Tre t. Cornwall r vanio S T n Road Councill A390 ley Val Offices an Sawles Ro tew Pen P e nte a d Pondhu w a P i TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR ST AUSTELL - ECONOMY St Austell is a large town and hosts the third largest population within the County of Cornwall. St Austell ranks joint 3rd with Penzance in regard to Cornwall’s retail hierarchy based on national representation with major national occupiers within the Town Centre including Argos, Boots, T K Maxx, WH Smiths, Wilko, Burton, Dorothy Perkins, New Look, Clarks, Superdrug, O2 and Carphone Warehouse. White River Place benefits from very limited competition within the immediate and surrounding area, providing the main retail provision within the Town. The closest competing town, Truro, is situated over 17 miles to the south west. Major employers within the St Austell area include West Pharmaceutical Services Cornwall, Hawkins Holdings, Imerys Minerals and St Austell Brewery. ST AUSTELL IS WELL POSITIONED AMONGST MANY POPULAR TOURIST ATTRACTIONS, ATTRACTING OVER 2 MILLION TOURISTS TO CORNWALL EACH YEAR WHITE RIVER PLACE SHOPPING CENTRE TO A390 TRURO FORE ST SOUTH ST TO ST AUSTELL STATION EAST HILL TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR DESCRIPTION & ACCOMMODATION TENANCY The property comprises a single storey retail warehouse, previously occupied Poundstretcher Limited will take a new 10-year FRI lease without break by Lidl. The property is of traditional brick and blockwork construction beneath upon completion of the sale. The initial rent of £95,000 per annum a pitched slate roof. (£9.88 psf) will be subject to a fixed increase in the 5th anniversary to 110% of the commencing rate, amounting to £104,500 per annum (£10.85 psf). The property extends to a total of 9,627 sq ft and benefits from a dedicated A copy of the draft lease is available upon request. service/loading bay to the corner of the car park. The property occupies a large site of 0.99 acres providing ample car parking for 88 vehicles (1: 109 sq ft). ALTERNATIVE USE PROPOSALS TENURE We feel the nature of the site would be well suited to a residential scheme, The property is held freehold under title number CL158522. subject to obtaining vacant possession and the necessary planning consents. TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR COVENANT STATUS Poundstretcher Limited (Company Number: 00553014) are a leading chain of discount stores in the UK. Founded in 1981, the brand has since grown to include over 400 locations and employs more than 6,000 people nationwide. The stores are a one stop shop for food, household goods and general convenience items, stocking over 5,000 separate products at competitive prices.