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Lot 15

Commercial Investment - Gross Yield 13.7%
6 Week Completion

Situation

Located where Green Market meets Alverton Street in the heart of the town centre nearby multiples such as Miller Countrywide, HSBC, Warrens Bakery, NatWest, Boots and others, as well as a host of independent retailers. The property is also close to St John's Hall which is home to the Town Council's library, registry office and information service.
Penzance is the principal town in south-west Cornwall with a busy commercial centre enjoying easy access to the A30.

Property

Forming part of a Grade II Listed building comprising a Ground Floor Shop.

Accommodation¹

Ground Floor Shop
Area Approx 852 sq ft incl. WC
¹Not inspected by Barnett Ross. Area taken from VOA.

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from completion at a peppercorn ground rent.

Tenancy

The property is let on a full repairing and insuring lease to T. James (t/a PRH Estate Agents) for a term of 20 years from 10th July 2009 at a current rent of £16,500 per annum exclusive.

Rent Reviews September 2022 (Outstanding) and 3 yearly.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

4 Green Market, Penzance, Cornwall TR18 2SH