7-8 St. Nicholas Street, Truro | Property for sale | Savills
Guide price £450,000(€532,793)

7-8 St. Nicholas StreetTruro

  • New
  • Sole agency
  • Freehold
Investment
Yield 14%Yield

Key features

  • Prime High Yielding Retail Investment
  • Ground Floor Let to Greggs Expiring 20/07/2032
  • New 10 Year Lease Producing £55,000 per annum
  • Upper Parts Let to Hairdressers Producing £9,500 per annum
  • Hairdressers in Occupation Since 1997 (holding over)
  • Total Rent of £64,500 per annum
  • 5,475 sq ft (508.63 sq m)
  • Asset Management Potential
  • Development Potential (stp)
  • Guide Price Reflects 14.3% Gross Yield

Prime High Yielding Retail Investment Let to Greggs on a Lease Producing £55,000 pa Uppers Let to Hairdresser from 1997 Producing £9,500 pa Total £64,500 pa

About this property

  • The property comprises a prime high yielding retail investment let to Greggs and occupying a high footfall street in Truro. Arranged across ground first and second floors, the property is let to two tenants. The ground floor is let to Greggs on a 10 year lease expiring 20/07/2032 and paying £55,000 per annum. The upper parts are let to a local hairdressers on a 25 year lease that commenced 25/07/1997 and producing £9,500 per annum. The lease expired 25/05/2021 and therefore tenant is currently holding over. We consider the property offers both asset management and development potential to the upper parts via either the renewal of the existing lease, reletting of the space or conversion to alternative uses, including residential, subject to the existing leases and obtaining any requisite consents. The property occupies a prime, high footfall, pitch in the centre of Truro; the administrative capital of Cornwall and a popular tourist destination.

Additional information

  • The ground floor is let to Greggs Plc on a 10 year lease expiring 20/07/2032 and paying £55,000 per annum. The lease is on full repairing and insuring terms and includes a tenants break option in the 5th year.
  • The upper parts are let to a local hairdresser on a lease that originally commenced in 25/07/1997 and paying £9,500 per annum. The lease expired 25/05/2021 and therefore tenant is currently holding over.
  • Greggs Plc
  • - D&B Rating - 5A1
  • - Turnover (2023) - £1.81bn
  • - Pre-Tax Profit (2023) - £188m
  • - Total Assets (2023) - £1.13bn