6-7 VICTORIA SQUARE, TRURO, TR1 2RT

• PROMINENT RETAIL INVESTMENT IN GOOD SECONDARY LOCATION• NET INITIAL YIELD 8.7%• LONG ESTABLISHED TENANT WITH OVER 100 YEARS HISTORY• DEVELOPMENT POTENTIAL• 16,397 SQFT OVER THREE FLOORS• EPC RATING C

PRICE £1,500,000FREEHOLD

C38283

LOCATIONThe cathedral city of Truro is Cornwall's principleadministrative and retail centre, with a populationof 20,000. The city centre benefits from a widerange of retail occupiers, with a significantnumber of new entrants over the past few yearsincluding The White Company, L'Occitaine enProvence, Jack Wills and Primark. The market forA3 occupiers is similarly strong, with a good mix ofindependent and national operators. The city islocated approximately 55 miles west of Plymouthand 30 miles east of Plymouth.

The city enjoys excellent transport links via theA390 and A39 to the A30 trunk road which leadswestwards out of the county via Bodmin,Launceston and the through to Exeter, andeastwards to Penzance via Camborne andRedruth.Truro railway station offers regular direct trainlinks to London Paddington and the North,

SITUATIONThe property is located in a prominent cornerposition on Victoria Square, one of the main retailareas with the city. Nearby occupiers includeSubway, Rowes, Argos, Moshulu, Starbucks, Costaand Boots. The nearby bus stop in front of theunit, and Moorfield multi-storey car park to therear ensure significant footfall throughout theday.

DESCRIPTIONThis property comprises two buildings, Number 6has been extended twice, The property offerssignificant retail space on the ground and firstfloor levels and has further ancillary space on thesecond floor. Number 7 was completely rebuilt incirca 1987 and although the facade shows threestoreys, it is in fact two level floors. The entireproperty may easily be split into separatebuildings if required in the future, with

independent utilities.

The property is accessed both from VictoriaSquare at the front, and at ground and first floorlevel at the rear, providing a direct cut- throughfrom Moorfield car park and separately fromLemon Street Market. The building's position inrelation to the car park and Lemon Street,together with its size give it great strategicimportance for any future development in thisposition.

TENANCYThe property is let in its entirety to Mallet and SonLimited on a 15 year lease from 12th December2004, expiring on 11th December 2019 at apassing rent of £138,000 pa . The lease is letunder Internal Repairing and Insuring terms with afurther tenant obligation to decorate the exteriorof the building.

SCHEDULE OF ACCOMMODATION(All Areas and Measurements are approximate)

RENTAL ANALYSISWe calculate the passing rental of £138,000 pax toequate to £57.58 Zone A (£9.74psqft overall). Thiscalculation is before allowing for a quantumdiscount of 20% and a premium of 8% to reflectIRI terms.. The most recent comparable lettingsare:1) the the open market letting to Amplifon at8 Victoria Square at £57.47 Zone A (allowing forincentives), 2) The ground floor letting of Unit 3BCalenick Street to ATOS at £15psqft overall, 3) themainly first floor letting to Anytime Fitness of Unit3D Calenick Street at £12psqft overall, and 4) 25Victoria Square to Mountain Warehou rentedse at£80psqft Zone A. We consider that the unit is rack

COVENANT STATUSMallets Home Hardware is one of the best knowproperties in Truro and has traded in this positionfor over 100 years. Mallet and Son Limited is now

ESTATES GAZETTE AwardedMILLER COMMERCIALCornwall’s Most Active Agent2011 - 2012 - 2013 - 2014 - 2015

C38283

PLANS: PLANS: PLANS: PLANS: Plans and maps reproduced under Ordnance Survey Licence NoLIG1179. Not to scale and for identification of the property only. They are notintended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: AGENTS NOTE: AGENTS NOTE: AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s orlessor/s of this property give notice: [a][a][a][a] These particulars are for an intendingpurchaser or tenant and although they are believed to be correct theiraccuracy is not guaranteed and any error or misdescriptions shall not annulthe sale or be grounds on which compensation may be claimed and neitherdo they constitute any part of a Contract: [b][b][b][b] Any intending purchaser ortenant must satisfy him/herself by inspection or other wise as to thecorrectness of each of the statements contained in these particulars; [c] [c] [c] [c] Noresponsibility is taken for expenses incurred should the property be sold, letor withdrawn before inspection: [d] [d] [d] [d] None of the services or appliances,plumbing, heating or electrical installations have been tested by the sellingagent.

Miller Commercial is the trading name of Miller Commercial LLP registered inEngland and Wales under Registration No.OC373087. The Registered Officeof Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF.We use the term Partner to refer to a member of Miller Commercial LLP. VATRegistration No.643 4519 39.

VIEWING: VIEWING: VIEWING: VIEWING: Strictly by prior appointment through Miller Commercial.

part of the Home Hardware Southwest Limitedgroup, which for the year ended June 2015achieved sales of £30.56m, operating profit of£0.46m and Net Assets of £2.48m. For the yearended June 2015 Mallet and Son Limited achievedsales of £2.65m and operating loss of £.042m andNet Assets of £0.15m

TENUREFreehold, subject to the occupational lease toMallet and Son Limited dated 12th December2014

INVESTMENT PROPOSALWe are instructed to seek offers of £1,500,000reflecting a Net Initial Yield of 8.7% after allowingfor purchaser's costs estimated at 5.8%.

VATWe understand that an option to tax has beenmade for this property and we anticipate the salebeing treated as a TOGC.

LEGAL COSTSEach party to bear their own.

BUSINESS RATESBUSINESS RATESWe refer you to the valuation office websitewww.voa.gov.uk or call 0300-1234-171

SERVICESProspective owners should make their ownenquiries of the appropriate statutoryundertakers:Western Power: 0845 601 2989South West Water: 0800 169 1144Transco: 0800 111 999

EPCThe Energy Performance Rating for this propertyis within Band C.

CONTACTSPeter Heather: tel. 01872 247007 email.pgh@miller-commercial.co.ukWill Attlee: tel. 01872 247004 email. wa@miller-commercial.co.uk