PRIME RETAIL INVESTMENT7-8 PYDAR STREET & NALDERS COURT, TRURO TR1 2AR

7-8 PYDAR STREET & NALDERS COURT TRURO

● The city of Truro is the dominant retail destination for Cornwall

● Situated on pedestrianised Pydar Street

● Prime retail units let to the Body Shop, EE and Laura Ashley comprise 75% of the total income

● Current rent £297,500 per annum

● Freehold

● Offers are sought in excess of £3,850,000 reflecting a net initial yield of 7.25% assuming normal purchaser’s costs of 6.53%

Investment Summary

A30

A30

A30

A394

A39

A39

A38

A388

A390

A386A377

A303

A39

A37

WEYMOUTH

BRISTOL

SWINDON

CARDIFF

NEWPORT

GLOUCESTER CHELTENHAM

SWANSEA

EXETER

BARNSTAPLE

EXMOUTH

PLYMOUTH

EXMOORNATIONAL PARK

DARTMOORNATIONAL PARK

PAIGNTON

YEOVIL

NEWQUAY

PENZANCE

TRUROST AUSTELL

GLASTONBURY

A390A390B3284B3284

B3284B3284

TRURO STATIONTRURO STATION

TRUROTRURO

A390A390

A390A390

A390A390

STATION ROAD RICHMOND HILL

MORLAIX

AVEN

UE

CHAPEL HILL

FALM

OUT

H RO

AD

7-8 PYDAR STREET & NALDERS COURT TRURO

BUILDING

Truro is a historic cathedral city and the retail and administrative centre for Cornwall. It is located 56 miles west of Plymouth and 88

miles west of Exeter.

CarThe A30 is just to the north of the city centre and provides excellent access to Exeter and

the M5 motorway. The A390 is to the south of Truro and links the city centre with the A38 at

Bodmin and provides dual carriageway access to Plymouth.

subwayDirect trains run from Truro to London

Paddington with journey times of approximately 4 hours and 5 minutes.

PlaneNewquay Airport is located 12 miles to the

north and has regular flights to London City, Gatwick and Stansted.

Location

7-8 PYDAR STREET & NALDERS COURT TRURO

Demographics Truro is the dominant retail centre within its catchment due to the distance from major competing centres. The city boasts a strong range of national retailers and independent shops. Truro has a primary catchment of 430,000 persons.

The city’s catchment population is forecast to see above average growth from 2016-21 which will enhance retail demand.

Retail spending in the city is significantly boosted by tourism with 4.5million people visiting Cornwall and spending an estimated £5bn in the county’s economy.

The population is prosperous, with 75% included in the Acorn Group top economic categories, compared to 53% which is the UK’s average.

Retailing in Truro Truro is ranked 19th in the UK on the PMA Competition Index.

The city’s prime retail offer is centred around the pedestrianised Pydar Street and King Street with retailers including Superdry, New Look, TK Maxx, Boots, Next, Top Shop, River Island and Superdrug.

Total retail space in Truro is 740,000 sq ft, ranking the city 151st in the UK and has very few vacant units being ranked 53rd on the basis of occupational demand.

7-8 PYDAR STREET & NALDERS COURT TRURO

SituationThe property occupies a prominent position on the west side of Pydar Street opposite Next. There are two multi-storey car parks within easy walking distance of the property.

DescriptionThe property comprises three prime retail shops fronting Pydar Street, with six retail units to the rear, located in a pedestrianised courtyard known as Nalder’s Court arranged over ground and first floor levels.

All units benefit from ancillary upper parts, with the exception of Unit 3 Nalders Court. Unit 2, 7 Pydar Street, occupied by Laura Ashley benefits from first floor sales area in addition to ancillary space at first floor.

The three shops fronting Pydar Street are Grade II Listed.

7-8 PYDAR STREET & NALDERS COURT TRURO

Accommodation The property comprises the following net internal floor areas:

8 Pydar Street - Let to The Body Shop

Floor Use Area (sq ft)Ground ITZA 522First Ancillary 685

Unit 1, 7 Pydar Street - Let to EE Ltd

Floor Use Area (sq ft)Ground ITZA 613First Ancillary 617

Unit 2, 7 Pydar Street - Let to Laura Ashley Ltd

Floor Use Area (sq ft)Ground ITZA 716First Sales 1,279First Ancillary 1,245

3 Nalders Court - VacantFloor Use Area (sq ft)Ground Sales 700

4 Nalders Court - t/a The Original Art Shop

Floor Use Area (sq ft)Ground Sales 510First Ancillary 504

5 Nalders Court - t/a Mélange

Floor Use Area (sq ft)Ground Sales 503First Ancillary 481

6 Nalders Court - t/a PlumFloor Use Area (sq ft)Ground Sales 475First Ancillary 437

7 Nalders Court - t/a The Art of WineFloor Use Area (sq ft)Ground Sales 423First Ancillary 353Second Ancillary* 148*Restricted access roof space

8 Nalders Court - t/a BenettonFloor Use Area (sq ft)Ground Sales 896First Ancillary 1,143

7-8 PYDAR STREET & NALDERS COURT TRURO

TenureThe property is held freehold.

