3-4 Market Jew St 3,427 sq ft 100% Let Retail Property Penzance TR18 2HN £140,000 (£40.85/sq ft) 22.50% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 12.60%
Rental Income: £31,500 p.a.
VAT is applicable to this property
Comprises double fronted shop at ground floor and a self-contained first & second floor t/a Gymnasium
Future development potential of the upper floors, subject to obtaining the necessary consents
Located in the heart of the town centre with occupiers close by including Barclays, Specsavers, O2 and more.
Property Description:
Comprises double fronted retail shop at ground floor and a self-contained first & second floor, accessed from the front of the building and t/a Gymnasium. The property provides the following accommodation and dimensions:
Ground Floor: 170 sq m (1,830 sq ft)
Open plan retail, Office, Kitchen, Store, WC
Basement: Not inspected
First Floor: 165 sq m (1,776 sq ft)
Gymnasium
Second Floor: 171 sq m (1,840 sq ft)
Gymnasium
Total GIA: 506 sq m (5,446 sq ft)
Tenancy:
Ground floor shop is at let to an Individual t/a Convenience Store for a term of 10 Years from 7th August 2025 at a current rent of £15,000* p.a. and the lease contains full repairing and insuring covenants. Rent review in August 2030 linked to RPI. Tenant option to determine in August 2030 with min 6 months notice. Deposit held of £3,000.
*Tenant pays reduced rent of £12,000 p.a. in Years 1&2, £13,000 p.a. in Year 3, £14,000 p.a. in Year 4 and £15,000 p.a. in Year 5. The vendor will top-up rent until 7 August 2029, so the buyer receives the equivalent to £15,000 p.a. from completion
The first/second floor accommodation is at present let to an Individual for a term of 15 years from 18th June 2018 at a current rent of £16,500 per annum and the lease contains full repairing and insuring covenants. Rent review from 2023 outstanding. Rent review on 18.06.28 open market upward only. Mutual option to determine on 18.06.28 with min 3 months notice.
Location:
The property is situated in the popular tourist resort of Penzance, on the western side of the principal retailing pitch of Market Jew Street, and 300 metres from Penzance Railway Station. The property is located a short distance from Wharfside Shopping Centre, which includes retailers such as Costa, Iceland and numerous independent retailers. Nearby retailers include Tesco Express, Co-op Convenience Store, Boots the Chemist, Superdrug, WHSmith, Sports Direct, Saltrock, Domino's and JD Wetherspoon.