Rental AnalysisWe are advised that the rents passing equate to:

8 PYDAR STREET – BODY SHOP £112 ZONE AUNIT 1, 7 PYDAR STREET – EE £112 ZONE AUNIT 2, 7 PYDAR STREET – LAURA ASHLEY £112 ZONE ARents in Truro peaked at the top of the last cycle at £145 Zone A. They fell during the recession and have now been rebased at circa £120 Zone A.

Address Tenant Lease Start Break Option Lease Expiry Rent Passing per annum Comments

8 Pydar Street The Body Shop International Ltd 25/03/2016   24/03/2021 £62,500  

Unit 1 - 7 Pydar Street EE Ltd. 18/04/2016 18/04/2021  17/04/2026 £66,000  

Unit 2 - 7 Pydar Street Laura Ashley Ltd. 07/01/2015 06/01/2020 06/01/2025 £92,000  

3 Nalder's Court VACANT   £0 Quoting £15,000 pa. 

4 Nalder's Court David Clarke 25/12/2014 25/12/2019  24/12/2024 £14,000  

5 Nalder's Court Deborah Jane Wilson 25/12/2014  25/12/2019 24/12/2024 £13,000  

6 Nalder's Court Samantha Salvoni 25/12/2013  25/12/2018  24/12/2023 £14,000 Tenant have served break notice. 

7 Nalder's Court Roland Stokes 27/01/2016 27/01/2019 26/01/2024 £16,000 Tenant not in occupation and have served break notice.

8 Nalder's Court Christopher Paul Hunter 29/09/2014 29/09/2019 28/09/2024 £20,000 Total         £297,500  

TenancyThe property produces a rental income of £297,500 per annum. Leases are drawn on effective fully repairing and insuring terms by virtue of a service charge.

7-8 PYDAR STREET & NALDERS COURT TRURO

THE BODY SHOP INTERNATIONAL LIMITED Founded in 1976 The Body Shop is a British cosmetics, skin care and perfume company. The company is owned by Brazilian cosmetics company Natura. There are over 3,000 Body Shop stores in the UK. The Body Shop International Limited published the following results in their most recent annual accounts:

EE LIMITED The largest and most advanced digital communications company in Britain. EE trades from 553 stores nationwide and service over 31 million customers. EE Limited published the following results in their most recent annual accounts:

LAURA ASHLEY LIMITED Laura Ashley is a quintessentially British lifestyle brand with over 60 years of design excellence. The business includes Home Accessories, Furniture, Decorating and Fashion. Laura Ashley Ltd published the following results in their most recent annual accounts:

Covenant Information 75% of the income is from strong covenants:

31/12/17 31/12/16 31/12/15

Turnover £797,000,000 £754,000,000 £709,000,000

Pre-Tax Profit £27,000,000 £23,000,000 £37,000,000

Net Worth £109,000,000 £92,000,000 £117,000,000

31/03/18 31/03/17 31/12/15

Turnover £6,747,000,000 £7,991,000,000 £6,307,000,000

Pre-Tax Profit £1,273,000,000 £651,000,000 £631,000,000

Net Worth £713,000,000 £56,000,000 -£544,000,000

30/06/17 30/06/16 30/06/15

Turnover £261,838,000 £384,974,000 £295,746,000

Pre-Tax Profit -£23,589,000 £20,624,000 £20,047,000

Net Worth £80,290,000 £108,095,000 £109,562,000

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Truro

Experian Goad Plan Created: 14/09/2018

Created By: Hartnell Taylor Cook LLP

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7-8 PYDAR STREET & NALDERS COURT TRURO

EPC Copies of the EPCS for the property are available on request.

VAT The property has been registered for VAT. It is anticipated the sale will be dealt with as a T.O.G.C.

7-8 PYDAR STREET & NALDERS COURT TRURO

Proposal We are seeking offers in excess of £3,850,000 (Three million eight hundred and fifty thousand pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 7.25% assuming normal purchaser’s costs of 6.53%.

Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract; All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or lessor; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation; No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn. Designed and produced by www.kubiakcreative.com SEPTEMBER 2018 183262